Auto Fintech Caribou Becomes Unicorn With $115 Million Series C

Washington, DC – May 23, 2022 – Cooley advised Caribou, an auto fintech with a mission to help people take control of their car payments, on its oversubscribed $115 million Series C financing round, which brings the company’s valuation to $1.1 billion. Lawyers Derek Colla and Lila Inman led the Cooley team advising Caribou. 

Goldman Sachs Asset Management led the financing round, with participation from new and existing investors. The funding will help Caribou sustain its strong growth trajectory through investments in its platform and innovative new products, and by continuing to expand the team.

“We are putting people in control of their auto finances, saving them thousands of dollars with a fast and easy process,” Kevin Bennett, CEO of Caribou, said in a press release. “We’re proud of what we are building and grateful to have such a talented team and experienced group of investors backing our vision. We are just getting started.”

Founded in 2016 and formerly known as MotoRefi, Caribou’s philosophy is that taking control of auto loan and insurance payments should be simple and transparent. Through its partnerships with trusted lenders, such as credit unions and community banks, Caribou provides customers with great refinancing rates to save them an average of more than $100 per month on their car payments. In addition to auto loan refinancing, Caribou’s new digital insurance marketplace offers customers even more potential savings.

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