MotoRefi closes doors on $8.6m Series A

Auto loan refinancing FinTech startup MotoRefi has netted $8.6m in its Series A round which was co-led by Accomplice and Link Ventures.

Additional commitments came from, Motley Fool Ventures, CMFG Ventures, Gaingels, among others. In conjunction with the deal, Link Ventures managing director Rob Chaplinsky and Construct Capital co-founder Rachel Holt will join the MotoRefi board of directors.

This capital has been earmarked to scale the MotoRefi team and further invest into the technology platform. Additionally, funds will be used to add new lenders and partners to the platform.

MotoRefi claims auto loan balances in the US exceed $1.2trn and over 90 million consumers could save money by refinancing their loans.

The FinTech startup offers an online solution to help customers to connect with better rates and terms for their auto loans. Users can get pre-qualified offers within seconds from which they can choose the most appealing option. Once they have found the ideal deal, they simply submit some documents and MotoRefi does the rest.

Accomplice co-founder Ryan Moore said, “We’re excited to lead this Series A round because MotoRefi is leveraging technology and analytics to make a huge difference in people’s lives

“The auto industry isn’t consumer-friendly and MotoRefi is changing that. This is a tremendous market opportunity and we’re excited to back a great team.”

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