The company just raised $ 8.6 million in Series A funding, an announcement associated with news that former uber executive and DC-based venture capitalist Rachel Holt joins the company’s board of directors. Holt was an early investor in MotoRefi, but joined the company in an official capacity this month.
“I look forward to bringing my experience in building Uber to the MotoRefi board,” Holt said in a Press release. “MotoRefi is transforming the world of auto financing. I am proud to have been one of the first investors and I am extremely enthusiastic about the team they have assembled.
The press release noted that the new financing will allow the business to grow with new lenders and partners.
MotoRefi checks the interest rate on your car loan and tries to offer a better rate than what the dealership offers, taking into account things like improving credit scores.
“You make payments every month, but have you ever wondered if you could pay less? The company said on its website. “This is where MotorRefi comes in.
The company, established in 2017, aims to simplify the refinancing process to make it more accessible to the average driver still making payments on their car.
Photo courtesy of MotoRefi