San Francisco-based commerce platform AutoFi announced Monday that it raised $85 million in fresh financing. The capital injection sent the company’s valuation soaring to nearly $700 million.
The latest raise couldn’t have come at a better time for AutoFi, which has had 100 percent revenue growth over the past four consecutive years, according to the company.
AutoFi is an end-to-end automotive sales and financing platform. The company’s software unifies online and in-store car sale experiences by providing users with a one-stop shop to find financing. With AutoFi, customers can submit credit applications for approval within minutes, according to the company.
“Finance is a critical part of how people buy and sell vehicles and continues to be a main source of friction in the automotive retail process,” Kevin Singerman, co-founder and CEO of AutoFi, said in a statement. “[It] must be more integrated into digital experiences.”
AutoFi’s partnership list is extensive. The company counts nearly two dozen auto giants among its long list of clients including Audi, Ford, General Motors and Lexus.
With the company’s recently launched RealPayments offering, customers pre-qualified for financing can see the actual price they’ll pay for a vehicle upfront, including taxes. Moreover, prospective car buyers can get a better estimate on what their monthly payments will look like across thousands of vehicles.
AutoFi more than doubled the size of its staff in 2021 to include 220 employees. Following the latest raise, the company plans to keep up the hiring momentum. AutoFi is currently on the lookout for 20 fresh faces to join its team. Available roles span the company’s product, operations and engineering departments, to name a few. A large handful of positions up for grabs are available for remote work.
The latest round for AutoFi included participation from Santander Holdings USA, SVB Financial Group and Crosslink Capital. The company has raised $114.5 million in venture capital financing to date, according to Crunchbase.
