Santander's fintech venture fund is to make an investment in Autofi, a US financial technology company that helps customers select and finance vehicles through their car dealers’ website and reduce the time it takes to complete the sale.
The undisclosed investment in the firm comes as Santander Consumer USA joins Autofi's panel of lenders to provide consumers with a range of real-time financing options and the ability to customise their financing terms.
Manuel Silva Martínez, partner and head of investments at Santander InnoVentures, says of the investment in AutoFi: "Customers demand the same digital and ecommerce-like experience when buying a car as they do in other areas of their lives. AutoFi is enabling car manufacturers, dealers and car selling platforms to adapt to the changing customer needs, while building what we believe will be an industry-changing business. We are very happy to support AutoFi as we shape the future of the auto finance industry together."
Under the terms, Silva Martínez will join AutoFi's board as an observer.
Autofi last month announced a partnership with JPMorgan Chase to provide financing through the platform, marking its first deal with a US national bank.