The company said the investment is valued at approximately $700 million. Investors in the new round include Santander Holdings USA, Silicon Valley Bank and Crosslink Capital.
see photosAutoFi digital commerce platform was used to process over 1 million vehicle financing requests in 2021
AutoFi, a San Francisco-based provider of dealership systems to support online vehicle sales and financing, has raised $85 million to expand its operations, the company said Monday. The company said the investment is valued at approximately $700 million. Investors in the new round include Santander Holdings USA, Silicon Valley Bank and Crosslink Capital.
The pandemic has fueled consumer interest in online vehicle financing and purchases from US auto dealers, a trend acknowledged and generally supported by automakers.
According to investor website PitchBook, past investors in AutoFi include BMW iVentures and Ford Motor Credit.
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, chief executive and co-founder of AutoFi, the latest funding round will be used to expand AutoFi’s platform to banks as well as captive and specialty finance companies.
Santander Consumer USA said it will expand its partnership with AutoFi to launch Santander’s online sales and financing program nationwide.
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