AutoFi, an automotive e-commerce platform, received $85 million in financing! Its valuation is approaching $700 million!

According to foreign media reports, the US auto e-commerce and financing platform AutoFi has completed $85 million in financing, with a current valuation of nearly $700 million. It is reported that this is also the largest cash injection since the company was founded seven years ago.

The company will use the funds to accelerate investment in its engineering and customer service teams. Investors in this round include Santander Bank, Silicon Valley Bank's parent company Silicon Valley Bank Financial Group and Crosslink Capital.

Kevin Singerman, CEO and co-founder of AutoFi, said Santander is one of the largest auto finance companies in the world and has always been one of the financial options for AutoFi customers. Santander also said it will expand its partnership with AutoFi to launch their online sales and financing programs nationwide.

It is reported that AutoFi has achieved 100% revenue growth for four consecutive years and has processed more than 1 million auto financing requests, with auto sales exceeding US$3 billion last year. Its employee size doubled to 220 employees in 2021. AutoFi plans to triple its company size in the next two years.

Editor✎Irene/

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