MAY 19, 2022
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.