The technology platform that powers automated direct lending will leverage strategic investments to grow distribution, accelerate sales, and execute key initiatives on its product roadmap.
Denver, CO (January 27th, 2017) – AUTOPAY Direct, Inc., (“AUTOPAY”), the Denver-based company that has been building tools and services to help consumer-facing platforms automate the lending process, announced that it has completed a Series A financing round. The round was led by Fraser McCombs Capital (“FMC”) and includes other strategic investment from limited partners that encompass technology, banking, and traditional automotive sectors.
FMC invests in new technologies and business models within the automotive vertical. The firm leverages its deep industry knowledgebase to find connections between key players in the sector on behalf of their portfolio companies.
The AUTOPAY platform provides a link between consumer-facing applications and lenders’ guidelines, policies, and required documents. AUTOPAY’s proprietary software identifies offers, lender decisions, communications, and electronic contracting which is all made accessible so that it can be presented in the specified user interface. The company provides 24×7 fulfillment support from its call-center of trained financial professionals that maximize platform results and improve consumer satisfaction.
Since early 2015, the company has expanded to all sectors of the market including financial ecosystems, vehicle listing service applications, as well as platforms aimed at serving traditional auto dealerships. AUTOPAY is facilitating automated lending on a national scale for a growing list of banks, credit unions, and finance companies.
The financing is aimed at perpetuating AUTOPAY’s rapid growth through additional investment in technology, sales and marketing while simultaneously creating strategic alignment with the industry’s largest and most influential players.
“AUTOPAY’s offering is well timed as the industry seeks to find ways to improve the auto financing process,” said Tony Rimas, Managing Partner of FMC. “A significant advantage of the AUTOPAY platform is in the limitless ways that it can be used by industry players to engage consumers at various points in the vehicle ownership lifecycle.”
“We are thrilled to have Fraser McCombs on the AUTOPAY team. Their knowledgebase and reach is extraordinary,” said Co-Founder and CEO Jeff Hutcheson. “They have been instrumental in identifying amazing ways that our platform can be utilized within the complex and rapidly changing automotive industry.”
About AUTOPAY Direct, Inc.
AUTOPAY is a technology enabled service platform that systematically matches consumers with existing lenders that can provide the best loan given the consumer’s desired vehicle or improve their existing auto loan. By means of its mobile-optimized user experiences, white label solutions, or its published APIs, AUTOPAY can integrate directly into any ecosystem that seeks to provide customers with a seamless and transparent financing process. Supported by a team of trained F&I specialists, AUTOPAY is committed to providing consumers with the best loans in the best way possible.
About Fraser McCombs Capital
Fraser McCombs Capital (FMC) is a leading automotive-focused investment firm. Founded in 2012 by Billy Joe “Red” McCombs and Chase Fraser, the firm’s automotive roots date back several decades. FMC’s mission is to bring capital and mentorship to the underserved automotive startup marketplace, an area often ignored by traditional investment firms. We look to invest in new technologies and business models within the automotive vertical. By leveraging our deep knowledge base, we are able to connect key players on behalf of our portfolio companies. More information can be found at www.fmcap.com.