20 Dec, 2018, 08:00 ET
SANTA MONICA, Calif., Dec. 20, 2018 /PRNewswire/ -- After scaling nationwide in 2018, car-as-a-service provider Fair today announced it has raised $385 million in a Series B financing led by SoftBank. The investment is anticipated to enable the company to scale its consumer platform and Uber partnership globally. The round includes additional investments from Exponential Ventures, Munich Re Venture's ERGO Fund, G Squared, and CreditEase. The transaction is subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.
"We're in the midst of a transformational shift as consumers choose access to services over ownership," said Scott Painter, Fair CEO and Founder. "This financing signals that Fair will be a critical and enduring component of this transition in mobility as we replace the decades-old, debt-based system of car-buying with a payments platform that's simple, affordable and flexible."
Fair is an app that puts the entire end-to-end process of getting a car on a customer's phone. Users scan their license to shop pre-owned cars with all-in monthly payments they can afford, sign for the one they want with their finger, pick up their keys and drive it for as long as they want—with no debt, long-term commitment or even physical paperwork.
Since launching in August 2017, Fair has provided cars for more than 20,000 users through its 3,000 dealer partners in 26 markets across the United States. Painter said the company plans to use the investment to jumpstart a global growth plan for both its consumer business and its year-old partnership with Uber.
"Fair provides a simple and affordable way for people to get access to a car for personal use, ridesharing or carsharing," said Lydia Jett, senior investor at SoftBank Investment Advisers, investment adviser to the SoftBank Vision Fund. "This investment will enable Fair to provide cars on a global scale, and help reduce the barriers to mobility. We believe it unlocks tremendous value for customers, and will create new partnership opportunities across the transportation industry more broadly."
As with its consumer business, Fair provides an alternative to a loan or lease for Uber drivers for whom the traditional car-buying process might prove too inflexibile or unaffordable. Through a partnership launched in February 2018, potential rideshare drivers can access Fair right in the Uber app to pick the car they want, drive it on a weekly basis and walk away whenever they want.
"The simplicity and flexibility of Fair's model will unlock new levels of opportunity for drivers who want to earn money with Uber," said Manik Gupta, Chief Product Officer at Uber. "We are excited to expand our partnership with Fair and help more people around the world access opportunities to work and earn on their own schedule."
Fair offers a new way to get a car that responds to consumer demand for more freedom. Fair gives customers the flexibility to drive the car they want for as long as they want and lets them walk away any time, eliminating the long-term commitment of traditional financing or leasing. Fair allows you to select your car, miles and view your payments—all in a mobile and paperless end-to-end experience that's simple, transparent and affordable. Established in Spring 2016, Fair was initially backed by Javelin Venture Partners and is headquartered in Santa Monica, California. For more information, please visit www.fair.com and follow them at @fairtheapp.
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