Carpati, a pioneering fintech company at the forefront of auto financing and ownership, has secured a $75 million warehouse financing facility provided by Silicon Valley Bank (SVB), a branch of First Citizens Bank.
This was complemented by an additional $5 million in capital infusion, including an impressive roster of investors led by TTV Capital, and investments from Fontinalis Partners, Kickstart Fund, Kinetic Ventures, and Grand Ventures. This combination of fundraising activities brings Karpaty's latest capital inflow to his $80 million mark.
The company stands out in the fintech space with its innovative approach to auto finance, offering customers a more flexible and transparent way to own and finance a car. Through its cutting-edge platform, Carputty aims to redefine the relationship between car owners and their financial commitments, offering more personalized and adaptable financing solutions.
With the new funding, Carputty has ambitious plans to expand its business and enhance its service offering. The significant investment and expansion of the warehouse facility, which now lasts for two years instead of a six-month period, will enable Carputty to meet the growing demand for its services. This strategic expansion also supports the company's partnerships with automotive industry leaders such as Turo and Lucid Motors USA and expands the company's direct-to-consumer services across 48 states and territories, including the upcoming California market .
The move to open in California is particularly significant as the state accounts for approximately 12% of the U.S. auto market, providing Carpaty with a significant opportunity for further growth with its innovative Flexline™ models. This model is praised for its auto loan flexibility and offers consumers a new way to manage their auto loan.
“This is a landmark moment for Carputty,” said Patrick Bayliss, co-founder and CEO of Carputty. “The overwhelming demand for our Flexline models confirms our vision for the future of auto finance and ownership as we continue to build partnerships across the automotive ecosystem.”
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