Carputty, a pioneering FinTech company in auto financing and ownership, has raised $80 million in funding to fuel its innovative approach to the sector. Silicon Valley Bank provided a significant $75 million warehouse financing facility, complemented by an additional $5 million in equity from investors like TTV Capital, Fontinalis Partners, Kickstart Fund, Kinetic Ventures, and Grand Ventures. Carputty sets itself apart by offering customers a transparent and flexible way to own and finance their vehicles, aiming to redefine the relationship between car owners and financial commitments.
With this substantial funding, Carputty plans to scale operations and enhance services, supported by a two-year warehouse facility. The company, known for its groundbreaking Flexline™ model, which provides unique flexibility in auto financing, is set to meet increasing demand and expand direct-to-consumer offerings across 48 states and territories. Significantly, Carputty is entering the California market, representing 12% of the U.S. auto market, offering a considerable growth opportunity. CEO Patrick Bayliss sees this funding as a seminal moment for Carputty, validating their vision for the future of auto financing and ownership. The company's strategic partnerships with industry leaders like Turo and Lucid Motors USA further underscore its commitment to revolutionizing the automotive finance landscape.
