Carputty, a leading fintech company revolutionizing auto financing and ownership, is thrilled to announce the successful closure of a $75 million warehouse/financing facility with Silicon Valley Bank (SVB) with an additional equity investment of $5M. This milestone SVB agreement, replacing the former $20 million facility, marks a significant leap forward in Carputty's expansion strategy and ability to meet burgeoning market demand.
ATLANTA, March 06, 2024 (GLOBE NEWSWIRE) -- Carputty (“Carputty” or the “Company”), a leading fintech company revolutionizing auto financing and ownership, is thrilled to announce the successful closure of a $75 million warehouse facility with Silicon Valley Bank (SVB), a division of First Citizens Bank. This significant investment is further bolstered by new equity contributions led by TTV Capital and supported by Fontinalis Partners, Kickstart Fund, Kinetic Ventures, and Grand Ventures. With the investment and warehouse facility combined, Carputty's newest financial backing exceeds $80 million. Other noteworthy key investors include Porsche Ventures and University Growth Fund, who, alongside the current participants have seen Carputty raise more than $100 million in total funding, marking a substantial milestone for the company.
Brian Foley, Market Manager at SVB, collaborated closely with Carputty to structure and launch this transformative warehouse facility. “SVB continues to support fintech companies in significant growth stages, and Carputty exemplifies the innovation and impact we seek in our partners,” said Foley. “This partnership underscores our commitment and ability to support companies poised for exponential growth.”
This milestone agreement, replacing the former $20 million facility, marks a significant leap forward in Carputty's expansion strategy and ability to meet burgeoning market demand. The new warehouse facility, structured under a two-year term compared to the previous six-month term, serves as a robust growth facilitator for Carputty.
Bobby Heytota, Carputty's Head of Capital Markets, emphasized the pivotal nature of the SVB relationship, stating, “This partnership is a game changer for us. With the ability to aggregate large tranches of prime plus consumer auto loans, we are positioned to support our investors, onboard new buyers, and pave the way for our first securitization.”
The warehouse will bolster the company's ongoing relationships with industry giants such as Turo and Lucid Motors USA while empowering the greater expansion of its direct-to-consumer offerings into the 48 states and territories that it operates within. Carputty is also anticipated to open in California, representing approximately 12% of the US auto market, allowing the company to tap into further growth with its innovative Flexline™ model.
Patrick Bayliss, Co-Founder and CEO of Carputty, hailed the momentous occasion as a testament to the company's evolution. “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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About Carputty
Founded in 2020, Carputty is a fintech company dedicated to modernizing auto financing and ownership. Through its innovative Flexline product, Carputty offers members a flexible line of credit to finance various vehicles, including new and used automobiles, lease buyouts, and refinancing. By leveraging data-driven insights, Carputty empowers consumers with transparent and dynamic financing solutions. As a multichannel business, Carputty collaborates with partners to seamlessly integrate end-to-end auto financing capabilities. Learn more about Carputty at Carputty.com.
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital, and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights, and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com
