DriverUp has closed a $20m Series B round. DriverUp – which promotes itself as the first online marketplace for automotive financing – allows accredited investors access to the $1 trillion auto-lending industry.
The peer-to-peer platform allows investors direct access to auto-loans. On the buy-side, car dealers can access the site and offer their customers competitive credit options. Sam Ellis – DriverUp CEO – commented on the benefits that this fundraise provides:
"This Series B round allows us to accelerate our product development, support added marketplace loan inventory and ramp up marketing efforts"
"We have seen strong interest from accredited investors since launching, and are confident this round of funding will bolster DriverUp's ability to take the platform to new levels and reach a larger audience"
The round was led by SF Capital Group whose President – Neil Wolfson – has joined the Board of Directors. Mr Wolfson brings a welath of experience to the table, having also served on the boards of OnDeck Capital, BorrowersFirst, Patch of Land, TodayTix, Nextivity and FastPav. The new director remarked:
"In a very short time, DriverUp has clearly demonstrated that their technology can fundamentally improve auto lending, similar to how we have seen FinTech disrupt other industries"
Mr Wolfson summarised the prospects of DriverUp, and the sector as a whole:
"The auto-tech sector as a whole will continue to grow over the next few years as more stakeholders seek out efficient, platform-based auto finance options, and DriverUp is uniquely positioned to lead this charge."