San Francisco based provider of dealership systems to support online car sales and financing AutoFi announced having raised $85 million from its just concluded financing round. The company will be using the cash to expand its operations.
This funding round leaves the company sitting on a market valuation of around $700 million. Investors who took part in the funding round include; Silicon Valley Bank, Crosslink Capital and Santander Holdings USA.
The company’s co-founder and CEO, Kevin Singerman, claims they will be using proceeds from the funding round to expand their platform to banks as well as specialty finance companies.
Since the pandemic set foot, many have been forced to use online channels for vehicle financing and purchases from U.S based auto dealers. Many vehicle manufactures have since acknowledged and supported this mechanism following the turn of events.
The company says its digital commerce platform was used to process over one million vehicle financing requests in 2021 further supporting more than $3 billion in retail sales.
