Caribou

Caribou operates as a financial technology firm focused on the auto finance sector, providing a platform for consumers to manage and reduce their car-related expenses. The company, originally established as MotoRefi in 2016, was co-founded by Kevin Bennett, who served as the initial CEO, and Mike Spainhower, the Chief Technology Officer. Bennett's entrepreneurial background includes previous ventures like HomeZen, where he also worked with Spainhower, fostering a long-term professional relationship that carried over to Caribou. In September 2023, Simon Goodall, an executive with prior experience at Groupon, assumed the role of CEO.

The core of Caribou's business is a digital marketplace that facilitates auto loan refinancing for car owners. It functions as an intermediary, connecting customers with a network of lending partners, which primarily consists of credit unions and community banks, to secure more favorable interest rates and loan terms. This model is designed to lower customers' monthly car payments, with the company reporting average savings of over $100 per month for its users. Revenue is generated through fees from these lending partners for each successful loan originated via the platform. The process is entirely digital, from a pre-qualification that uses a soft credit check to uploading documents and signing agreements, making it accessible for consumers seeking to compare rates without impacting their credit scores initially.

Beyond refinancing, Caribou has expanded its service offerings to create a more comprehensive auto-finance hub. The platform now includes a digital insurance marketplace, allowing users to compare and purchase car insurance policies. It also provides optional add-on products such as GAP insurance, extended warranties, and key replacement services that can be bundled with the refinanced loan. A significant milestone was achieved in May 2022, when a $115 million Series C funding round, led by Goldman Sachs Asset Management, elevated the company's valuation to $1.1 billion. This brought its total capital raised to over $190 million, enabling further investment in its platform and product expansion.

Keywords: auto refinance, car loan, vehicle financing, fintech, financial technology, loan marketplace, credit unions, community banks, auto insurance, lower car payments, vehicle loans, consumer lending, digital finance, interest rate reduction, car ownership costs, auto finance platform, loan comparison, online lending, car payment savings, getcaribou.com