MotoRefi, a Virginia based fintech startup announced that it raised USD 45 Million on Friday in a Series B round. The funding round was led by Goldman Sachs, a multinational financial services firm.
The startup raised USD 10 Million in the month of January this year, in their Series A round by Moderne Ventures, who were also participants in this round.
The latest funding round also saw the participation of Motley Fool Ventures, Accomplice, IA Capitals, Link Ventures, and CMFG Ventures.
About the Investors –
Goldman Sachs
Goldman Sachs is a financial service firm that provides its services in the global market. The firm provides services in sectors like investment banking, securities, and management.
It was founded in January 1869 having its headquarters in the Northern US. The segment Investment Banking provides advisory services for finance like corporate defence, restructurings, divestitures, acquisition, and spin-offs.
The securities segment provides services like security lending, financing, and brokerage services, to clients which includes mutual funds, hedge funds, foundation and pension funds.
About MotoRefi
MotoRefi is a fintech startup that aids car owners to save their precious money and time. It was founded and established by Kevin Benett in the year 2016, having its headquarters in Virginia, United States.
MotoRefi aids its customers to save money on car loans, through having a partnership with locals and community leaders. The company strives to bring the customers reasonable rates and low monthly pays and eventually ends up saving nearly USD 100 in their monthly car loan payments.
The startup is providing its services in 47 including Washington DC, with a plan to be available in total of 50 states by the end of 2021. In the first quarter of this year, MotoRefi has increased its workforce from 187 to 250 employees. It has opened a brand new headquarters with the partnership of SoFi.
Words from the CEO –
“We candidly weren’t planning on raising yet, but they (Goldman Sachs) were comfortable given the relationship we have built and the track record and success of the business, to preempt the round and move that calendar up,” – Kevin Benett, CEO, MotoRefi
“Thankfully, we have moved beyond the world where we are raising capital and then raising more capital as we run out of capital. I think we have a great sustainable business and so we, in some sense, have an infinite, and we are building a great profitable business. That’s not to say that we won’t ever raise again, but it will be based on strategic considerations, as opposed to out of necessity.” – he added.
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