KeySavvy, a platform that simplifies and secures private-party car transactions, announced $4.25 million in venture capital funding. This funding was led by Bonfire Ventures, marking the second major financing round for the rapidly growing startup. Plus, KeySavvy has secured strategic partnerships with three prominent online vehicle marketplaces, signaling significant momentum for the company’s e-commerce presence.
Bonfire Ventures, Experian Ventures, Daher Investments, and Founders’ Co-op all joined in the latest financing cycle. The contribution from Founders Co-op notably marks their second successive investment in the company. With the new funding round, KeySavvy will grow its operations and engineering team to support new partnerships, continue improving platform automation, and launch a fast-financing product for buyers.
KeySavvy’s newest e-commerce partners include Cars & Bids, AutoCheck by Experian, and Hemmings. And companies can integrate KeySavvy’s secure payment platform via an API that enables users to seamlessly transition between the partner’s app or website and KeySavvy’s transaction platform. Lenders can also utilize KeySavvy’s platform to streamline their direct peer-to-peer lending programs and reduce title issues for private-party sales. These partnerships will offer buyers and sellers with a streamlined, trusted payment experience, reinforcing KeySavvy as the go-to platform for secure private-party vehicle transactions.
KeySavvy was launched in 2022 to streamline and safeguard private-party car sales. And the platform eliminates fraud using identity verification, payment technology and the capabilities of a licensed dealership. KeySavvy also improves processes by providing users with step-by-step guidance for handling complex vehicle transactions.
KEY QUOTES:
“The process of buying or selling a used car privately is archaic and hasn’t caught up with the modern e-commerce experiences people are now accustomed to. Sellers must physically meet buyers to complete paperwork and exchange large sums of money, creating a stressful experience. This leaves opportunities on the table for car marketplaces, lenders and other businesses that want to provide better services to consumers but lack the support of digital rails and data. KeySavvy is pulling private party vehicle sales into the future by making these transactions digital, secure and hassle-free.”
– Bonfire Ventures Principal Tyler Churchill
“This new round of funding is a key step towards our vision of replacing cash and checks with a safer, simpler way to transact vehicles private party. We are grateful for the ongoing support of our investors as we continue to deliver customers the absolute best experience when buying or selling a car.”
– Andrew Crowell, CEO of KeySavvy
“Our new strategic partnerships introduce car buyers and sellers to the convenience and security of KeySavvy in the spaces they already love to browse, sell and shop. We are eager to keep expanding our footprint and make worry-free transactions the standard for peer-to-peer vehicle transactions.”
– KeySavvy co-founder Jason Hoetger
