Refinance fintech MotoRefi was crowned the 2021 DEMOvation Challenge winner during the Auto Finance Innovation Summit today.
The fourth annual challenge offered a chance for innovative companies in the financial services and auto finance sectors to demonstrate their products in front of auto lending and leasing executives.
MotoRefi won the vote from a panel of expert judges that included Georg Bauer, co-founder of NextCar; Robert McDonald, general manager of auto finance for investment firm Pagaya; and Scott Painter, founder and chief executive of NextCar.
The challenge also featured Carbeeza, which harnesses artificial intelligence for consumer auto financing; Enteruptors, an AI-powered regulation and risk software solution; and document intelligence platform Romulus.
Arlington, Va.-based MotoRefi uses a digital application and approval process to connect consumers who want to save money on their auto loan with lenders whose criteria they meet, said Drew White, the fintech’s director of lender development.
Digital auto refinance is a growing market that can tap into the hundreds of millions of drivers with car loans who may be able to save money on their vehicle payments, White said, noting that the company uses multiple data points in its pre-approval process, such as factoring the minimum number of payments a lender will accept on a car loan in order to refinance the loan. Founded in 2017, MotoRefi has raised more than $20 million from investors to aid the company’s growth.
In private deliberation, the judges pointed to MotoRefi’s focus on the consumer as a key driver in their decision. Customer experience was a prevalent theme throughout this year’s Auto Finance Innovation Summit.