ARLINGTON, Va., April 6, 2021 /PRNewswire-PRWeb/ -- MotoRefi, the auto fintech startup on a mission to help people save money on their auto loans, today announced the launch of their new partnership ecosystem API. This new technology enables partner companies to bring MotoRefi's pre-qualified refinance offers to their customers – saving them an average of $100 per month or more* on their car payments. Financial leaders SoFi, Even Financial, and Savvy will be the first three partners to use the new API, bringing MotoRefi's refinance technology to millions of users.
At a time when many Americans are experiencing financial hardships, the opportunity to save money on a monthly auto loan payment can have a meaningful impact on their budgets. This new application programming interface (API) will enable more consumers to access lower auto loan rates by connecting users on partner platforms directly with MotoRefi's refinancing capabilities. This will further accelerate MotoRefi's user growth, and provide a streamlined process for consumers to refinance via its ecosystem partners.
Through the partnership and API functionality, SoFi, Even Financial, and Savvy provide their customers with direct access to MotoRefi's competitive auto loan rates and easy-to-use refinance process. All three partners have launched or will launch MotoRefi's API imminently.
"This industry-changing technology is an incredible investment in MotoRefi's future and will unlock a better financial future for millions of consumers," said MotoRefi CEO Kevin Bennett. "We are now able to serve customers through a vastly expanded financial ecosystem. We couldn't be more proud to be partnering with SoFi, Even Financial & Savvy (savvy.insure) to bring this beneficial technology to more Americans."
"For many, an auto loan is one of the largest line items – aside from a mortgage – in a consumer's monthly budget. Yet, consumers aren't always made aware of the levers they can pull to reduce their payments to ensure they're paying down debt faster and with less interest," said SoFi EVP and Group Business Unit Leader Jennifer Nuckles. "We're looking forward to furthering our mission of helping people achieve financial independence through the Lantern and MotoRefi partnership."
The API launch comes on the heels of a year of record growth for MotoRefi, having announced since the beginning of 2021: a 6x revenue growth during 2020; key executives joining their management team; an expanded Washington, D.C. headquarters, and a $10M Series 1A funding round with a new board member. The new API technology will be a key vehicle for enabling MotoRefi to expand on this growth by bringing its refinancing technology to millions of consumers who need it most.
MotoRefi believes refinancing your auto loan should be a simple, transparent process. Through our partnerships with trusted lenders, like credit unions and community banks, we bring customers great rates and lower monthly payments, ultimately saving customers an average of $100 per month on their car payments. MotoRefi, incubated by QED Investors, is backed by Moderne Ventures, Accomplice, Link Ventures, Motley Fool, CMFG Ventures (part of CUNA Mutual Group), Gaingels, FireBolt Ventures, and others.
*Customers save an average of $108 per month on their car payment when they refinance with MotoRefi. This value was calculated by using the average monthly payment savings for MotoRefi customers from December 1, 2020 through April 5, 2021.
Charlotte Taylor, MotoRefi, +1 3019157572, firstname.lastname@example.org