DigniFi lands $175M in new funding to expand auto repair financing solutions
DigniFi, a fintech company specializing in automobile repair financing, announced the addition of two new strategic funding partners on Tuesday.
In moves finalized on May 14, DigniFi said Encina Lender Finance is providing up to a $150 million credit facility while Brigade Capital Management is contributing an additional $25 million in debt financing.
“DigniFi is grateful for the increased commitment from Brigade Capital and the recently closed warehouse facility with Encina Lender Finance. We look forward to both organizations being strategic partners to DigniFi,” DigniFi CEO Neeraj Mehta said in a news release.
Through its proprietary platform, DigniFi offers customers convenient finance options for their vehicle repairs funded by WebBank, ensuring that unexpected expenses do not hinder their mobility.
“Encina Lender Finance is proud to partner with DigniFi and Brigade. Neeraj and his team, with their depth of experience and tremendous track record, are well-positioned to continue to scale their business and drive growth for their merchant partners,” Encina Lender Finance co-CEO Ed Chang said in the news release.
Steven Bleier, portfolio manager and head of structured credit at Brigade, added, “Brigade is pleased to build on our existing relationship with DigniFi and support the company’s efforts to expand inclusive financing to consumers.”