Goldman Sachs has led a $45 million funding round in auto finance specialist MotoRefi.
MotoRefi works directly with credit unions to enable consumers to refinance their auto loans, saving them an average of $100 a month on their car payments.
Goldman Sachs led the round, joined by new investor IA Capital and return investors Moderne Ventures, Accomplice, Link Ventures, Motley Fool Ventures, and CMFG Ventures.
Jade Mandel, vice president of GS Growth, says: "We're impressed with MotoRefi's rapid growth and innovative approach to this massive opportunity in auto fintech. MotoRefi is building a revolutionary business that helps consumers save money on what has become a major expense in their lives."
The fundraise reflects steady momentum for the platform, which has achieved 7x revenue growth and 5x volume growth in Q1 2021 compared to the same period last year.
In the last quarter, the company announced senior hires along with a new HQ, and launched a technology ecosystem for other financial companies, including a partnership with SoFi.
This $45 million round is a large increase from MotoRefi's most recent fundraise, a $10 million Series A-1 round in January 2021. With this Series B investment, the company has now raised more than $60 million since its inception in 2016.