Carputty, an Atlanta, GA-based fintech company focused on both auto financing and ownership, raised $12.3M in Series A funding.
The round, which brings brings total funding amount to $21.96M, was led by Fontinalis Partners and TTV Capital with participation from Porsche Ventures, Grand Ventures, and Kickstart Fund.
The company intends to use the funds to drive further growth through accelerated platform development, expanded business collaborations with both existing and future partners, and commercialization and adoption throughout the U.S.
Led by Patrick Bayliss, co-founder and CEO, and Joshua Tatum, co-founder and Chief Product Officer, Carputty provides a lending product called Flexline™, which gives members a continuous line of credit that can be used to finance all their vehicles, including new and used automobiles, lease buyouts and refinancing of existing loans. Flexline funds can be used to purchase new or used vehicles directly and can also be used to buyout leases or refinance existing auto loans. Consumer lines have a maximum of $250,000 while a Business Flexline goes up to $800,000. Once established, consumers always have financing in place for as long as they want or need it powered by the Company’s end-to-end data-driven platform.
The platform can be embedded with business partners seeking to implement end-to-end auto financing capabilities.