In this particular case, Caribou is a unicorn.

One of the 2020 Emerging 8 honorees that’s involved in auto refinancing and more announced on Friday that it has closed $115 million in an oversubscribed Series C funding round, which brings the company’s valuation to $1.1 billion, triggering the well-known startup growth moniker.

Caribou, which rebranded itself from MotoRefi in November, said the round was led by Goldman Sachs Asset Management (Goldman Sachs), with participation from new investors, including Innovius Capital and Harmonic, as well as existing investors, including Accomplice, CMFG Ventures, Curql Fund, Firebolt Ventures, Gaingels, Moderne Ventures, Motley Fool Ventures and others.

With the cost of vehicle ownership soaring, Caribou trying to provide consumers with much-needed financial relief, saving its customers on average more than $100 a month on their monthly payments through refinancing.

The company is expanding its services across the auto financial landscape, recently launching its digital car insurance marketplace.

“We are putting people in control of their auto finances, saving them thousands of dollars with a fast and easy process,” Caribou chief executive officer Kevin Bennett said in a news release. “We’re proud of what we are building and grateful to have such a talented team and experienced group of investors backing our vision. We are just getting started.”

Founded in 2016, Caribou has rapidly grown its core auto refinancing offering by connecting vehicles owners with financing providers such as credit unions, community banks and other trusted financial institutions.

Caribou now also provides a quick and easy way to shop and compare car insurance from trusted national carriers in minutes with its new car insurance marketplace.

“By combining technology with expert lending and insurance teams, Caribou is prioritizing transparency and trust in the car ownership experience,” the company said.

Since closing its first contracts for customers a little more than four years ago, Caribou has refinanced more than $1.5 billion in paper, saving its customers over $100 million in total interest over the lifetime of their contract.

 The company has simultaneously scaled its business operations across Washington D.C. and Denver, as well as remotely, building a 500-person workforce, up from roughly 40 employees two years ago.

The company said the Series C funding round will help Caribou to continue its strong growth trajectory by investing in its platform, innovative new products and continuing to expand the team.

“Caribou is building an important company with a great culture that helps consumers and lenders in an enormous market. That’s why we’re thrilled to be doubling down on our initial investment by leading Caribou's Series C funding round,” said Jade Mandel, vice president within the growth equity business at Goldman Sachs Asset Management and a member of Caribou’s board of directors.

“In a few short years, Caribou has established itself as the industry leader in auto fintech, already having saved customers more than $100 million on their car payments. We’re excited about the launch of its digital insurance marketplace and we can’t wait for what’s next,” Mandel continued.

Justin Moore is chief executive officer of Innovius Capital.

“We couldn’t be more excited to join Caribou on its mission to put consumers in control of their car payments,” Moore said. “With the costs of car ownership soaring, and macroeconomic headwinds negatively impacting people’s finances, we believe that it’s more important than ever to help people save money.

“Caribou has established itself as the go-to platform to refinance their auto loan and we are excited for all that is to come,” he went onto say.

Caribou’s Series C round builds on a successful $50 million Series B that closed in May 2021, which was also led by Goldman Sachs. The Series C round brings the total funding Caribou has raised to more than $190 million since the company’s founding in 2016.