Arlington, Texas 2021-02-22 11:45:14 –
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The announcement of funding is Company 4 years ago, CEO Kevin Bennett tells ARLnow. In 2020, Ballston’s 1010 N. Glebe Road-based MotoRefi raised $ 9.4 million, doubling the number of platform users and doubling revenue. It facilitated more than $ 250 million in car refinancing and brought in an additional 100 employees.
(According to Bennett, MotoRefi does not disclose the number of users.)
Company created by a team of Venture builder From Alexandria Bass QED Investors, Match drivers considering refinancing their mortgages with credit unions and community banks. Bennett, who has been involved in startups in four other DC areas, said QED Investors co-founder and managing partner: Nigel Morris I asked him to lead a fledgling startup.
“Most consumers don’t know that they can refinance their car,” he says, in contrast to the more commonly understood refinancing of homes. “Only 47% know that they can refinance their car, and 2-3% can refinance.”
Also, unlike refinancing mortgages and some student loans, Rocket mortgage And SoFi Bennett said there was no “rocket mortgage moment” in this part of the market by making the process simpler and more transparent. MotoRefi will change that, he said.
“People, of course, don’t think the process is laid out fairly,” he said. “One of the attractions of this startup is that it has a very specific impact on people’s lives. We see the results of our work every day, which is incredibly motivating. “
According to Bennett, the startup handles the soup-to-nut refinancing process, checks credit scores, and matches users only with qualified bank and credit union rates. The average customer can save about $ 100 a month.
Bennett said that in the case of small credit unions and banks with which MotoRefi is affiliated, the startup will provide access to customers that would otherwise be unreachable. Startups also streamline the process of collecting documents and collate people with businesses based on approval, which facilitates onboarding new customers, he said.
“We are the first real tech company in the field, so we are more efficient than our competitors,” he said. “Our approval rate is high and we only send customers who are known to match, so that credit union has much less work to confirm and fund the loan.”
According to Bennett, MotoRefi’s revenue comes from a variety of sources. He said the startup would charge the customer a loan processing fee and the lender would pay MotoRefi for access to those seeking the loan. The company also sells the following automotive services: Gap guarantee..
Photo courtesy of MotoRefi
Ballston-Based Auto Refinance Startup MotoRefi Celebrates Growth, New Funding Source link Ballston-Based Auto Refinance Startup MotoRefi Celebrates Growth, New Funding