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AutoFi Has Raised $85 Million In Funding To Expand Its Online Auto Finance Operations

AutoFi Raises $85 Million to Expand Online Auto Finance Business

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AutoFi, a San Francisco-based supplier of dealership technology to enable online auto sales and financing, said it had secured $85 million in funding to expand its operations.

The investment values AutoFi at nearly $700 million, the company said. Santander Holdings USA, Silicon Valley Bank, and Crosslink Capital are among the companies that participated in the new financing round. Consumer interest in online car finance and purchases from U.S. auto dealers has increased due to the epidemic. This trend has been recognized and is broadly welcomed by the auto industry.

Previous investors in AutoFi include BMW iVentures and Ford Motor Credit, according to investor website PitchBook.

AutoFi said its digital commerce platform was used to process more than one million vehicle financing requests in 2021, supporting more than $3 billion in retail sales. According to Kevin Singerman, AutoFi’s chief executive and co-founder, the current capital round will be used to extend the company’s platform to include banks, captive and specialized finance businesses, and other financial institutions.

Santander Consumer USA has announced that it will extend its cooperation with AutoFi to roll out Santander’s online sales and finance program throughout the country in the coming months.

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