Vehicle refinance startup MotoRefi pulled in a $45 million Series B round of funding this week. The Virginia-based company received the funds from investors including Goldman Sachs, which led the round, along with IA Capital, Moderne Ventures, Accomplice, Link Ventures, Motley Fool Ventures and CMFG Ventures.
“In 2020, we proved we are the go-to platform for auto refinance. In 2021, we’re scaling that offering to make auto refinance accessible to everyone- helping more people save money on their car payments,” said MotoRefi CEO Kevin Bennett. “Goldman is the best in the business when it comes to financial services, and we’re thrilled to partner with Jade Mandell and the Goldman Sachs team on our next phase of growth.”
MotoRefi will use the investment to boost growth by investing in its platform and build out its team.
The funds come just months after the company raised a $10 million Series A round in January. MotoRefi’s funding now totals $60 million.
Today’s news also comes during a time of major growth for MotoRefi. The company, which works directly with lenders to help them facilitate refinances on auto loans, has seen an increase in demand during the low interest rate environment. From the first quarter of 2020 to the first quarter of this year, MotoRefi has seen:
- 7x revenue growth
- 5x loan volume growth
- 2.5x team growth
Founded in 2016, MotoRefi has been in the fintech headlines a handful of times this year, having recently announced senior hires, a new headquarters location, and a new partnership with SoFi.