MotoRefi, an auto refinance startup that helps consumers save an average of $100 per month on their auto loan, today announced a $4.7 million seed raise led by Accomplice with participation from QED Investors and Motley Fool Ventures. Ryan Moore, co-founder of Accomplice, will join MotoRefi's board of directors.
"MotoRefi helps put money back in consumers' pockets by offering a seamless online refinancing experience from start to finish," said MotoRefi CEO Kevin Bennett. "Our technology platform provides transparency, flexibility, and the tools car owners need to make good financial decisions. We're delighted to have the support of such great investors and look forward to working with them to help more consumers save money and protect the largest asset many people own."
How it Works: MotoRefi helps consumers save on their auto loans by connecting them with trusted lenders, like credit unions and community banks, in addition to offering financial tools that protect their vehicles and finances from the unexpected. MotoRefi's process is fast and straightforward. Consumers fill out a short online form or call to speak with an agent if they prefer, and can receive a new rate within minutes. To lock in their refinance offer, consumers upload, email or text their documentation to MotoRefi's platform, which allows them to save a trip to the DMV. MotoRefi customers save an average of $100 per month.
"I love how MotoRefi helps consumers and lenders," said Accomplice Founder Ryan Moore. "MotoRefi provides a unique service that addresses a real pain point for consumers, and they've built an incredible product that is easy to use. They also create real value for lenders like credit unions and community banks. We're excited to work with MotoRefi's team and help them take it to the next level."
"People refinance their homes all the time, but almost never refinance their cars," said QED Partner Matt Risley. "MotoRefi's user-friendly platform reduces customers' monthly payment and, on average, cuts their interests rates nearly in half."
"There's a huge disconnect between the number of people who refinance their car loans and the number of people who could benefit from an extra $100 per month, which is the average savings of MotoRefi's customers," said Motley Fool Ventures Managing Director Ollen Douglass. "We appreciate that MotoRefi's innovative platform leverages technology to make auto loan refinancing more accessible, empowering consumers to take control over their financial lives."
About MotoRefi
MotoRefi believes refinancing your auto loan should be a simple, transparent process. Through our partnerships with trusted lenders, like credit unions and community banks, we bring customers great rates and lower monthly payments, ultimately saving customers an average of $100 per month on their car payments.
Our secure, digital platform makes it easy for our customers to see exactly how much they can save and complete the refinance process quickly. What's more, we do all the heavy lifting and save our customers from those dreaded trips to the DMV.
About Accomplice
Accomplice is a seed-led venture capital firm based in Boston and San Francisco. They embrace risk and have been part of the origination story of companies that matter, including AngelList, Carbon Black, DraftKings, Hopper, PillPack, Veracode, and Zoopla. Accomplice has pioneered a community approach through platforms like Spearhead, BOSS, Rev, and TUGG.
About QED Investors
QED Investors is the leading fintech boutique venture capital firm based in Alexandria, VA. QED is focused on investing in early-stage, disruptive financial services companies in the U.S., U.K., and Latin America. Its unique, hands-on approach leverages its partners' decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include Credit Karma, SoFi, Avant, NuBank, Remitly, GreenSky, and Mission Lane. MotoRefi was incubated at QED through its Belay program, QED's founding-stage investment platform. QED is thrilled to see MotoRefi's continued growth.
About Motley Fool Ventures
Based in Alexandria, Va., Motley Fool Ventures brings The Motley Fool's investing principles and member community to venture capital. Launched in 2018, Motley Fool Ventures invests in early-stage companies that leverage technology to create a clear competitive advantage in their industry. Its dedicated team, investor community, and robust network aim to provide value to entrepreneurs beyond just capital. To learn more about Motley Fool Ventures, please visit: http://foolventures.com.
