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Fair Inks $500 Million Deal to Finance Ride-Hailing Cars
Santa Monica, Calif.-based Fair Inc., a three-year-old startup that specializes in short-term leases and vehicle subscription programs, says it has secured a $500 million revolving-credit deal.
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Santa Monica, Calif.-based Fair Inc., a three-year-old startup that specializes in short-term leases and vehicle subscription programs, says it has secured a $500 million revolving-credit deal with Japan’s Mizuho Bank and SoftBank Group.
The deal will help Fair provide Uber ride-hailing drivers short-term access to vehicles in the U.S. Drivers can rent vehicles, without a credit check, on a weekly basis directly through the Uber app. Payments cover unlimited miles, insurance, routine maintenance and roadside assistance.
The Mizuho deal follows two other credit lines—with Ally Financial and Silicon Valley Bank—totaling $150 million that Fair closed earlier this summer. The startup also is working with Credit Suisse and Goldman Sachs.
Founded by former TrueCar CEO Scott Painter, Fair works with car dealerships to provide used and certified used vehicles. Last week, the company agreed to buy Ford Motor Co.’s Canvas subscription vehicle platform.
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