Goldman Sachs leads $45m funding round in auto finance specialist MotoRefi
Auto fintech start-up, MotoRefi, has secured a $45 million Series B funding round led by Goldman Sachs Asset.
MotoRefi works directly with US credit unions and other lending institutions to enable consumers to refinance their auto loans, claiming an average saving for consumers of $100 a month on their car payments.
With the new injection of funds, the company plans to invest in its platform and continuing to expand the team.
Goldman Sachs led the round, joined by new investor IA Capital and existing investors, Moderne Ventures, Accomplice, Link Ventures, Motley Fool Ventures, and CMFG Ventures.
Jade Mandel, vice president on the growth equity team within Goldman Sachs Asset Management, says: “We’re impressed with MotoRefi’s rapid growth and innovative approach to this massive opportunity in auto fintech.”
Mandel will join MotoRefi’s board as part of the deal.
From Q1 2020 to Q1 2021, MotoRefi claims sevenfold revenue growth from a fivefold loan volume growth.
The $45 million round follows a $10 million Series A-1 round in January 2021. With this Series B investment, the company has now raised more than $60 million since its inception in 2016.