JPMorgan Chase & Co.’s consumer and commercial banking business will begin funding car loans through the AutoFi platform.
AutoFi is a fintech firm focused on changing the way cars are bought and sold by connecting dealers with buyers and lenders online. Chase has become the first national bank to join the platform as a funding partner.
The bank’s own research suggests that more than half of consumers want to purchase and finance vehicles online.
“AutoFi helps dealers provide a fast and easy digital car-buying experience that consumers want,” said Mark O’Donovan, CEO of Chase Auto Finance. “Our customers are our top priority – both dealers and car buyers. We want to provide them with the best financial experience whether they are in a dealership or online.”
JPMorgan has assets of $2.6 trillion worldwide, while Chase serves nearly half of America’s households. It already collaborates with online lending specialist OnDeck to serve its small business customers.
AutoFi went from strength-to-strength in 2017, first partnering with Ford to launch a point-of-sale platform and then closing a $10m series A investment round in August.