Car finance fintech closes $10m Series A

AutoFi raises money from existing investors including Ford.

US motor finance firm AutoFi has raised $10m in a Series A funding round. The round includes existing investors Crosslink Capital, Lerer Hippeau Ventures and Ford Motor Credit Company. AutoFi raised $17m in May of last year, in a round led by Crosslink.

The new money will be used to allow AutoFi to expand internationally and to broaden its solution with new manufacturers and automotive lenders. AutoFi is a fintech firm that is attempting to change the way that cars are bought and sold – both in dealerships with mobile devices and via websites. The platform allows auto dealers to connect car buyers with lenders online in a quick and transparent way.

AutoFi has recently added auto-leasing to its core business of enabling dealers to offer online purchase and financing options for new and used cars.

AutoFi struck a landmark partnership with Ford Motor Credit Company earlier this year. Today the business announces another strategic partnership, this time with Tricor Automotive Group, with a view to expanding into Canada in 2018. Tricor is Canada’s largest automotive group, with over 200 dealerships spread across every major automotive brand.

“We recognise that consumer expectations for car buying are changing and will have a profound impact on our industry,” said Joe Campbell, CEO of Tricor. “We have chosen to be leaders in the market to adopt new technology. We have associated with AutoFi because we believe their customer-centric solution and strong team aligns with our vision to create a seamless digital purchase experience.”