It’s been an lively thirty day period for Automotive Ventures.
Two weeks in the past, main govt officer and founder Steve Greenfield introduced the remaining closing of the firm’s inaugural undertaking fund. Then according to a information launch distributed on Wednesday, Automotive Ventures’ title surfaced once more as it was associated with Financial institution Compliance Systems (LCT) — a business that specializes in compliance remedies for automotive, RV, maritime, and powersports finance firms — raising $4.15 million in a Collection A funding spherical.
The spherical was led by a group of seasoned software package business owners and joined by Automotive Ventures and Driven Money Associates for the ongoing improvement of engineering options to assist finance providers mitigate regulatory hazards.
This announcement arrives on the heels of the launch of LCT’s Refund Control, a compliance-controlled compliance solution for F&I solution cancellations and refunds, and the close of Automotive Ventures Fund I, an inaugural undertaking fund established by Automotive Ventures to assist early-phase automotive engineering businesses.
“Banks, credit score unions, and finance companies experience progressively stringent controls nowadays,” Greenfield stated in the information release. “Consumer F&I merchandise cancellations and credits are laborous and if taken care of improperly, expose loan companies to significant fines and damaged reputations.
“Automotive Ventures, together with a syndicate of computer software entrepreneurs and Driven Cash Partners, invested in LCT simply because the company’s robust system offers conclusion-to-close companies to simplify, automate, and streamline this approach,” he continued. “With almost 40 million F&I merchandise bought by individuals just about every year, the market place is huge and the risks are considerable. LCT can help mitigate these dangers for lenders.”
Lender Compliance Technology’s flagship item, Refund Control, was released in April and is presently in the pre-revenue stage, with official U.S. rollout scheduled in a number of weeks, in accordance to LCT president Glenn Munro, of and a 20+-calendar year fiscal solutions market veteran,
Munro said Refund Handle is just the beginning of technological know-how-driven answers to enable finance companies continue to be compliant throughout several elements of their company.
“There has under no circumstances been a more crucial time for loan providers to efficiently handle and navigate the many client polices they experience,” explained Munro, who has been an government in financial expert services for more than 20 a long time. “Vehicle industries are challenged in the wake of the pandemic and lending specialists need to have each individual available useful resource to mitigate hazard.
“This funding from our reliable financial investment associates allows us to create a whole compliance roadmap and accompanying software package options,” he continued. “Our best intention is to enable loan providers give their sector purchasers and automobile individuals with an unparalleled level of provider that meets regulatory necessities at every single turn.”
Final 7 days, Greenfield appeared yet again on the Automobile Remarketing Podcast to discuss the most current actions at Automotive Ventures. That episode is readily available in the window beneath.