US-based automotive financing platform AutoFi has secured $10m in funding from investors including Ford Motor Credit Company, a subsidiary of carmaker Ford, Forbes reported yesterday.
Venture capital firms Crosslink Capital and Lerer Hippeau Ventures also participated in the round, having contributed to AutoFi’s last round, in which it raised $17m in May 2016 from investors also including Bruce Toll, founder of home building company Toll Brothers.
AutoFi has created an online platform that enables car dealers to provide customers with finance at the point of sale. Users can assess financing options from a range of online lenders and apply at the dealership, receiving an answer in minutes.
Ford Motor Credit invested an undisclosed amount in AutoFi in January this year when the companies formed a partnership that brought AutoFi’s platform into Ford and Lincoln dealerships.
The funding will help AutoFi extend its service into more dealerships and strike partnerships with other carmakers as it prepares to expand into Canada.
AutoFi has not revealed details of any earlier funding, but its investors also include Laconia Capital Group, Basset Investment Group, Eniac Ventures, 500 Startups and Silicon Valley Bank.