AutoFi, a commerce platform for digital automotive sales and financing, has raised $85m in funding, bringing its valuation to nearly $700m.
The financing included participation from investors Santander Holdings USA, SVB Financial Group, the parent of Silicon Valley Bank, and Crosslink Capital.
The company said it plans to accelerate its investment in its engineering and customer-facing teams. With four consecutive years of 100% revenue growth, AutoFi said it has more than doubled the size of its staff in 2021 to 220 employees. The companyâ€™s platform processed more than one million automotive financing requests that resulted in more than $3bn in vehicle sales in 2021.
AutoFi said the capital will further innovation in transformative retailing experiences like its new â€œRealPaymentsâ€ offering. This cloud-based pricing platform allows auto finance companies to extend their decisioning and pricing capabilities into point-of-search shopping experiences. In seconds, consumers are pre-qualified for financing and see their actual price and monthly payment across thousands of vehicles.
Mahesh Aditya, president and CEO of Santander Consumer USA, said, â€œAutoFi is leading the digital evolution of car buying by combining innovation in automotive finance and retailing.
â€œWe want to help dealers sell as many vehicles as possible, and AutoFiâ€™s platform makes it easier for dealers to do business with Santander Consumer, connecting them more efficiently and effectively with consumers, helping complete transactions faster and bringing finance innovation into the car buying process.â€
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