In December 2022, Carputty announced the closing of a $12.3 million Series A funding round that at the time brought its total funding amount to $21.96 million.

On Wednesday, the fintech company that wants to modernize both auto financing and vehicle ownership, announced the successful closure of a $75 million warehouse facility with Silicon Valley Bank (SVB), a division of First Citizens Bank.

Carputty said 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, according to a news release.

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.

SVB market manager Brian Foley collaborated closely with Carputty to structure and launch this warehouse facility.

“SVB continues to support fintech companies in significant growth stages, and Carputty exemplifies the innovation and impact we seek in our partners,” Foley said in the news release. “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.

Carputty noted the new warehouse facility, structured with a two-year term compared to the previous six-month term, serves as a robust growth facilitator for the company.

Carputty head of capital markets Bobby Heytota emphasized the pivotal nature of the SVB relationship.

“This partnership is a game changer for us,” Heytota said. “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.”

Carputty said the warehouse will bolster the company’s ongoing relationships with companies such as Turo and Lucid Motors USA while empowering the greater expansion of its direct-to-consumer offerings into the 48 states and territories where Carputty currently operates.

Carputty is also looking to open in California, allowing the company to tap into further growth with its Flexline model.

“This marks a seminal moment for Carputty,” co-founder and CEO Patrick Bayliss said. “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.”