Atlanta-based vehicle financing startup Carputty has raised $7.2 million in its latest seed funding round to continue offering flexible lines of auto credit to facilitate vehicle acquisition.
The funding round was led by Kickstart Fund and counted with the participation of investors liked Kinetic Ventures, University Growth Fund, Aries Capital Partners, and entrepreneur John Dancu. This funding brings the total amount raised by Carputty to $9 million since its founding in 2020. John Dancu, one of the investors who participated in the round, referred to the startup by saying:
“Carputty is putting the consumer and their household first when it comes to financing new and used auto purchases—all combined with ease of use, quick decisions, low rates and the ability to place multiple cars in one line of credit,”
The startup was founded with the purpose of disrupting the car financing industry by offering more transparency and flexibility, as well as assisting buyers during all steps of the vehicle acquisition process in an industry that has been characterized for being extremely user-unfriendly. Carputty Co-Founder and CEO Patrick Bayliss, who has owned several call dealerships in the past, referred to this mission by stating:
“Our mission is a big one: to lift the veil from car financing and provide real-time flexible lines of auto credit in just minutes. We’re thrilled about this opportunity to improve the entire cycle of auto finance and provide the consumer with the last auto loan they should ever need.”
With nearly $1.4 trillion in auto loans being outstanding in late 2020, the time seems right for Carputty to improve the entire ecosystem by offering customers an alternative to traditional financing.
According to the announcement, the vehicle financing startup is planning to use the new funding to enhance its products to expands its reach on the American car finance marketplace, addressing the increasing concerns about the fairness surrounding the financing process.