Auto refinancing startup MotoRefi has closed its Series A-1 funding round on $10m, with Moderne Ventures as the lead investor.
The investment comes a year after its initial Series A round, which closed on $9.4m in February 2020.
Since the initial investment, the company has grown its revenue by six-times, doubled the amount of lenders on its platform and tripled its headcount.
As part of the fresh funding, Moderne Ventures partner Liza Benson will join the MotoRefi board of directors.
The MotoRefi platform enables users to refinance auto loans. Its technology can integrate with credit unions, community banks and other lending institutions to improve efficiency for both consumers and lenders.
MotoRefi CEO Kevin Bennett said, “We are tremendously excited to add Moderne Ventures and their wealth of consumer finance experience to the team.
“Their partnership will enable us to accelerate our already strong growth trajectory, invest more deeply in our tech platform, grow the team and reach a growing segment of this large market. It all adds up to more savings for consumers. That’s the mission.”
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