DriverUp is an online car financing marketplace that has raised $50 million in Series A funding. Emerald Development Managers and RRE Ventures led this round of funding. The DriverUp marketplace gives accredited investors an opportunity to directly enter the $379 billion auto lending industry and provide dealers with an expedited streamlined credit process.
The DriverUp platform uses technology to improve how loans are secured and serviced by setting up a direct-to-investor option that until now has not existed within the auto lending industry. With DriverUp’s proprietary software and advanced data analytics, the marketplace enables efficient processing and direct investment in auto loans.
“Auto lending historically has been riddled with inefficiencies and lack of innovation; it’s ripe for fundamental transformation and we are leading that change with a technology-driven approach,” said DriverUp president and CEO Sam Ellis. “DriverUp democratizes the auto lending industry and brings incredible efficiency and transparency to the process. Consumers, investors, and dealers all benefit.”
The direct sale of auto loans helps establish streamlined financing for auto financing companies and it frees up funds to continue lending. Through DriverUp, dealers can increase the sales of cars and consumers will be able to benefit from greater access to credit.
