Fair, an automotive FinTech company that claims to be revolutionising car buying, has raised a fresh round of strategic equity funding.
The round was led by next47, the Siemens-backed global venture firm, and featured BMW, CreditEase FinTech Investment Fund, Millennium Technology Value Partners, 137 Ventures, G Squared and Upfront Ventures.
“At next47, we’re dedicated to help grow companies that will define the next generation of global innovation,” said T.J. Rylander, partner at next47. “It’s clear that consumption models for personal transportation are changing rapidly and subscription-based pricing models are on the rise across all industries. Fair is at the forefront of marrying these two trends and making car ownership much more attractive for today’s consumers while opening up new market opportunities for manufacturers and dealers.”
Last year, the company attracted significant strategic equity investments from institutional and automotive investors, as well as dedicated debt capital from a group of top-tier investment banks.  In January, the company secured a loan facility provided by Goldman Sachs Bank USA to purchase the existing lease contracts and vehicles of Uber’s Xchange Leasing subsidiary. In addition to the Uber partnership, Fair has also acquired the vehicle-delivery app, Skurt.
Fair claims to be revolutionise car buying by offering ‘unprecedented freedom, flexibility and an end-to-end mobile experience’.
The business allows customers to get a car entirely on their phone and turn it in whenever they want. Users can scan their driver’s license to get pre-qualified for a range of personalised monthly payments, sign for the car they want with their finger, and pick up the keys without any physical paperwork. It eliminates the long-term commitment of traditional financing or leasing, allowing users to select their car, miles, and view payments -all in a mobile and paperless end-to-end experience.
Earlier this month, online car financing platform AutoFi has received an undisclosed investment from Santander Consumer USA Holdings. AutoFi is an online platform that connects buyers and lenders in a legal and compliant manner. The solution works by a consumer choosing a vehicle on the website and then picking the loan and the repayment terms, and once this is accepted the payment goes through.
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