Caribou Raises $115 Million in Series C Financing; Plans to Improve In-House Platform and Expand Workforce

    If there is one thing human beings have learnt over the years, it’s that we can always get better. This realization, in particular, has encouraged us to pursue a more consistent brand of progression. Now, while that sounds quite promising in theory, the whole thing becomes a real challenge in practice. Hence, to make it a bit easier, we would conceive certain ideas along the way, with each one pushing us forward through its own unique approach. The stated activity will end up yielding some great by-products over time, but if we were to really pick the best one from the lot, it will be technology by quite a distance. Technology appears as a runaway winner here for reasons that are much bigger than we think. We say so because, alongside helping us in a particular moment, the creation also introduced us to many more possibilities, possibilities that wouldn’t have looked feasible without technology’s presence. Nevertheless, even after achieving so much, the creation have continued the trend of adding value to our lives, and one recent funding will only help it in doubling down on the same.

    Caribou, the auto fintech whose mission is to help people take control of their car payments, has successfully raised over $115 million in Series C financing. Led by Goldman Sachs Asset Management, the round saw further participation coming from the likes of Capital and Harmonic, Accomplice, CMFG Ventures, Curql Fund, Firebolt Ventures, Gaingels, Moderne Ventures, Motley Fool Ventures and others. As per certain reports, the newly-raised cash will go towards scaling up the company’s in-house platform. Beyond that, a chunk of the investment will also be used to facilitate an extensive recruitment drive. Since starting out in 2016, Caribou has quickly made a name for itself by connecting car owners with lenders from credit unions, community banks and other trusted financial institutions. Furthermore, the company’s new car insurance marketplace even helps you in comparing car insurance from a host of reliable providers before getting your purchase done in the most seamless manner possible.

    “Caribou is building an important company with a great culture that helps consumers and lenders in an enormous market. That’s why we’re thrilled to be doubling down on our initial investment by leading Caribou’s Series C funding round,” said Jade Mandel, Vice President within the Growth Equity business within Goldman Sachs Asset Management and a member of Caribou’s Board of Directors. “In a few short years, Caribou has established itself as the industry leader in auto fintech.”

    So far, Caribou has refinanced over $1.5 billion in loans, saving the customers well more $100 million in total interest. The sheer size of these numbers has consequentially allowed the company to expand across Washington D.C. and Denver. The same uptick is also evident in Caribou’s workforce, which went from having a modest 40 employees to a whopping 500.

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