Colleyville firm secures $4.15 million in funding to mature its automotive technologies tool

A Colleyville agency that created technologies to simplify the automobile loan company refund procedure is acquiring $4.15 million in progress funding.

Financial institution Compliance Systems gained the investment decision — its to start with funding round — from Automotive Ventures and Driven Capital Partners.

By means of the company’s flagship Refund Management products, creditors serving the automotive, RV, marine and powersports markets are ready to post cancellations to sellers and suppliers concurrently and accessibility refunds to be supplied to clients. Cancellations can take place when there are early payoffs from a financial institution, motor vehicle repossessions or unprocessed insurance policies losses.

“There has under no circumstances been a extra essential time for loan providers to correctly handle and navigate the numerous shopper polices they confront,” Glenn Munro, president of Loan provider Compliance Systems, reported in a assertion.

The company’s solution offers loan providers the electric power to secure themselves against opportunity client safety regulation violations.

Steve Greenfield, founder and CEO of Atlanta-centered Automotive Ventures, mentioned people acquire almost 40 million finance and insurance plan items yearly.

“The industry is massive and the risks are major,” he reported. “Consumer F&I item cancellations and credits are tiresome and if dealt with improperly, expose loan providers to hefty fines and broken reputations.”

Greenfield stated he sees the company’s know-how as delivering “services to simplify, automate and streamline this method.”

Tim Gill, a Lender Compliance Systems board member, stated the firm will work to make sure all functions are “made whole” in the procedure.

“It’s about the lender, it is about the buyer, most importantly, and it’s about the stakeholders,” Gill said.

Greenfield’s agency has invested in 9 businesses from its recently shut $7.3 million fund to help early-phase automotive technology corporations.

“We should really be equipped to get a definitely great return on the financial investment [in Lender Compliance Technologies],” Greenfield mentioned.

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