March 07, 2022
A leading online platform for digital auto sales and financing has scored a major cash infusion from investors and broadened its relationship with one of the world’s top auto finance companies as more dealers and consumers look to streamline the process and operate more efficiently.
San Francisco-based AutoFi announced Monday it closed an $85 million funding round boosting its total valuation at almost $700 million. AutoFi CEO and co-founder Kevin Singerman told Forbes.com that’s the biggest cash infusion in the company’s almost seven year history.
AutoFi is in the midst of a four-year streak of 100% revenue growth, doubling the size of its staff in 2021 to 220 employees, processing more than one million auto finance requests that resulted in more than $3 billion in vehicle sales last year, according to the company. Singerman said he expects over the next two-year period AutoFi will triple its size as demand for its online finance and sales tools grows.
This latest injection of funding will not only help finance that growth, but Singerman said it will also provide AutoFi with “independence” as it deals with its many partners that include dealers, finance companies, automakers and customers. Read rest here.