MotoRefi has raised $45 million in a round led by Goldman Sachs just five months after investors poured $10 million into the company to help turbocharge its auto refinancing business.
The startup developed a platform that automates the entire auto refinancing process, from finding the best rates to titling your vehicle.
MotoRefi enables consumers to save an average of $100 a month on their car payments, by working directly with lending institutions.
The company’s refinancing tools grew steadily until the COVID-19 pandemic that made an appearance.
MotoRefi, a peer-to-peer lending platform, is on track to issue $1 billion in loans by the end of this year. The company has grown fivefold from the same period last year.
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