BMW i Ventures has invested in AutoFi. Headquartered in San Francisco, CA, AutoFi is a retail platform that allows car buyers to purchase and finance a car from a variety of financial institutions within or outside the dealership.
Due to AutoFi’s deep integrations with financial institutions, the customers can submit simple credit applications to a number of key lenders, including Chase and Santander, and get instant decisions, which in return increases engagement, conversion and F&I penetration.
AutoFi will use the investment to expand its sales and customer support, and continue its pace of product innovation. AutoFi’s investors include Ford Motor Credit Company, Crosslink Capital, Santander InnoVentures and Lerer Hippeau Ventures.