San Francisco-based financial technology startup AutoFi has raised $10 Million in the latest round of funding led by existing investors Crosslink Capital, Ford Motor Credit Company and Lerer Hippeau Ventures.
AutoFi plans to utilize the fresh funds to support its roll-out at these dealerships, in addition to signing up new manufacturers and lenders. AutoFi also entered into a partnership with Tricor Automotive Group for expanding into Canada as per the report by Forbes.
Kevin Singerman, CEO of AutoFi said, “Consumers consistently rank the financing process as the worst part of the car-buying experience. We’re creating a much more transparent process that’s driven by the consumer.”
“We built this business to be very dealer-friendly,” said Singerman. “More customers are going to do business with them if it’s easier to do business.” “A company this young normally wouldn’t expand geographically but the opportunity was just so compelling. It’s a great way to build a beachhead in a very close, similar market,” Singerman added.
AutoFi is an e-commerce software platform that allows car buyers, for the first time, to purchase and finance a car entirely online. The platform connects an auto dealer’s customers to a network of lenders, providing a fast, mobile-first checkout experience. The company makes a white-label technology platform that allows car dealers to offer faster, online financing to customers. It recently partnered with Ford Motor Credit and is in the midst of launching at select Ford and Lincoln dealerships. (Source- Forbes/ Image- LinkedIn profile)