ARLINGTON, Va. -

MotoRefi, which strives to save vehicle owners money with a refinanced installment contract, now has quite a bit of funding to expand its business.

Last week, the fintech company that says it can save contract holders an average of $100 per month via its innovative auto refinance platform, announced it has raised $8.6 million in Series A funding.

According to a news release, the round was co-led by Accomplice and Link Ventures with participation from Motley Fool Ventures, CMFG Ventures (part of CUNA Mutual Group), Gaingels and others.

MotoRefi also said Rob Chaplinsky, managing director of Link Ventures, and Rachel Holt, former Uber executive and co-founder at Construct Capital, joined its board.

The company, incubated by QED Investors, said it will use the funding to scale the team and invest further in its technology platform. It also plans to add new finance companies and partners to help more customers across the country.

MotoRefi offers a technology-driven solution designed to provide better rates and terms for customers. Its online process can allow customers to receive offers in seconds from the comfort of their home.

What’s more, MotoRefi explained that it does all of the “heavy lifting,” including paying off the balance on the previous installment contract and re-titling the vehicle.

“I couldn’t be more proud of the team and the mission-driven business we’re building,” MotoRefi chief executive officer Kevin Bennett said in a news release. “Every day, we have the privilege of making a difference in consumers’ lives by improving their financial situations. We are grateful for the opportunity to partner with trusted lenders to make that happen.”

Based on positive customer experiences, MotoRefi maintains an A+ rating, according to the Better Business Bureau.

“We’re excited to lead this Series A round because MotoRefi is leveraging technology and analytics to make a huge difference in people’s lives,” said Ryan Moore, co-founder at Accomplice. “The auto industry isn't consumer-friendly and MotoRefi is changing that. This is a tremendous market opportunity and we’re excited to back a great team.”

CMFG Ventures managing director Brian Kaas noted, “As lending continues to become increasingly digital, there is a significant opportunity to create better experiences for consumers and lenders. MotoRefi is changing the landscape with a tech-forward approach and increased reach and efficiency for our credit union partners.”

And Motley Fool Ventures managing director Ollen Douglass added, “We believe that MotoRefi is uniquely positioned to help make it easy for consumers to save money. We’re thrilled to support MotoRefi’s customer-first mentality.

“MotoRefi shares The Motley Fool’s goals of empowering consumers to make good financial decisions,” Douglass went on to say.

To help generate refinancing activity, MotoRefi also has captured more customers through pilot partnerships with top national brands such as Progressive, Chime and others.

The company’s newest board members are eager to expand partnerships and other segments of MotoRefi’s business now with more funding at their disposal.

“I’m eager to bring my experience building Uber to MotoRefi’s Board,” Holt said. “MotoRefi is transforming the world of auto financing. I’m proud to have been an early investor and am extremely excited about the team they’ve built.”

And Chaplinsky pointed out, “As a fund focused on data-driven direct-to-consumer startups, Link Ventures is excited about how the MotoRefi team and its technology are going to help consumers improve their finances.

“In a world where the middle class gets squeezed and most Americans can’t afford an unexpected $400 bill, the savings that MotoRefi delivers to customers is incredibly meaningful,” he went on to say.