Caribou Raises $115 Million for Auto Refinance Tech

https://finovate.com/caribou-raises-115-million-for-auto-refinance-tech/
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  • Auto loan refinance company Caribou received $115 million in Series C funding last week.
  • The company now boasts $190 million in total funding and touts a $1.1 billion valuation.
  • Caribou will use the funds to further invest in its platform, create new products, and expand its team.

Auto loan refinance company Caribou closed on $115 million in an oversubscribed Series C funding round late last week. The investment brings the Washington, D.C.-based company’s total raised up to $190 million and boosts it into the fintech unicorn club with a valuation of $1.1 billion.

Goldman Sachs led the round, which drew contributions from new investors Innovius Capital and Harmonic. Existing investors, including Accomplice, CMFG Ventures, Curql Fund, Firebolt Ventures, Gaingels, Moderne Ventures, Motley Fool Ventures, and others also contributed.

Caribou will use today’s funding to further invest in its platform, create new products, and expand its team.

Formerly known as MotoRefi, Caribou was founded in 2016. The company helps its customers save an average of over $100 per month on their car payments by partnering with lenders and facilitating refinances. Caribou partnered with SoFi in April of last year to white-label its auto refinancing technology for SoFi’s 3.8 million customers. The company also offers a digital insurance marketplace that lets users browse quotes from a range of auto insurance providers.

“With the costs of car ownership soaring, and macroeconomic headwinds negatively impacting people’s finances, we believe that it’s more important than ever to help people save money,” said Innovius Capital CEO Justin Moore. “Caribou has established itself as the go-to platform to refinance their auto loan and we are excited for all that is to come.”

Over the past four years, Caribou has refinanced more than $1.5 billion in loans and scaled its workforce from 40 employees to 500. Kevin Bennett is CEO.


Photo by Joris Beugels on Unsplash

https://finovate.com/caribou-raises-115-million-for-auto-refinance-tech/