BMW’s venture capital arm has invested in automotive financial technology provider AutoFi, both companies said last week. The amount of the investment was not disclosed.
Kevin Singerman, CEO of AutoFi, which develops and markets software to automate online vehicle sales and financing, said BMW i Ventures’ Series B investment gives it a minority stake in San Francisco-based AutoFi.
“Given the growth that we had in 2019, it was good to bring a partner aboard who could help us strategically think through the next 12 to 24 months, and at the same time bring in some capital to accelerate our efforts right now,” Singerman told Automotive News.
This is BMW i Ventures’ second investment in an automotive retail financial technology company, after previously investing in Fair, the used-vehicle subscription service platform.
