AutoFi provides a cloud-based commerce platform and APIs that enable digital automotive sales and financing, including prequalification and point-of-search pricing. Its RealPayments offering extends decisioning and pricing into shopping experiences so consumers see actual prices and monthly payments instantly. The platform integrates online, remote and in-store sales and connects dealers, digital retailers, banks, OEMs and marketplaces with a network of lenders. AutoFi reported four consecutive years of 100% revenue growth and more than doubled headcount in 2021 to 220 employees. In 2021 its platform processed over one million automotive financing requests that resulted in more than $3 billion in vehicle sales. The company plans to accelerate investment in engineering and customer-facing teams and further innovate its retailing and finance products. AutoFi operates a platform that helps prospective car buyers purchase and finance vehicles from a dealership's website by connecting them to a network of lenders. The company also provides its technology to used-car buyers and is currently used by Ford Motor Credit Co. AutoFi raised $10 million in a Series A round, bringing its total equity funding to $17 million. The recent round included existing investors Crosslink Capital, Ford Motor Credit Co LLC and Lerer Hippeau Ventures. The company said it will use the funds to grow beyond Ford Credit and expand into international markets, and it expects to announce national lenders joining its network in the coming months. AutoFi entered a partnership with Tricor Automotive Group to expand into Canada at the beginning of next year. AutoFi provides an online point-of-sale financing platform that lets consumers apply for and complete vehicle financing entirely online, including selecting payment terms, protection products, and e-signing finance contracts. The product integrates into a dealer’s web presence to convert online leads into customers while complementing in-store operations. AutoFi’s platform offers automated application and approval, real-time decisioning, and fully transparent terms without paperwork. The company is live in the market and emphasizes giving consumers a simple, transparent way to find affordable financing at the point of sale. Management positions the service as a response to a shift in consumer behavior toward completing car purchases online and aims to serve dealers and online car marketplaces. AutoFi recently won the PitchIt competition at the Online Lending Mega Conference, LendIt.

Total raised

$112M

Funding rounds

3

Latest round

Equity

Latest activity

Mar 2022