COMPANY NEWS
MAY 19, 2022
$100 million saved, $115 million raised in Series C funding
By
Kevin Bennett
2 min read
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Mile marker moments for Caribou and our customers
We passed two major mile markers on our journey this week.
On Wednesday, we crossed $100 million saved for our customers. That's $100 million in interest savings over the life of their loans. It’s $100 million back in their pockets to pay for groceries, gas, a summer vacation and so many other opportunities. Saving people money and giving them financial flexibility is why we do what we do, so this mile marker felt a little different than the others - a bit more special.
And today, we announced our $115 million in Series C funding that puts our valuation at $1.1 billion. On any journey, you have to stop periodically to fuel up, and we’re thrilled to continue partnering with great investors, old and new, to continue scaling and helping even more people save money on their car payments, car insurance and much more.
These twin milestones reflect an incredible amount of work by everyone at Caribou and underscore our commitment to our customers at a time when they need it most.
The last two years have thrown huge challenges at individuals and families. And now we are confronting an economy that poses its own set of financial hardships. Inflation is higher than it has been in most of our lifetimes, record car prices and surging gas prices. And as interest rates climb, financing a car, much less anything else, has quickly grown more expensive.
At moments like this, we are excited to be able to double down on our mission to help people save money and put them in control of their car payments - both their car loans and insurance.
Caribou was founded nearly six years ago on the belief that consumers pay too much when it comes to their cars and deserve better. We knew there was a better way - one that would put people in control of their car finances, and get a loan to match their needs. We did exactly that, by building an online platform to quickly and easily connect borrowers with lenders from community banks and credit unions. And we put a priority on great customer service, with a team of loan experts to help every step of the way.
The savings we help people achieve has an enormous impact on their daily lives, now more than ever. And it is just the start of our effort to transform consumers’ financial relationship with their cars.
Kevin Bennett is CEO of Caribou.
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* Refinance savings may result from a lower interest rate, longer term, or both. There is no guarantee of savings. Your actual savings, if any, may vary based on interest rates, the repayment term, the amount financed, and other factors.
+ To check the refinance rates and terms you qualify for, we conduct a soft credit pull that will not affect your credit score. However, if you choose a loan product and continue your application, we or one of our lending partners will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
++ Social security number is required should you choose to move forward in the loan application process.
** APR is the Annual Percentage Rate. Your actual APR may be different. Your APR is based on multiple factors including your credit profile and the loan to value of the vehicle. APR ranges from 4.99% to 36.00% and is determined at the time of application. Lowest APR is available up to a 36 month term, to borrowers with excellent credit, and only in certain states. Conditions apply. Advertised rates and fees are valid as of 2/22/2023 and are subject to change without notice. Insurance savings will not result from lower APR.
Terms and Conditions apply. Caribou reserves the right to modify or discontinue products and benefits at any time without notice. Participating lenders, rates and terms are also subject to change at any time without notice. The information you provide to us is an inquiry to determine whether our lenders can make you a loan offer. If any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. We do not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors.
Insurance products offered through Bindable and Caribou Insurance Services, LLC. Caribou is working with Bindable who owns MyLifeProtected and MassDrive Insurance Group, LLC, the licensed agent for all products.