DriverUp Raises $50M, Launches Online Auto Financing Marketplace

Dallas-based DriverUp has raised $50M in a Series A financing, and launched its online marketplace for automotive financing, the company said this morning. The funding was led by Emerald Development Managers and RRE Ventures. DriverUp (Sierra Auto Finance) said it allows accredited investors to offer up loans to auto buyers, offering up software to help hedge funds, family offices, and high net worth individuals manage their investments in auto financing loans. DriverUp does not directly provide financing to consumers on its marketplace, instead, it taps into automotive dealers, who enter consumer credit applications on the service and sell loans to investors. More information »