Caribou (formerly MotoRefi) is an auto fintech that enables people to take control of their car payments by partnering with lenders such as credit unions and community banks. Its core product is an auto refinance platform, and it recently launched a digital car insurance marketplace to help customers discover additional savings. The company says it helps customers secure cheaper rates and lower monthly payments. Caribou was incubated by QED Investors, was founded in 2016, and is based in Washington, DC and Denver, CO. Financially, the company has raised more than $190 million to date and was valued at $1.1 billion after the Series C. Management intends to use the new funds to invest in the platform, develop innovative new products, and expand the team to continue its growth trajectory. MotoRefi operates a platform that lets users refinance auto loans via partnerships with credit unions, community banks and other trusted lenders. The company works with credit union partners such as GreenState Credit Union to expand access to borrowers and grow membership for those institutions. Led by CEO Kevin Bennett and incubated by QED Investors, MotoRefi has attracted institutional backers including Goldman Sachs Asset Management Growth Equity, IA Capital, Moderne Ventures, Accomplice, Link Ventures, Motley Fool, CMFG Ventures, Gaingels, FireBolt Ventures and others. In May the company announced a $45m Series B and this additional investment raised the round total to $50m. The latest $5m investment from Curql Fund enables MotoRefi to become a Credit Union Service Organization (CUSO). The funding supports the company's core effort to scale partnerships with credit unions and serve communities at scale. MotoRefi is an Arlington, VA-based auto fintech that helps customers refinance auto loans through partnerships with credit unions and community banks to lower rates and monthly payments. Led by CEO Kevin Bennett, the company operates a platform that connects borrowers with lenders to streamline refinancing. Founded in 2016, MotoRefi has raised more than $60M since inception. The company raised $45M in a Series B led by Goldman Sachs Asset Management’s Growth Equity team. MotoRefi intends to use the funds to invest in its platform and continue to expand the team. In conjunction with the funding, Jade Mandel of Goldman Sachs will join MotoRefi’s board. MotoRefi offers an auto-refinancing platform that connects vehicle owners with lenders such as credit unions and community banks to obtain lower rates and monthly payments. The company is led by CEO Kevin Bennett and was incubated by QED Investors. It has attracted backing from investors including Accomplice, Link Ventures, Motley Fool, CMFG Ventures (part of CUNA Mutual Group), Gaingels, and FireBolt Ventures. MotoRefi raised capital to continue expanding operations, broaden its business reach and advance development efforts. The company is based in Arlington, VA and will deploy the new funds toward growth initiatives. MotoRefi provides an end-to-end auto refinancing platform that finds better rates, pays off the old lender and handles vehicle re-titling. Born out of QED Investors in 2017, the company says its platform can save customers an average of $100 per month on car payments. MotoRefi has launched pilot programs with Progressive and Chime to offer refinance options directly to their customers, and it also works with affiliate programs such as Credit Karma. The startup is scaling by adding new lenders and partners while investing in its technology platform and hiring additional staff. Financially, MotoRefi announced an $8.6 million Series A following a $4.7 million seed round in March 2019.

Total raised

$188M

Funding rounds

6

Latest round

Series C

Latest activity

May 2022