RICHMOND, Va., Jan. 10, 2018 /PRNewswire/ -- Outside Financial, LLC, a financial technology company focused on improving the auto financing experience, raised $1.5M to launch its innovative, consumer-first platform.
Outside Financial enables consumers to understand their auto loan options thoroughly and connects them with the right loan from its lender network. Car buyers can save an average of $1,000 they didn't know they were going to spend, and owners can save by refinancing their existing loans. By working directly with consumers, Outside Financial can make a significant difference in improving their financial health.
"We are passionate about bringing new technology, transparency, and savings to auto financing," said Sonia Steinway, President of Outside Financial. "Our consumers will have the confidence they are making the right financial decisions when they buy cars or refinance their car loans."
Outside Financial will use the funding to continue building on its best-in-class solution, including to enhance its comprehensive library of educational content and proprietary tools, fill out its team of professionals, and reach new consumers. Outside Financial is currently in discussions with select lenders who share their consumer-first values, and plans to launch in the coming months.
The seed capital for Outside Financial was raised in a "friends and family round" led by Seven Turns, LLC, a private investment firm controlled by Outside Financial's CEO, Jon Friedland, and his wife, Shaiza Rizavi.
Jon reiterated, "Cars are the second-biggest purchase most consumers make, and are critical to most families' financial success. Considering that tens of millions of Americans can't afford a $500 auto repair without going into debt, we are hopeful that the $1000 savings we bring can make a difference. Despite its importance, car financing remains poorly understood and almost universally disliked. We are delighted to work toward a better solution for everyone involved."
About Outside Financial:
Outside Financial offers an online platform for consumers to understand car buying, financing, and owning so they can arrange the right loan for themselves, on their time. We help our customers to secure financing for new or used vehicles, as well as to refinance existing auto loans. Our consumer-first approach is designed to match lenders with happy, well-informed customers who outperform their credit scores, providing the right kind of growth for our lender partners' portfolios. Follow us on LinkedIn at https://www.linkedin.com/company/11179235/.