DriverUp collects $20 mln Series B

DriverUp, an online marketplace for automotive financing, has secured $20 million in Series B funding. SF Capital Group led the round with participation from Emerald Development Managers and RRE Ventures. In conjunction with the funding, DriverUp has added Neil Wolfson, president of SF Capital, to its board of directors. PRESS RELEASE DALLAS, Sept. 24, 2015 /PRNewswire/ — DriverUp, the first online marketplace for automotive financing, announced it closed a $20 million Series B round. The DriverUp marketplace gives accredited investors an opportunity to directly enter the $1 trillion auto lending industry and provides dealers with an expedited, streamlined credit process. New investor SF Capital Group led the round joined by existing investors Emerald Development Managers and RRE Ventures. “This Series B round allows us to accelerate our product development, support added marketplace loan inventory and ramp up marketing efforts,” said Sam Ellis, chief executive officer, DriverUp. “We have seen strong interest from accredited investors since launching, and are confident this round of funding will bolster DriverUp’s ability to take the platform to new levels and reach a larger audience.” DriverUp also announced the appointment of Neil Wolfson to the company’s Board of Directors. As president of SF Capital Group, Wolfson oversees all debt and equity investing, asset allocation, investment management and operations for a large multi-generational family office. He also serves on the Board of Directors for OnDeck Capital, BorrowersFirst, Patch of Land, TodayTix, Nextivity and FastPay. “In a very short time, DriverUp has clearly demonstrated that their technology can fundamentally improve auto lending, similar to how we have seen FinTech disrupt other industries,” said Neil Wolfson, president, SF Capital Group. “The auto-tech sector as a whole will continue to grow over the next few years as more stakeholders seek out efficient, platform-based auto finance options, and DriverUp is uniquely positioned to lead this charge.” DriverUp is the first company that offers auto loans as an investment opportunity to accredited investors such as hedge funds, endowments, family offices, and high net worth individuals. Previously, investing in this sector was limited to a handful of large institutions. The DriverUp platform uses technology to fundamentally improve how loans are secured and serviced by creating a direct-to-investor option that until now has not existed within the auto-lending industry. Through DriverUp’s proprietary software and advanced data analytics, the marketplace enables efficient processing and direct investment in auto loans, with full transparency and reporting. To learn more about DriverUp, please visit www.driverup.com. About DriverUp DriverUp is a new online marketplace for automotive financing that enables investors – who previously did not have access – to directly participate in the growing, higher-yield business of auto lending and provides dealers with a streamlined credit application that speeds loans and moves cars. DriverUp’s proprietary technology platform makes processing and buying loans quicker and easier. Rely on DriverUp’s industry stature – more than 100 years of collective experience in automotive and consumer finance – for a direct connection to the business.

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DriverUp collects $20 mln Series B