This news comes on the heels of its Series C round. The company plans to use the funds to expand its platform to banks and specialty finance companies. Here are the top-line bullets you need to know.
AutoFi, an automotive digital retailing solution provider, has raised $85M in a Series C. The round drew participation from Silicon Valley Bank, Banco Santander, and Crosslink Capital.
HOW’S THE COMPANY PERFORMING?
- California-based AutoFi makes it easier for consumers to purchase and finance a vehicle by automating the application and approval process.
- In 2021, the platform processed over 1M auto financing requests, supporting $3B+ in retail sales.
- AutoFi has experienced 100% revenue growth every year over the past 4 years.
- The company works with 40 automotive lenders in North America, including Chase, Ally, Santander, and Well Fargo, among others.
- In 2021, AutoFi more than doubled its team size to 220 employees.
Source: AutoFi
WHY DOES THE MARKET MATTER?
- The global automotive e-commerce market is expected to reach a value of $202.9B by 2028, growing at a CAGR of 21.8%, according to Fortune Business Insights.
- Broader e-commerce growth and digitization as well as the rising volume of automotive sales have contributed to market growth.
- Demand for online vehicle financing capabilities has increased among US auto dealers amid the pandemic.
