Caribou, a FinTech that focuses on automobile installment loan payments, has completed a $115 million Series C funding round, according to a Friday (May 20) press release. The company’s valuation is now $1.1 billion.
The company will use the capital to continue growing by investing in its platform and new products as well as adding staff, the release stated.
Founded in 2016, Caribou previously was known as MotoRefi. The company connects car owners with lenders, such as credit unions and community banks that can offer better interest rates. Customers can also access a tool to compare insurance policies, according to the release.
“We are putting people in control of their auto finances, saving them thousands of dollars with a fast and easy process,” Caribou CEO Kevin Bennett said in the release.
Caribou has refinanced more than $1.5 billion in auto loans since its launch, saving customers more than $100 million in interest over the life of their loans, the release stated. The average Caribou user cuts auto loan payments by $100 per month.
Goldman Sachs Asset Management led the Series C funding round, according to the release. There was also participating from new investors, including Innovius Capital and Harmonic, as well as existing investors, including Accomplice, CMFG Ventures, Curql Fund, Firebolt Ventures, Gaingels, Moderne Ventures, Motley Fool Ventures and others.
The latest funding round comes after Caribou’s $50 million Series B that closed in May 2021, which was also led by Goldman Sachs. The company has raised more than $190 million to date, the release stated.
Caribou is based in Washington, D.C., and has operations in Denver, Colorado. The company has 500 employees, up from 40 two years ago, according to the release.
In December, Bennett explained to PYMNTS how the company helps customers save money through auto insurance.
Read more: Embedded Insurance Streamlines Auto Refinancing Experience for Consumers
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.