March 15, 2018, Austin, TX — RateGenius, Inc., the leading online auto refinance marketplace, announced the completion of a recapitalization and growth investment with Tritium Partners, a growth-focused private equity firm whose principals were the primary investors in online marketplaces HomeAway, RetailMeNot and CreditCards.com. The investment will allow the company to meet the rapidly growing demand for its solutions, which help consumers reduce the monthly expense of their auto loans.
“We are thrilled to be partnering with the Tritium team to help take rateGenius into this next phase of growth and capitalize on the significant opportunities we see in the auto refinance market,” said Chris Brown, RateGenius’ founder and CEO. “Tritium’s track record of helping position and grow marketplace platforms similar to rateGenius was extremely attractive to us. We expect them to be great financial and strategic partners as we continue to build upon our leadership position in the online auto refinance market.”
rateGenius, which was founded in 1999, helps match consumers with cost-saving auto refinance opportunities through its extensive lender network without charging consumers any fees. The company is currently partnered with over 160 lenders nationwide and saves the average consumer between $70 and $100 per month on their auto loan payments. In connection with the refinancing process, rateGenius also provides consumers with other products which reduce the financial risk of auto ownership, including Guaranteed Asset Protection (GAP) and Vehicle Service Contract (VSC) products.
“We feel incredibly fortunate to be partnering with Chris and the rateGenius team to help execute a growth strategy that we expect will create another iconic Austin business,” said David Lack, Co-Founder and Managing Partner of Tritium. “The rateGenius team has built a unique platform in a largely underpenetrated market that provides a valuable, cost-saving solution to consumers.”
“Since leading the initial investment in HomeAway in 2004, we have learned a lot about broadening the reach of up-and-coming consumer marketplaces,” added Phil Siegel, Co-Founder and Managing Partner of Tritium. “The rateGenius team has built a robust platform with a compelling consumer offering, and by applying some of our online marketplace experience we believe we can generate greater consumer awareness and demand and capitalize on the company’s significant growth potential.”
Financial terms of the transaction were not disclosed. Silvermark Partners advised RateGenius, Inc. on the transaction. Investors Bank provided debt financing for the transaction.
Based in Austin, Texas, RateGenius, Inc. is a nationwide, online auto loan refinance origination and marketplace platform. With more than 160 lenders across the country, rateGenius matches consumers with the most competitive interest rates to refinance their cars, trucks, and SUVs without charging any fees to the consumer. rateGenius facilitated over $1 billion in auto loans in 2017 and looks forward to facilitating even more in 2018. For more information, please visit our website at www.rateGenius.com.
About Tritium Partners
Founded in 2013, Tritium Partners (www.tritiumpartners.com) is a private equity firm focused on buyouts of growth companies in the lower middle market. For over a decade, the founders of Tritium have deployed over $750 million of equity capital while partnering with talented founders and executives to build market-leading companies. Tritium’s investment approach emphasizes acquiring majority positions in profitable companies and creating long-term value through internal growth initiatives and acquisitions, with a particular focus on three core sectors: Internet and information services, supply chain and logistics, and financial and business services.