August 24, 2017 / 5:48 AM / 2 years ago

Fintech startup AutoFi raises $10 million

(Reuters) - AutoFi Inc, a financial technology startup catering to the auto industry, said on Thursday it raised $10 million in series A funding, bringing the total amount of equity funding to $17 million.

The funding round included existing investors such as Crosslink Capital, Ford Motor Credit Co LLC and Lerer Hippeau Ventures.

AutoFi’s platform helps prospective car buyers purchase and finance vehicles from a dealership’s website by connecting them to a network of lenders to complete the car-buying process.

Currently, Ford Motor Credit Co, the lending arm of Ford Motor Co, uses the company’s software. The company also provides the technology to used-car buyers.

AutoFi said it planned to use the funds to grow beyond Ford Credit and expand into international markets.

The company will make announcements over the next few months around some national lenders joining its network, Chief Executive Kevin Singerman told Reuters.

AutoFi also entered into a partnership with Tricor Automotive Group on Thursday to expand into Canada in the beginning of next year.

Tricor is owned by Canadian automotive dealers and provides finance and insurance products to its shareholder-owned dealerships.

Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D'Silva

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