A Colleyville firm that created technology to simplify the vehicle lender refund process is getting $4.15 million in growth funding.
Lender Compliance Technologies received the investment — its first funding round — from Automotive Ventures and Driven Capital Partners.
Through the company’s flagship Refund Control product, lenders serving the automotive, RV, marine and powersports markets are able to submit cancellations to dealers and providers simultaneously and access refunds to be given to customers. Cancellations can occur when there are early payoffs from a lender, vehicle repossessions or unprocessed insurance losses.
“There has never been a more important time for lenders to successfully manage and navigate the many consumer regulations they face,” Glenn Munro, president of Lender Compliance Technologies, said in a statement.
The company’s product gives lenders the power to protect themselves against potential consumer protection law…