Carputty Raises $ 7.2 Million to Simplify Auto Financing | Company
ATLANTA – (BUSINESS WIRE) – August 6, 2021–
Carputty, the first direct lender to reorganize the auto finance industry with transparency and consumer scrutiny, today announced that it has raised $ 7.2 million in a funding round led by the Kickstart Fund, which contributed $ 3 million. The funding round also includes significant investment from others, including Kinetic Ventures, University Growth Fund, Aries Capital Partners and Atlanta-based entrepreneur John Dancu.
“Our mission is broad: unveil auto financing and provide flexible, real-time auto lines of credit within minutes,” said Patrick Bayliss, co-founder and CEO of Carputty, an experienced multi-dealer owner. “We are excited about this opportunity to improve the entire auto finance cycle and provide consumers with the last auto loan they should need. “
According to published reports, nearly $ 1.4 trillion in auto loans were outstanding at the end of 2020. Carputty will use the funds to improve its unique and hassle-free products to turn the tide in the US auto finance market.
“Carputty is well positioned to rewrite the rules of the industry,” said Joshua Tatum, co-founder and CEO of Carputty, whose decades of experience in consumer loans and technology inspired him to launch the company. auto finance company based in Atlanta. “This available capital allows us to scale quickly while providing easy-to-use lines of credit and proprietary valuation tools, which allow our customers to treat their cars like the real assets they are.
Carputty provides a simple solution with actionable data so that individuals can make smarter investments and estimate the future value of their vehicles:
- Flexline ™ – Allows consumers to have one or more cars on a single platform, while having interest rates determined by their unique profile compared to what a dealership determines with the markup.
- V3 ™ valuation – Provides predictive analytics to help consumers get the best values for their vehicles, saving money by identifying the best time to add or remove a vehicle from their Flexline. Use past, present and future values to your advantage.
“Carputty puts the consumer and their home first when it comes to financing new and used car purchases, all combined with ease of use, quick decision making, low rates and affordability. possibility of placing several cars on a single line of credit, ”said John Dancu.
“We believe in Patrick and Joshua’s vision to take financing to the next level by transferring control to the consumer,” said Dalton Wright, partner of the Kickstart Fund. “Studies show that the main concerns in auto financing are uncertainty about the equity of the loan and a long and difficult process to understand. Carputty is focused on providing a fully digital solution to these problems in a market that is in dire need of transformation.
For media inquiries, please contact Haley Steinhauser.
Carputty is the first direct lender to reorganize the auto finance industry with transparency and consumer control. The company sweetens the auto financing experience. Carputty’s proprietary software, including Flexline ™ and V3 Valuation ™, allows consumers to refinance, buy new or used vehicles and repurchase their leased vehicles on one simple platform. With just a few clicks, Carputty takes out loans for pre-approval without affecting consumer credit scores, provides continuous lines of credit, and transforms the entire auto finance process with innovative technology. For more information, visit www.Carputty.com.
Connect with Carputty on Twitter, Facebook, LinkedIn and Instagram.
About the Kickstart Fund
Kickstart Fund is a seed-stage venture capital firm based in Salt Lake City, UT. Kickstart’s mission is to help build great businesses in thriving startup ecosystems by supporting the most daring entrepreneurs with capital, community and expertise to travel. Since raising its first fund in 2008, Kickstart has invested in over 100 companies. For more information visit www.kickstartfund.com.
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CONTACT: Haley Steinhauser
KEYWORD: UNITED STATES NORTH AMERICA GEORGIA
INDUSTRY KEYWORD: WOMEN AUTOMOTIVE FINANCE GENERAL AUTOMOTIVE BANKING MEN PROFESSIONAL SERVICES OTHER AUTOMOTIVE CONSUMER OTHER PROFESSIONAL SERVICES
Copyright Business Wire 2021.
PUB: 06/08/2021 8:00 a.m. / DISC: 06/08/2021 8:02 a.m.
Copyright Business Wire 2021.