According to the press release, the investment is aimed to enable the company expand its consumer platform and Uber partnership globally. The financing round also includes investments from Exponential Ventures, Munich Re Ventures ERGO Fund, G Squared, and CreditEase. The transaction is subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.
Fair’s users can scan their license to shop pre-owned cars with all-in monthly payments, 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.
The company provides an alternative to a loan or lease for Uber drivers. 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.
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