Leading venture capital firms back MOTORMIA, which has attracted hundreds of thousands of enthusiasts and aims to revolutionize the automotive aftermarket with AI-powered solutions 

SCOTTSDALE, Ariz., Oct. 31, 2024 /PRNewswire/ — MOTORMIA, a new automotive enthusiast platform aimed at revolutionizing the automotive aftermarket industry through AI, has attracted the backing of multiple venture capital firms. Mia, the platform’s revolutionary AI virtual assistant, can tailor users’ experiences to various levels of knowledge, generate AI vehicle renderings, make performance upgrade suggestions and help users understand the best choices for specific build goals.

MOTORMIA users add vehicles to the platform and set build and performance goals. Mia then provides curated recommendations, all of which are adjustable to their level of mechanical experience. Users can interact with Mia to request Mia’s favorites, search for specific brands, ask for further suggestions and save planned product upgrades to their builds. Sharing their existing modifications and build progress with friends and other users is encouraged.

Founded by Isaac Bunick in January 2023, MOTORMIA has attracted hundreds of thousands of enthusiasts since its public beta release in 2024. It is backed by venture capital firms including Lerer Hippeau, Seedcamp, QP Ventures, Verissimo Ventures, State of Mind Ventures, Deftly.vc and Alumni Ventures.

“Our mission is to transform and enrich the aftermarket experience for enthusiasts, manufacturers and service professionals,” said MOTORMIA founder and Chief Enthusiast Officer Isaac Bunick. “By delivering a seamless consumer AI experience, Mia can make the enthusiast lifestyle more accessible and enjoyable for everyone.”

“MOTORMIA is positioned to disrupt the automotive aftermarket industry, using AI to provide an engaging consumer experience for automotive enthusiasts,” said Lerer Hippeau Managing Partner Ben Lerer. “Isaac and his team understand this industry better than anyone and are solving real problems for the over 60M automotive enthusiasts across the United States – it’s an absolutely enormous population of people excited about aftermarket modding opportunities, and it’s growing.”

MOTORMIA will exhibit at the upcoming SEMA Show in Las Vegas, Nevada, from November 5 to 8, in booth 11179 in the North Hall of the Las Vegas Convention Center.

For more information about MOTORMIA, please visit www.motormia.co.

About MOTORMIA

MOTORMIA has attracted hundreds of thousands of enthusiasts since its public beta release in 2024, showcasing its strength in innovation. At the heart of the platform is Mia, a consumer AI experience that personalizes the connection between enthusiasts and their vehicles, fostering deeper relationships with manufacturers and service providers. MOTORMIA is poised to become the leader in automotive innovation, transforming the enthusiast experience for future generations.

About Lerer Hippeau

Lerer Hippeau is an early-stage venture capital firm founded and operated in New York City. Our portfolio includes more than 400 leading enterprise and consumer businesses, including Zipline, Guideline, MIRROR, Blockdaemon, K Health, Warby Parker, and ZenBusiness. We’re experienced operators who invest early and stay in our founders’ corners as they build iconic companies. Learn more at lererhippeau.com.

Contact: Luke Walsh – Kahn Media
818-881-5246 | Luke@kahnmedia.com

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SOURCE MOTORMIA

HOUSTON, Oct. 31, 2024 /PRNewswire/ — The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), Nigerian banks, and International Money Transfer Operators (IMTOs), participated in a pivotal forum titled “Optimizing Remittances to Nigeria: A Vision for the Future” in Houston, Texas. The event, which brought together members of the Nigerian diaspora, business leaders, investors, and top executives from Nigerian banks to explore strategic pathways for enhancing remittance flows, a vital component of Nigeria’s economic stability and growth.

The forum, which is part of CBN’s ongoing efforts to engage Nigerian diaspora communities, featured insightful panel discussions and presentations that explored current challenge and opportunities in the remittance ecosystem. Senior representatives from Nigeria Inter-Bank Settlement System Plc (NIBSS), United Bank for Africa, First Bank, Zenith Bank, Providus Bank, Fidelity Bank, and First City Monument Bank, alongside key stakeholders from the CBN, outlined how the CBN’s forward-thinking reform agenda is reshaping Nigeria’s financial ecosystem and driving positive outcomes for Nigerians both at home and abroad.

In his opening remarks, Muhammad Sani Abdullahi, Deputy Governor of Economic Policy, CBN, laid the groundwork for the forum, emphasizing the Bank’s commitment to “strengthening macroeconomic fundamentals to create an enabling environment where the private sector can thrive and generate quality jobs for Nigerians.”

The sessions highlighted the importance of leveraging remittances as a strategic tool for financial alliances and promoting diaspora-led investments. The CBN emphasized the pivotal role the Nigerian diaspora plays in national development through investments to build the economy. “We are looking at remittances going beyond remittances for consumption, but remittances for investment,” stated Philip Ikeazor, Deputy Governor, Financial System Stability, CBN

The forum was well-attended, with a selective group of participants from the Nigerian diaspora including industry leaders, diaspora entrepreneurs, and financial experts. Attendees engaged in discussions about digital innovation, the role of Nigerian banks in expanding remittance services, and the need for deepened collaboration with the diaspora.

“You have so many people here that are the diasporans that you need, that you need to cultivate, that should be partnering with you. The strength of partnership is incredible” – Dr Kase Lukman Lawal, Chairman, Unity National Bank 

A key highlight of the forum was the introduction of the Non-Resident Bank Verification Number (NRBVN) by the Nigeria Inter-Bank Settlement System (NIBSS). This new digital platform simplifies Know Your Customer (KYC) verification for Nigerians in the diaspora and foreign investors, features real-time monitoring of remittance transactions and ensures compliance with the highest global AML best practices. Premier Oiwoh, MD and CEO of NIBSS, described the NRBVN as a collaborative tool designed to enhance remittance flows and boost diaspora BVN enrollment.

The forum also included an interactive session, where members of the diaspora voiced their experiences and expectations regarding the financial services industry in Nigeria. Their feedback will be integral to shaping future policies and enhancing the customer experience for all Nigerians sending money home.

“Remittances today are about 4% of GDP of Nigeria. The banks are ready to build the partnerships that will make remittances increase in Nigeria. And what is important is working with IMTOs, working with Fintechs, working with CBN, so we can clear the challenges around remittances into Nigeria, and ensure that we begin to have a rise in inflows,” expressed Dr. Oliver Alawuba, GMD/CEO, UBA PLC & Chairman, Body of Banks’ CEOs in Nigeria

The CBN reaffirmed its commitment to creating an enabling environment for remittances by working closely with banks and financial institutions to deliver secure, efficient, and cost-effective solutions.

For more information about the Central Bank of Nigeria’s efforts to optimize remittances, please visit: https://www.cbn.gov.ng/ or contact: contactcbn@cbn.gov.ng

About the Central Bank of Nigeria
The Central Bank of Nigeria (CBN) serves as the country’s sole monetary authority, tasked with regulating and overseeing Nigeria’s monetary and financial systems. Established by an Act of Parliament, the CBN’s mandate includes ensuring monetary and price stability, issuing legal tender, maintaining external reserves to protect the international value of the naira, promoting a sound financial system, and acting as banker and economic advisor to the Federal Government of Nigeria.

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SOURCE Central Bank of Nigeria

Launch of Capital Plus Community Powered by Cenerus Brings Powerful Offering to Banks and Financial Institutions Looking to Increase Commercial Customer ROI and Support Community Development Services

DALLAS and PHOENIX, Oct. 31, 2024 /PRNewswire/ — A trio of banking and community opportunity visionaries are teaming together to bring new, innovative Community Reinvestment Act services to banks looking to improve commercial banking performance and take advantage of market opportunities for growth and impact.

Capital Plus Financial, a Community Development Financial Institution leader in breaking down barriers and delivering equal opportunity in banking, Crossroads Impact Corp, through its history of advancing equal access to capital for underserved communities, and Cenerus, the champion for banks driving expanded ROI through actionable commercial client intelligence, have teamed to bring a new CRA service solution to banks of all sizes.

C3: Capital Plus Community Powered by Cenerus

Banks and lenders face significant market challenges, from increased regulatory scrutiny to expanded demand for efficiency to pressures on clients creating credit pressures in commercial banking. Even so, there remains a tremendous opportunity to bring more efficient, more connected services to clients.

To capture this opportunity, banks and bankers at all levels – from leadership to relationship managers – need a clear line of sight into their clients, with actionable intelligence that allows banks to better meet client needs and address any client challenges. This is where the C3 program delivers, providing banks with four key advantages:

Enhanced Transparency. Updated, relevant, easy to digest information on commercial clients to improve decisions and create opportunities.Improved ROI. Through improved line of sight, the C3 program enables banks to introduce new services and options to clients that are timely and beneficial.Actionable Intelligence. The C3 insights also allow banks to better manage their book of business improving alignment and creating increased liquidity where needed.Community Connected and CRA-Credit Eligible. Backed by Capital Plus, a certified CDFI, the C3 program gives back in all ways helping banks be more community connected with their clients while working with services that support equal opportunities in banking.

“Successful communities are centered on successful banks providing the support and services those communities need,” said Eric Donnelly, CEO of Crossroads Impact Corp. “The C3 program helps strengthen banks through expanded ROI and improved client service – delivering banks of all sizes an easy-to-implement boost right when they need it most.

“The C3 program gives banks and lenders the insight and access to updated information they have needed but haven’t had the bandwidth to implement internally,” continued Donnelly. “Bringing C3 to banks through the financial network of Crossroads, the tools and systems of Cenerus and the unique perspective a CDFI like Capital Plus brings, provides well-integrated, cost-effective CRA services advantage for banks and lenders of all sizes.”

“Now more than ever banks need every advantage they can get in the form of better client insight, the ability to make quick decisions and the ability to connect those with a touchpoint that understands their community,” said Sam Rosenfeld, CEO at Cenerus. “C3 does just that and we’re proud to partner with Capital Plus and Crossroads to bring this to market.”

Implementing the ROI Benefits of the C3 Program

Banks interested in a consultation about the advantages of the C3 Program can contact c3@capitalplusfin.com to get started.

About Cenerus
Cenerus is the leader in helping banks and lenders increase ROI in commercial lending through higher visibility and proactive action. Cenerus’ easy to implement, quick return approach supports leaders and organizations in banks and lenders to move from reactive responses to informed action across commercial credit environments. For more information visit www.cenerus.com

About Crossroads Impact Corp
Crossroads Impact Corp is a leading impact lender focused on investing in businesses that promote economic vitality and community development. Its mission is to promote economic vitality through community development and equitable access to capital and harness the power for good to tackle systemic issues within underserved communities. Building on our history of serving minority individuals and small businesses through environmental and responsible social lending, we look to be the leader in providing innovative and sustainable lending solutions.

About Capital Plus Financial
Certified by the U.S. Treasury as a CDFI, Capital Plus Financial believes minority-owned small businesses and people of color are entitled to equal opportunities in the banking system and is committed to breaking down barriers in communities that have been disenfranchised, underserved, underbanked and underfunded. Capital Plus is the wholly owned subsidiary of Crossroads Impact Corp, a holding company focused on investing in businesses that promote economic vitality and community development.

For more information: 
www.capitalplusfin.com 
www.crossroads.com
www.cenerus.com

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SOURCE Cenerus; Capital Plus Financial; Crossroads Impact Corp