AutoFi, a San Francisco-based company that provides a platform for digital car sales and financing has raised $85M. The company is now valued at $700m.
Santander Holdings USA, Inc., SVB Financial Group, Crosslink Capital, and Santander Holdings USA, Inc. led the round.
The company intends use the funds to increase its investments in engineering and customer-facing staff.
AutoFi’s CEO Kevin Singerman is the founder and CEO. The platform powers billions in transactions each year. AutoFi empowers digital retailers and top dealers to sell more efficiently and profitably using its innovative platform and extensive network of trusted lenders. The company’s cloud-based pricing platform, RealPayments, and its Lending as a Service APIs offer customizable solutions to power prequalification and financing for the largest automotive brands in the industry.
The platform integrates in-store, remote, online and online automotive sales. Customers shopping or researching vehicles online can obtain instant credit approvals and a firm financing offer from AutoFi’s network of lending institutions. Customers include North America’s top automotive dealers, digital retailers, banks, OEMs, and online marketplaces.
AutoFi has seen a four-year streak of 100% revenue growth and more than double its staff to 220 employees in 2021. AutoFi processed over one million requests for automotive financing, which resulted in more that $3 billion in vehicle sales by 2021.