Fair, a Santa Monica, California-based car subscription service for consumers and Uber drivers, says it has raised $385 million in Series B financing led by Softbank.
Additional investors include Exponential Ventures, Munich Re Ergo Digital Ventures, G Squared and CreditEase.
Fair said the funding will be used to scale up its consumer business and its Uber partnership, which allows drivers to pay for vehicles without costly long-term commitments.
“We’re in the midst of a transformational shift as consumers choose to access service over ownership,” Fair CEO and founder Scott Painter said in the announcement. “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.”
Since launching the service in August 2017, the company has provided vehicles for 20,000 users through 3,000 dealer partners in 26 markets across the country.
In February, the company began a partnership with Uber that allows drivers to pay for use of the car within the ride-sharing app, drive it on a weekly basis and walk away without a long-term commitment, according to the release. Manik Gupta, chief product officer at Uber, said the company plans to expand its partnership with Fair around the globe.
Topics: Financial News, Mobile Apps, Mobile Payments, Online Purchasing