MotoRefi secures Goldman Sachs backing in $45m Series B

US Auto FinTech MotoRefi has closed a $45m Series B round led by Goldman Sachs Asset Management’s Growth Equity team.

Also involved in the round were new investor IA Capital and existing investors such as Moderne Ventures, Motley Fool Ventures, CMFG Ventures, Link Ventures and Accomplice.

Goldman Sachs Asset Management VP of growth equity Jade Mandel will join the board of directors at MotoRefi following the round.

Founded in 2016, Virginia-based MotoRefi 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.

According to MotoRefi, the firm intends to use the funds to invest in its platform and continue to expand its team. To date, the company has raised over $60m since its inception five years ago.

Earlier this year, MotoRefi closed its Series A-1 funding round on $10m, with Moderne Ventures as the lead investor.

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