GVR Report cover Refinancing Market Size, Share & Trends Report

Refinancing Market Size, Share & Trends Analysis Report By Deployment, By End Use, By Region, And Segment Forecasts, 2021 To 2028

  • Report ID: GVR452090
  • Number of Pages: 0
  • Format: Electronic (PDF)

The global refinancing market is expected to witness significant growth over the forecast period. The growth of the market can be attributed to the aggressive investments banks are making in advanced technologies to improve their offerings and customer experience. The growing preference among consumers for car loan and home loan refinance options at lower interest rates and the benefits, such as faster loan term payment, fixed-rate mortgage, and convenience, associated with refinancing services are expected to contribute to the growth of the market. Refinancing services can also facilitate small- and medium-sized enterprises with accurate financial data while providing deeper insights to drive business decisions, which bodes well for the growth of the market over the forecast period.

Refinancing Market Segmentation




On-premise; Cloud-based

End Use

Personal; Commercial


North America; Europe; Asia Pacific; Latin America; Middle East & Africa


Several companies providing refinance loan options are trying aggressively to strike partnerships with end-to-end lending solution providers as part of the efforts to improve their offerings and enhance the customer experience. For instance, in June 2020, auto refinance companyRefiJet announced a partnership program with end-to-end lending solution providerOrigence to help refinance brokers in connecting with credit unions through Origence’s CUDL network that provides credit unions with additional refinance opportunities.

The demand for refinancing loan services has particularly increased in the wake of the outbreak of the COVID-19 pandemic. The low interest rates for home loans and auto loans offered in refinancing are particularly prompting consumers to reconsider their finances. For instance, in January 2021, according to State of Auto Refinance: 2021 Report, an annual study of auto refinance trends, statistics, and data for 2020, released in January 2021 by RateGenius, a fintech company that offers consumer-lending platforms, 16% more Americans applied to refinance their auto loans, and almost 17% more borrowers refinanced their car loans successfully in 2020 as against 2019.

Venture capital companies are increasingly focusing on start-up companies and helping them in raising funding to enhance their product portfolio and strengthen their position in the market. For instance, in February 2020, MotoRefi, a company that provides auto refinance solutions, raised USD 8.6 million in a Series A funding round led by Accomplice and Link Ventures, an investment firm based in the U.S. CMFG Ventures (part of CUNA Mutual Group), Motley Fool Ventures, and Gaingels also participated in the funding round. MotoRefi envisages investing the funds in its technology platform, hiring more employees, and driving product improvements. Such venture capital investments are expected to create new growth opportunities for the market over the forecast period.

The key players in the refinancing market include Wells Fargo Bank, N.A.; Bank of America, N.A.; Ally Financial Inc.; JPMorgan Chase & Co; Rocket Mortgage, LLC (Quicken Loans); and Citigroup, Inc. These players are pursuing various growth strategies, such as strategic partnerships, mergers & acquisitions, and new product development, to expand their market presence further. For instance, in July 2021, Ally Home, the residential mortgage lending arm of Ally Bank, announced the launch of RefiNow, a home refinancing option for borrowers, as part of the plans to expand its product portfolio.

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