SEATTLE, Nov. 21, 2024 (GLOBE NEWSWIRE) -- KeySavvy, an innovative platform that simplifies and secures private-party car transactions, today announced $4.25M earned in venture capital funding. The investment was led by Bonfire Ventures, marking the second major financing round for the rapidly growing startup. Additionally, KeySavvy has secured strategic partnerships with three prominent online vehicle marketplaces, signaling significant momentum for the company’s e-commerce presence.
"The process of buying or selling a used car privately is archaic and hasn't caught up with the modern e-commerce experiences people are now accustomed to,” says Bonfire Ventures Principal Tyler Churchill. “Sellers must physically meet buyers to complete paperwork and exchange large sums of money, creating a stressful experience. This leaves opportunities on the table for car marketplaces, lenders and other businesses that want to provide better services to consumers but lack the support of digital rails and data. KeySavvy is pulling private party vehicle sales into the future by making these transactions digital, secure and hassle-free.”
Bonfire Ventures, Experian Ventures, Daher Investments and Founders’ Co-op all participated in the latest cycle of financing. The contribution from Founders Co-op notably marks their second successive investment in the company. With the new funding, KeySavvy will grow its operations and engineering team to support new partnerships, continue improving platform automation and 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,” said Andrew Crowell, CEO of KeySavvy. “We are grateful for the ongoing support of our investors as we continue to deliver customers the absolute best experience when buying or selling a car.”
KeySavvy’s newest e-commerce partners include Cars & Bids, AutoCheck by Experian and Hemmings. Companies can integrate KeySavvy’s secure payment platform via an API that allows users to seamlessly transition between the partner's app or website and KeySavvy's transaction platform. Lenders can also leverage KeySavvy's platform to streamline their direct peer-to-peer lending programs and reduce title issues for private-party sales. These partnerships will provide buyers and sellers with a streamlined, trusted payment experience, reinforcing KeySavvy as the go-to platform for secure private-party vehicle transactions.
“Our new strategic partnerships introduce car buyers and sellers to the convenience and security of KeySavvy in the spaces they already love to browse, sell and shop,” says KeySavvy co-founder Jason Hoetger. “We are eager to keep expanding our footprint and make worry-free transactions the standard for peer-to-peer vehicle transactions.”
KeySavvy was founded in 2022 with a mission to streamline and safeguard private-party car sales. The platform eliminates fraud using identity verification, payment technology and the capabilities of a licensed dealership. KeySavvy also simplifies the process by providing users with step-by-step guidance for handling complex vehicle transactions.
To learn more about KeySavvy’s trusted peer-to-peer payment platform, visit www.keysavvy.com.
About KeySavvy
KeySavvy is a transaction platform that eliminates payment and title fraud in private-party vehicle transactions and guides buyers and sellers through a complex process with ease. For peer-to-peer vehicle marketplaces and lenders, KeySavvy enables trusted, end-to-end transactions that help partners deliver a superior experience to their customers.
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Emma Buschle
Lambert
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