DigniFi, a AI-powered platform which connects consumers with lenders for auto parts, repairs and services, has raised a $14m Series A led by BuildGroup.
In addition to the round close, DigniFi has signed a deal with Neuberger Berman Private Equity to purchase over $275m of assets.
With the burst of funding, the copany will look to continue its expansion efforts.
The DigniFi platform leverages data from over $120m in loan originations to data. Its machine learning platform is powered by propriety datasets and automotive analytics to supply customised loan offerings for consumers looking for vehicle repairs.
Conumers can use the DigniFi to get a car repair loan quickly, through a four-question online application. Loans can be taken out from $350 to $7,500.
DigniFi CEO Richard Counihan said, “DigniFi is pioneering the development of an end-to-end marketplace concept at the cross-section of financial services and auto repairs.
“Our auto service partners are able to improve their margins through existing products and services that are core to overall profitability, while consumers receive greater access to affordable financing when they need it most. Debt purchasers, meanwhile, are introduced to a new asset class that creates more opportunities to build relationships with borrowers through the growing solutions category of point-of-sale financing.”
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