With new kinds of FinTech startups emerging, the future of FinTech is something that everyone has their eyes on. From the debate about bitcoin’s viability to be the next big currency to a unique new startup called AutoGravity that managed to raise $50 million in nearly a year from investors including Daimler Financial Service, the financing arm of Mercedes-Benz. The sizzling space of FinTech is boiling hot and is looking at millennials to propel it past its boiling point.
I was able to get in touch with AutoGravity and I had a chance to interview the Founder and CEO, Andy Hinrichs, and get his take on where he sees FinTech headed and how AutoGravity fits into that picture. AutoGravity recently got Volkswagen Credit to invest $30 million into their concept, which told me that I needed to take a deeper look.
Meet AutoGravity.
Would you consider yourselves as a FinTech Company?
Yes. AutoGravity is a FinTech pioneer in the auto financing space. Our team is revolutionizing how people buy and finance their cars by harnessing the power of the smartphone. AutoGravity partners with the world’s leading banks and financial services companies to give car buyers direct control over how they finance their car. Our platform was built to serve car buyers, lenders and dealerships, using technology to solve pain points and improve the experience for each of our key stakeholders.
Are you guys past the point of being a startup?
AutoGravity has experienced substantial growth since our first apps hit the marketplace in the summer of 2016. Over half a million people have downloaded the AutoGravity app over the past year. As the product has taken off, our team has grown from four people to eighty, but the company has been able to maintain its agile product development methodology that makes us a startup. We have found a good balance between agility and scalability as our platform has grown to meet consumer demand. Today we work with some of the largest lenders and dealership groups in the country to give car buyers access to financing in the palm of their hand.
How do you differentiate yourselves from other competition?
There are many resources out there that can help car buyers with researching the purchase of a new car. Nearly all new cars are financed, however, and when it comes to financing a car, nothing competes with the AutoGravity experience. As the rising adoption of smartphones has changed the way people shop, consumers find themselves seeking a mobile solution to car financing. We built AutoGravity to meet this need, empowering anyone to secure financing in minutes from the comfort of their phone.
AutoGravity works with the largest dealer groups and top automotive lenders to give car buyers a simple and convenient end-to-end digital financing experience. AutoGravity connects seamlessly with our partners, making it easy for them to participate on our platform. We built our technology in California to the highest security standards, ensuring that sensitive information is always protected. Lenders and dealers appreciate our cutting-edgetechnology, our unyielding commitment to security and compliance and our unmatched digital user experience.
How does AutoGravity facilitate innovation?
AutoGravity’s open office environment promotes collaboration and fosters innovation among the team. Our office is cubicle-free, giving employees quick access across functions, as well as easy access to leadership. Our product managers, engineering, designers and analysts work together in cross-functional squads, and every team member is given a laptop and a cell phone so they can work from anywhere.
At AutoGravity, we have the mantra: “One Team, One Dream.” I encourage all employees to engage with me and the executive team on a regular basis with questions, comments, and ideas. We hold open forum sessions with the entire team to discuss company news and important developments. These discussions are open to employees of all levels of the company, and everyone is encouraged to chat across functions and with leadership over a game of ping pong or lunch at the picnic table.
As our company scales, we will continue to identify and alleviate pain points and serve a broader spectrum of unmet needs, making the digital car purchase, finance, and ownership experience even more gratifying.