The company aims to utilise the freshly received funds to expand its footprint in the U.S. and in international markets.
AutoFi Inc, a fintech startup that caters exclusively to the auto industry, has raised $10 million in a Series A funding round, thus bringing its total equity funding to $17 million.
The funding round was led by existing investors, including Ford Motor Credit Co LLC, Crosslink Capital, and Lerer Hippeau Ventures.
AutoFi’s platform will enable prospective car buyers to finance and purchase the vehicle of their choice. The platform essentially acts as a conduit between the dealer’s website and that of a network of lenders, thus enabling consumers to quickly snag the car of their choice.
AutoFi’s software is currently being used by Ford Motor Credit Co, the lending arm of Ford Motor Co. Consumers who are looking for used-cars can also make use of the platform.
According to AutoFi, it plans on utilising the funds to grow beyond Ford Credit and expand into international markets.
In the next few months, the company is expected to announcement more automakers joining its network, said Kevin Singerman , AutoFi’s Chief Executive.
In the beginning of this year, AutoFi also partnered with Tricor Automotive Group to expand its footprint in Canada.