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(GeekWire Photo / Kurt Schlosser)
KeySavvy, a Seattle startup that uses technology to reduce risk during used car transactions between private party buyers and sellers, raised $4.25 million in a new funding round.
The company offers fintech software to enable secure digital payments, and its technology uses identify verification to help eliminate title fraud for buyers. It also providers guidance for handling complex vehicle transactions.
Buyers and sellers each pay a $99 fee that can be split equally or paid by one party.
KeySavvy partners with other peer-to-peer vehicle marketplaces and offers various integration options. The company is also a licensed dealer, which allows it to work with lenders and facilitate EV rebates.
The company is profitable and has seen a 5X growth in revenue over the past year. It also announced Thursday partnerships with Cars & Bids, AutoCheck by Experian, and Hemmings. It also said it plans to launch a “fast-financing product for buyers.”
“This new round of funding is a key step towards our vision of replacing cash and checks with a safer, simpler way to transact vehicles private party,” KeySavvy CEO and co-founder Andrew Crowell said in a statement.
Crowell and his co-founder and CTO Jason Hoetger were former colleagues at Tred, a Seattle auto sales startup that was acquired by Cox Automotive.
Bonfire Ventures, a Los Angeles-based venture firm with a presence in Seattle, led the funding round. Seattle-based firm Founders’ Co-op, a previous investor, also invested, along with Experian Ventures and Daher Investments.
KeySavvy previously raised money from the venture arm of auto giant Porsche.
