Online auto refinance marketplace rateGenius has received a recapitalisation and growth investment from Tritium Partners.
Austin-based rateGenius is a digital refinance origination and marketplace platform for auto insurance. The platform has more than 160 lenders from across the US and helps to connect users with the best interest rates for refinancing cars, trucks and SUVs.
Last year, the company facilitated $1bn in auto loans, and rateGenius is expecting this to rise in 2018.
rateGenius hopes to use the investment to support the rising demand for its platform.
Tritium co-founder and managing partner Phil Siegel said, “Since leading the initial investment in HomeAway in 2004, we have learned a lot about broadening the reach of up-and-coming consumer marketplaces.
“The rateGenius team has built a robust platform with a compelling consumer offering, and by applying some of our online marketplace experience we believe we can generate greater consumer awareness and demand and capitalize on the company’s significant growth potential.”
Last year, car insurance platform Clearcover exited stealth alongside the closing of $11.5m in a funding round led by Lightbank. The capital will be used to scale up partnerships and support the launch of its car insurance products.
Tritium recently completed the recapitalisation of Inova Payroll, and merged it with Atlanta-based Payroll Strategies. The firm looks to invest in companies with an EBITDA of between $2m and $15m.
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