Carputty, a pioneering FinTech company at the forefront of auto financing and ownership, has secured a $75m warehouse financing facility provided by Silicon Valley Bank (SVB), a branch of First Citizens Bank.
Complementing this, a further $5m in equity was injected by an impressive roster of investors, including TTV Capital as the lead, along with contributions from Fontinalis Partners, Kickstart Fund, Kinetic Ventures, and Grand Ventures. This combined funding effort pushes Carputty’s latest capital influx over the $80m mark.
The company stands out in the FinTech space for its innovative approach to auto financing, offering customers a more flexible and transparent way to own and finance their vehicles. Through its cutting-edge platform, Carputty aims to redefine the relationship between car owners and their financial commitments, providing a more personalised and adaptable financing solution.
With the new funding, Carputty has ambitious plans to scale its operations and enhance its service offerings. The substantial investment and extended warehouse facility, which now spans a two-year term replacing the previous six-month term, will enable Carputty to meet the increasing demand for its services. This strategic expansion will also support the company’s partnerships with automotive industry leaders such as Turo and Lucid Motors USA, and extend its direct-to-consumer offerings across 48 states and territories, including the soon-to-be-opened market in California.
The move to open in California is particularly significant, as it represents about 12% of the US auto market, providing Carputty a considerable opportunity to tap into further growth with its innovative Flexline™ model. This model is heralded for its flexibility in auto financing, offering a novel way for consumers to manage their auto loans.
Patrick Bayliss, co-founder and CEO of Carputty, said, “This marks a seminal moment for Carputty,” said Bayliss. “As we continue to forge partnerships across the automotive ecosystem, the overwhelming demand for our Flexline model validates our vision for the future of auto financing and ownership.”
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