Fair Closes $1 Billion

Automotive fintech company Fair announced the completion of $1 billion in financing from BMW’s iVentures, Penske Automotive Group, and Mercedes Benz, as well as debt funding from a group of investment banks and a Sherpa Capital entity.

Fair offers car purchasers freedom, flexibility and an end-to-end mobile experience with an app that lets users shop, get approved, and pay for a car all on their phone with just a driver’s license and bank account. Customers can get in-app approval for a monthly payment amount that works for them, then head to the dealership and check out in minutes. They can also drive the car for as long as they want, and return it anytime.

Fair plans to extend its Los Angeles footprint to the rest of California by the end of 2017 and to other select markets nationwide through 2018.