Champ Titles now has raised more than $45 million through investors, climbing to that figure after generating $18 million in Series C financing.

The provider of digital vehicle title, registration and lien systems of record in the United States announced it has raised that financing with Point72 Ventures leading the latest round.

Joining Point72 Ventures were existing investors in Champ Titles, including W.R. Berkley Corp., Eos Venture Partners, Guidewire Software and Rev1 Ventures, among others.

According to a news release, Champ Titles will use the funds to fuel its ongoing growth.

Through its Digital Title and Registration Suite (DTRS), Champ partners with state governments to improve motor vehicle departments by replacing aging title and registration systems.

Chief executive officer Shane Bigelow said this capital will allow the company to take on as many new clients as the market will bear.

“We made tremendous progress over this past year. We onboarded new states, including New Jersey, Kentucky and Illinois, expanded our relationship with West Virginia by creating the first National Digital Titling Clearinghouse (NDTC), and grew revenue by more than 300%,” Bigelow said in the news release.

“We could have continued growing at a measured pace, but we are incredibly excited and grateful to have this round of financing to accelerate our business as we enter our next phase of growth with our great state DMV partners,” he continued about the company founded in 2018.

Champ Titles highlighted that its SaaS-based solutions require no upfront cost, utilize a pay-as-you-transact model, can be launched quickly and are “continuously improved.”

Champ Titles said it can reduce processing time from 40-60 days to a matter of hours for dealers, finance companies, insurance carriers and fleets,

“This round in addition to our recent wins with DTRS and NDTC, which allows automotive retailers, fleets, and insurance carriers to transfer titles from any vehicle in any state, are further proof points that our innovative approach to technology and to government partnerships are resonating,” Bigelow said. “We are proud of these pioneering characteristics and are confident they will ensure our continued success.”

Point72 Ventures Partner Adam Carson explained why the firm pushed more financial resources into Champ Titles.

“The current title management process is largely paper-based, error-prone and requires significant time and effort from all parties involved,” Carson said in the news release.

“We believe Champ Titles’ platform offers a comprehensive and simplified solution for state DMVs and addresses a longstanding pain point. We are excited to be part of their journey,” Carson went on to say.