DigniFi Raises $14M Series A To Drive Its Auto Financing Platform
Summary
The Seattle-based company provides a fintech marketplace that connects consumers with lenders to help finance large repair costs, CEO Richard Counihan told Crunchbase News. Customers are acquired at the point of sale at dealerships and repair shops, and if approved, are given loans to be paid back in one to three years. Counihan said auto financing is a $450 billion market, which includes repairs, time, materials, and financial products such as extended warranties. “Most American households visit a repair shop three times a year, so there are lots of contact points where we can acquire new customers. We are also looking at new business areas where customers have a ‘need’ instead of a ‘want.’” In addition to the fund raise, the company said it signed a partnership agreement with investment manager Neuberger Berman to provide $275 million of purchasing power to DigniFi’s platform.