DigniFi, a tech platform for financing car repairs, raises $14M to keep American chauffeurs rolling – GeekWire

30June 2020


(DigniFi Photo) DigniFi, the Kirkland, Wash.-based tech platform that assists drivers fund vehicle repair work and services, has raised$

14 million. The Series A financing was led by BuildGroup and Exor Seeds. Neuberger Berman, a worldwide investment manager, will supply as much as $275 million in additional financing to support the company’s growth, according to a press release Tuesday. The business is promoting its services, tied to 5,000 U.S. repair centers, as particularly important throughout the coronavirus pandemic due to the fact that of the requirement for many to prevent congested public transit and drive their own vehicles.

“After months of financial uncertainty, Americans are eager to get back to work, and numerous will require their automobiles in working order to do that. Our network of auto service centers has actually grown by 500 locations over the last 90 days, stimulated by this rising need,” Richard Counihan, CEO of DigniFi, said in a statement. “With BuildGroup, Exor, and NB support us, we have never ever remained in a better position to serve drivers and automobile stores. Our platform will promote regional economies and assist America recuperate strong.”

The typical automobile repair expenses between $500 and $600 according to AAA numbers cited by DigniFi. Numerous consumers handle charge card financial obligation or loans to cover repair work. DigniFi’s platform partners with vehicle service centers to use access to monetary items for repair work, tires, devices, and other automotive requirements.

Franchise dealerships and independent vehicle stores utilize DigniFi. Clients are able to apply by smartphone and get an instantaneous decision from a loan provider.

The business, established in 2013, has 100 workers and has drawn in more than 40,000 customers. DigniFi says its platform has provided access to over $120 million of financing covering such things as funding and insurance, sales, parts and devices, service, and accident.

DigniFi is not alone in targeting the discomfort points of automobile repair work with a tech platform. Seattle-based Wrench raised $20 million last fall to further fuel its mobile mechanics and expansion throughout the U.S.Source: geekwire.com

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