defi SOLUTIONS Announces $55M Series C
GRAPEVINE, TX, Leading innovator in lending industry software, today announced it has raised $55 million in a Series C investment from Bain Capital Ventures.
defi SOLUTIONS, a leading innovator in lending industry software, today announced it has raised $55 million in a Series C investment from Bain Capital Ventures.
The investment is comprised of primary and secondary capital. The primary capital will be used by defi SOLUTIONS to accelerate the development of existing and emerging products, expand resources and facilities, and grow the number of employees by nearly 50 percent in 2018, across all teams, including client support, technology services, and sales and marketing.
"defi SOLUTIONS modernized auto lending with its cloud-based, lender-centric loan origination, loan management, and analytics platform. defi delivers competitive advantages that enable forward-thinking lenders to own their processes and exceed their business objectives through one holistic platform," said Brian Goldsmith, senior principal at Bain Capital Ventures. "Our team is thrilled to support defi SOLUTIONS' growth trajectory in a space that is primed to expand and remain competitive with the increased use of new technology."
defi SOLUTIONS began revolutionizing auto lending in 2012 and continues to defy the status quo with both its configurable Software-as-a-Service (SaaS) loan origination system (LOS) and its community approach to the development and delivery of financial services software. The company has experienced a greater than 70 percent compounded annual growth rate since inception. defi attributes this growth to its focus on constant improvement in its products and client support and its growing community of dynamic lenders that it considers one of its greatest assets.
defi SOLUTIONS was founded by lending-industry experts who understand the importance of helping lenders at the place they are in their business lifecycle. defi gives lenders the tools that allow them the freedom to do business exactly as they choose and provides timely updates, system enhancements, and integrations with a growing list of quality third-party data providers.
Over the past five years, the company has not only created a robust LOS but also developed a full platform of services for independent and captive finance companies, banks, credit unions, solar providers, Buy Here Pay Here dealers, and personal and business lending. defi's latest additions to the platform include a loan management and servicing system (LMS), an analytics and reporting system with configurable dashboards for real time reporting, a direct lending application portal, a digital loan document service with e-signature, and an online auto loan portfolio marketplace.
"This partnership with Bain Capital Ventures will position us to even better meet the demands of top 20 auto lenders as well as lenders of all sizes," said Stephanie Alsbrooks, defi founder and CEO. "I am very excited to lead our team into this next growth phase while utilizing the vast resources and knowledge of the Bain team."
Financial Technology Partners (FT Partners) served as exclusive strategic and financial advisor on this transaction.
About defi SOLUTIONS
defi SOLUTIONS provides the only leading edge, browser-based loan origination system (LOS) platform that is completely configurable by lenders. The defi loan software system allows lenders to manage the application lifecycle and receive analytics from a single, highly flexible platform. defi SOLUTIONS services are affordable, scalable and easily changed with market demands. For more information, go to defiSOLUTIONS.com, defiANALYTICS.com, defiSERVICING.com or defiEXCHANGE.com.
About Bain Capital Ventures
Bain Capital Ventures invests from seed- to growth-stage in fast-growing startups that are leveraging technology to disrupt existing markets or create entirely new ones. Our partners each have extensive operating experience and deep vertical expertise across a range of sectors, including infrastructure software, SaaS and data services, security, commerce, fintech, and healthcare. Since 1984, we've helped launch and commercialize more than 200 companies including select investments in Jet.com, DocuSign, SendGrid, AvidXchange, Kiva Systems, LinkedIn, InAuth, and SurveyMonkey. Through our affiliation with broader Bain Capital Private Equity, Public Equity, and debt funds, we have unparalleled access to Fortune 5000 companies and a global footprint of colleagues focused on helping our portfolio companies grow. BCV has approximately $3 billion of assets under management and offices in the Bay Area, New York City and Boston. Follow BCV at @BainCapVC or visit www.baincapitalventures.com.
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