Carputty raises $12.3 million

Carputty, a fintech startup offering a car financing solution, has closed a $12.3 million Series A round co-led by Fontinalis Partners and TTV Capital, with participation from Porsche Ventures, Grand Ventures, and Kickstart Fund.

Founded in 2020, the Georgia-based startup “reengineers auto financing by leveraging data based on the consumer and not directly tied to a transaction.” Carputty’s lending product, Flexline, gives members a continuous line of credit that can be used to finance all their vehicles, including new and used cars, lease buyouts and refinancing of existing loans.

Carputty also offers Carputty Coverage, which includes roadside assistance, GAP insurance, and service contracts.

The startup has attracted over 14k members since launching.

“We created Carputty to bring transparency to auto financing and empower car owners to make more informed decisions about their vehicles, just like they would with their other investments. We are proud to be supported by investment teams with deep experience in automotive and fintech, and thrilled that they embrace our vision.” – Patrick Bayliss, co-founder and CEO of Carputty.

“While it’s critical to deliver a great experience for our members, we built our software with an equally robust feature-set to support and scale with Carputty’s ever-expanding network of partners. The platform can be embedded seamlessly with a broad variety of businesses who could benefit from our end-to-end capabilities – from point-of-sale all the way through to servicing.” – Joshua Tatum, Carputty’s co-founder and chief product officer.

“Unlike student loans or mortgages, where the consumer experience has undergone significant innovation in recent years, traditional auto-financing remains cumbersome, opaque and expensive. Carputty stands to change that, and it’s building a fundamentally new consumer solution for an automotive market that has $1.5 trillion in outstanding loans and 276 million registered cars.” – Chris Cheever, founder and partner at Fontinalis Partners.