Auto finance provider Global Lending Services has received a follow-on equity investment from BlueMountain Capital Management.
The firm is also in the process of making a loan purchase facility which would fund Global Lending Services future originations.
New York-based GLS is an auto financing platform that helps franchise dealerships across the US. The platform enables users to make their repayments through a range of methods, including online payments.
Since the platform launched in 2012, it has helped originate $1.5bn in auto instalment contracts, serving 11,000 dealers and 80,000 consumers.
This capital will be used to boost its dealer network and strategic partnerships, as well as supporting the user-friendly platform.
GLS CEO Steve Thibodeau said, ?GLS has grown through partnership and service, employing cutting-edge technology and analytics to support its customers and manage risk.p>
Earlier in the month, car financing platform AutoFi bagged an undisclosed investment from online car financing platform Santander Consumer USA Holdings. The San Francisco-based company offers a real-time network of lenders, to help consumers find the best loan policy for them.
Another FinTech in the auto industry picked up an investment recently, with Fair bagging equity from a group of investors.
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