RateGenius enters merger agreement with AUTOPAY
By Pavithra R
The strategic combination is expected to create a diversified consumer marketplace for automotive finance and refinance, while combining market-leading innovation, best-in-class operations and proven scale. As a result of the merger, the combined company will provide more choice for consumers and continue to provide the best lending rates and loan savings while delivering volume growth to its lender network and business partners.
“The almost $1.4 trillion auto debt market is now the third largest consumer loan category leaving consumers in need of a better option. Over the last several years, more savvy consumers are taking advantage of online, digital first lending processes, low interest rates, strong vehicle collateral values and lenders that have excess deposits and thus a strong desire to grow their auto refinance asset category. This merger will strongly drive these trends and expand and enhance consumer loan savings,” said Christopher Speltz, CEO of RateGenius.
The combined company will offer consumers with access to one of the broadest lending marketplaces through an end-to-end digital lending process, while channel partners and lenders benefit from aggregated loan supply and demand via APIs and embeddable co-branded and white labeled user experiences.
This merger brings together two best-in-class businesses with the operational strength necessary to provide and ensure safe, sound and growing lending operations.
“We will stand and lead at the intersection of several important banking trends including growing consumer awareness of vehicle refinancing, the markets’ increasing acceptance of digital lending, and partnerships with fintech companies,” said Seth Meyer, Co-CEO of AUTOPAY.
Portico Capital serves as exclusive financial advisor to AUTOPAY. AUTOPAY is a portfolio company of FM Capital. RateGenius is a portfolio company of Tritium Partners.
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June 27, 2022
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