Virginia based Fintech start-up MotoRefi raises USD 10 million capital in series A funding round led by Moderne Ventures on 22nd of January. The company has closed approximately USD 24 million funds till date. They finalized a deal of USD 8.6 million capital last month in series A funding.
Investors: The capitalization of USD 10 million funds was acquired in series A round led by Moderne Ventures including the participation of previous investors like Link Ventures, Accomplice, CMFG Ventures and Motley Fool Ventures.
Primary objective of the company: The company aims to support and assist their clients to save on their financial loans by offering them great rates and lower monthly installments ultimately saving clients an average of USD 80-90 per month on their payments.
Legal name of the company: MotoRefi, Inc.
Founder of the company: Kevin Bennett
Founded date: September 20, 2016
About the company: MotoRefi is a privately held organization operating under the financial services industry established in 2016. Its headquarters is located in Arlington, Virginia and has a work strength of approximately 51-200 employees. Their specialties include auto and refinance. The association is developed by leaders from financing, automotive and technology industries and is proud to be supported by a great unit of Venture Capital Partners.
What the funding is for: The fresh capital would be utilized to expand the company’s offerings and hire more employees. According to sources they are also planning to make the most of the funds in advancing the technique of auto refinancing. Also, the company is aiming to bring the refinancing platform to masses.
What the CEO has to say: “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 technology platform, grow the team and reach a growing segment of this large market. It all adds up to more savings of the clients and that’s the mission”. Said Kevin Bennett, CEO of MotoRefi.
“MotoRefi has developed an auto refinancing platform which handles the entire process including finding the best rates, paying off the old lenders and re-titling the vehicle. The organization has benefited from the convergence of two trends sparked by COVID-19 19 which has turbocharged its business model: an accelerated adoption of fintech across the economy and growing attention towards personal finance”. Said Kevin Bennett, CEO of MotoRefi.
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