MotoRefi Tech makes it easier for millions of people to refinance their car loans
MotoRefi CEO Kevin Bennett is on a mission to make it as easy as possible for consumers to save money by refinancing their car loans through the growing company’s website. On Monday, the Arlington, Va.-Based start-up said it was making that process even easier by signing up three fintech companies that will provide their customers with direct access to MotoRefi through their own websites.
A new application programming interface (API) will connect Even Financial and Savvy customers directly to MotoRefi’s platform where they can continue the process of finding car loan refinancing through MotoRefi partners.
Meanwhile, SoFi, the digital personal finance company, will launch MotoRefi’s automatic refinancing technology by connecting borrowers with auto loan refinancing options through Lantern, a product comparison site where consumers can buy and compare. financial offers from hundreds of lenders and funding sources.
“We want to help consumers realize that this is a financial opportunity for them to save money,” Bennett said in an interview. “This allows partner companies to seamlessly integrate and partner with us through the API. This means integrating directly into their online experience and autofill apps. This not only makes it possible to raise awareness and help more people realize the opportunity to save money, refinance a car, it makes it easier for them, what they want and it brings transparency. .
This latest movement continues MotoRefi’s meteoric growth rate. In January, the company announced a $ 10 million investment from Moderne Ventures, bringing its total fundraising to $ 24 million since its launch in 2017.
MotoRefi’s revenue grew six-fold in 2020, with the company negotiating more than $ 250 million in loans. At the same time, the company tripled its workforce to 150 last year and is growing, while the number of lenders in its network has doubled.
With the new ability to connect consumers directly from partner business platforms, Bennett sees MotoRefi’s momentum growing even further.
“We expect this to spur a lot of that continued growth,” Bennett said. “Our partners have millions of customers, a ton of potential.”
Saving these new partnerships through its API is straightforward, Bennett explained. MotoRefi earns money from new business from partner sites through the API, then pays its partners a referral commission. He calls the partnerships with Even Financial, Savvy and SoFi as “the first batch of many partners”.
The notion of refinancing an auto loan was an option largely unknown to many consumers, but began to gain traction during financial hardship caused by the Covid-19 pandemic. Bennett estimates that MotoRefi customers save an average of $ 100 on their monthly car payments after refinancing.
It’s a pretty quick process. A consumer looking to refinance their auto loan need only visit the MotoRefi website, filling out some information, providing documentation about themselves and their vehicle. Within about 90 seconds, firm credit offers are made, according to Bennett.
With the ease of signing up new customers via API connection from partner websites, Bennett predicts that auto refinancing will become a better known option for consumers who could save a ton of money.
“I think of the potential billions of dollars in auto loans. That’s a lot of auto loans that really should be refinanced, ”Bennett said. “We want auto refinancing to be as common as mortgage refinancing. “