Carputty, 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.”