Carputty, a financial technology company focused on the auto financing sector, closed a $75 million warehouse facility with Silicon Valley Bank, a division of First Citizens Bank. This 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 helped Carputty raise more than $100 million in total funding.
“SVB continues to support fintech companies in significant growth stages, and Carputty exemplifies the innovation and impact we seek in our partners,” Brian Foley, market manager at Silicon Valley Bank, who collaborated closely with Carputty to structure and launch the warehouse facility, said. “This partnership underscores our commitment and ability to support companies poised for exponential growth.”
This agreement replaced a former $20 million facility and the new warehouse facility is structured under a two-year term compared to the previous six-month term.
“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,” Bobby Heytota, Carputty’s head of capital markets, said.
The warehouse facility will bolster the company’s ongoing relationships with companies such as Turo and Lucid Motors USA while empowering the 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 U.S. auto market, allowing the company to tap into further growth with its Flexline model.
“This marks a seminal moment for Carputty,” Patrick Bayliss, co-founder and CEO of Carputty, said. “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.”
