Fintech Startup MotoRefi Adds Additional $5 Million from Curql
MotoRefi, the auto fintech startup on a mission to help people save money on their auto loans, today announced a $5 million investment from Curql Fund. With the investment, MotoRefi has officially become a Credit Union Service Organization (CUSO).
Curql Fund I is the only fund of its kind that connects credit unions with innovative fintech companies, with over 45 of the nation’s largest credit unions participating.
“MotoRefi’s technology is turbo charging auto refinancing for credit unions across the country, and we’re proud to invest in a company doing great things for credit unions by helping them secure new members and fund new loans,” said Nick Evens, CEO of Curql Collective.
For credit union partners, like GreenState Credit Union, MotoRefi provides access to more borrowers, adding to their membership base and enabling them to serve their communities at scale.
“In just the first few months, we refinanced over $11 million in loans for almost 400 new GreenState members,” said Dave Folkedahl, VP Indirect Lending at GreenState Credit Union. “The rate reductions we have been able to provide will cumulatively save these borrowers nearly $600,000 in interest. This has been a fantastic partnership for GreenState and aligns perfectly with our mission to put money back into the pockets of our members.”
“The team at Curql Fund is leading the way in terms of credit union innovation,” said MotoRefi CEO Kevin Bennett. “We’re thrilled to be partnering with them as we continue to strengthen our relationship with the credit union community. ”
This additional funding comes after MotoRefi announced it had raised $45 million in Series B funding in May, bringing the company’s round total to $50 million.
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 Goldman Sachs Asset Management Growth Equity, IA Capital, Moderne Ventures, Accomplice, Link Ventures, Motley Fool, CMFG Ventures (part of CUNA Mutual Group), Gaingels, FireBolt Ventures, and others.
Curql Collective is a collaborative approach that brings venture capital, credit unions, and fintech together. Launched in 2020, Curql is steered by a collective of forward-thinking credit unions, including former founders, operators, and leaders in the fintech and VC spaces. The group's flagship – Curql Fund I – invests in the visions of entrepreneurs who thoughtfully and purposefully develop financial services technology that revolutionizes and innovates how people engage with their money.