AutoFi, a San Francisco-based auto finance startup, has started an effort to raise $2 million of venture funding.
AutoFi calls itself “an online white-label, point-of-sale financing solution that facilitates financing a vehicle online.” The company is asking for a $6 million valuation and selling one-third of its equity. The team that is launching AutoFi previously worked at Lending Club, which has danced around the notion of providing more extensive auto financing services.
Here’s a fuller description of the venture:
Autofi is building an end-to-end solution for the next generation of auto financing. We use latest technology stacks to build integrations across relevant industries and a microservices-based architecture helps ensure our platform is built for scale and fault tolerance. Industry-standard, Agile-based processes help us foster a culture that delivers quick solutions based on real user feedback.
The company says it is in trials with three car dealer companies.
Crosslink Capital is the lead VC firm for the round, according to AngelList. Crosslink raised $170 million earlier this year.
See AutoFi’s demo below:
Learn more about auto lending trends at the Auto Finance Summit, Oct. 21-23 in Las Vegas.
