An automotive fintech company grabbed more financing.
Car Capital closed a $150 million, three-year secured credit facility, according to a statement on Tuesday. In addition, it landed a $6.125 million equity investment.
The financing comes from funds managed by affiliates of Fortress Investment Group, a diversified global investment manager with approximately $54.2 billion of assets under management as of September.
This transaction provides Car Capital with debt that’s needed to continue to expand its “rapidly growing business, fund more dealers and increase the number of underserved consumers who want to purchase a vehicle,” the statement said.
"The commitment, both on the debt and equity side, of such a respected market participant is a testament to our business model, team, and market opportunity,” Justin Tisler, CEO at Car Capital, said in a statement.
In April of last year, Car Capital, a wholly owned subsidiary of Car Capital Technologies, a $20 million credit line deal with New York firm Medalist Partners. In the same month, the company, which lists its address in Grapevine, said it closed an $8.8 million Series A funding round.
With its digital platform, Car Capital gives dealers the ability to make approval decisions based on the economics of each car and consumer.
"Car Capital has built an exceptional business powered by proven, innovative technology and a business model that delivers substantial benefits to consumers and dealers alike," said Dominick Ruggiero, managing director at Fortress Investment Group, in the statement. "We are excited to provide a capital solution that positions Car Capital for significant continued growth in the years ahead."
