Car financing platform AutoFi closes investment from Santander

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Online car financing platform AutoFi has received an undisclosed investment from Santander Consumer USA Holdings.

Santander InnoVentures will use its venture capital vehicle to make the investment.

San Francisco-based AutoFi is an online platform that connects buyers and lenders in a legal and compliant manner. The solution works by a consumer choosing a vehicle on the website and then picking the loan and the repayment terms, and once this is accepted the payment goes through.

The application is full of a network of lenders which help the consumers with real-time financing and additional add-on products like a GAP protection.

AutoFi CEO Kevin Singerman said, “Working with Santander will help expand the digital market for dealerships, making it easier for a wider array of consumers to secure online financing. Together, we look forward to delivering a convenient and transparent vehicle purchase journey.”

Last year, the company raised a $10m Series A funding round from firms including Crosslink Capital, Ford Motor Credit, and Lerer Hippeau Ventures. The capital was raised to expand internationally, with the AutoFi hoping to expand to Canada later in the year.

In an interview with FinTech Global last year, Santander InnoVentures managing partner Mariano Belinky said the firm was particularly interested in the payments sector in Latin America. The digital payments space has yet to really take off in the region and Belinky believes there is a big potential for investments and startups.

Copyright © 2018 FinTech Global

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