Fair, a Santa Monica, CA-based car-as-a-service provider, raised $385m in Series B financing.
The round – subject to receipt of regulatory approvals and satisfaction of other customary closing conditions – was led by SoftBank, with participation from Exponential Ventures, Munich Re Venture’s ERGO Fund, G Squared, and CreditEase.
The company intends to use the funds to scale its consumer platform and Uber partnership globally.
Led by Scott Painter, CEO and Founder, Fair offers a platform for people to get an on-demand car. Users scan their license to shop cars with all-in monthly payments they can afford, sign for the one they want, pick up their keys and drive it for as long as they want—with no debt, long-term commitment or physical paperwork.
Since launching in August 2017, the company has provided cars for more than 20,000 users through its 3,000 dealer partners in 26 markets across the United States.