Latest funding led by Fontinalis Partners and TTV Capital accelerates development of company’s data-driven platform and promotes nationwide availability of new types of auto finance
product_screen_shots
ATLANTA, December 6, 2022 (GLOBE NEWSWIRE) — Carpathy (“Carputty” or “The Company”), a fintech company that modernizes both auto finance and ownership, today announced the closing of its $12.3 million Series A funding round. This funding Fontinalis Partners When TTV Capitalbrings Carputty’s total funding to $21.96 million. Additional investors include Porsche Ventures and Grand Ventures, as well as Kickstart Fund, which led the company’s seed round.
according to US Census BureauOn average, American families own 2.5 cars, often representing the second most valuable asset in a given household. You are ill-informed and unprepared when making financial decisions.is more than 60% of automatic Loans are made at dealerships, where interest rates rarely take into account the buyer’s financial situation. Recent FTC Reports revealed that many of the same problems that plagued the mortgage industry before the 2008 financial crisis exist in the auto finance industry today.
Co-Founder and CEO Patrick Bayliss said: “We are proud to be backed by an investment team with deep automotive and fintech experience, and excited that they embrace our vision.”
Carputty Flexline™ allows consumers and businesses to obtain flexible lines of credit that can be used to finance any vehicle. Flexline accounts are up to $250,000 and can be used to purchase new or used vehicles directly. It can also be used to acquire a lease or refinance an existing auto loan. Once established, members can utilize the company’s end-to-end, data-driven platform to raise funds for as long or as long as they want.
Co-Founder and Chief Product Officer Joshua Tatum said: “From point of sale to service, the platform can be seamlessly integrated into a wide variety of businesses that may benefit from our end-to-end capabilities.”
“Unlike student loans and mortgages, which have undergone major innovations in the consumer experience in recent years, traditional automated loans remain cumbersome, opaque, and expensive. We are building a fundamentally new consumer solution for the automotive market, which has a dollar outstanding loan balance and 276 million registered vehicles,” said Chris Cheever, Founder and Partner at Fontinalis Partners. I’m here. “I am very excited to help Patrick, Joshua and the entire team revolutionize the complete lifecycle of automotive asset management.”
“The automotive finance market is past a period of broad innovation. Patrick, Joshua and the team at Carputty have been impressed with their vision of bringing transparency and accessibility to the car buying process,” said TTV. Capital partner Sean Banks said. “Carputty’s platform is unmatched in its ability to simplify vehicle ownership through digitally managed payments and services. Flexible credit lines based on consumer financial status, not transaction value. We believe there is a great opportunity for Carputty to reshape the automotive finance market by providing
Over the past year, we have grown our membership by 850%, with over 14,000 members to date, a 3,100% increase in approved Flexline dollars, and a 1,200% increase in personal loans. The new funding will be used to drive further growth through accelerating platform development, expanding business collaborations with existing and future partners, and driving commercialization and adoption across the United States.
About Carpathy
Carputty is a fintech company modernizing both auto finance and ownership. Founded in 2020, the company is redesigning auto finance by leveraging consumer-driven data not directly tied to transactions. Our flexible financing product, Flexline™, provides members with an ongoing line of credit that can be used to finance all vehicles, including new and used vehicles, lease purchases, and refinancing of existing loans. Our data-first approach empowers agnostic, transparent and dynamic funding decisions with each member’s Flexline evolving according to their financial situation. As a multi-channel business, the Carputty platform can be seamlessly integrated with business partners looking to implement end-to-end auto-financing capabilities. For more information, see: www.Carputty.com.
Media inquiries:
Diana Vichinanza
BAMCommunication
press@carputty.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4d2c13c-402c-4957-b3de-379a9f74ba85.
