# CarPay

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/carpay

- Industry: Software
- Headquarters: Wilmington, US
- Website: www.carpay.com
- Total disclosed funding: $9.9M
- Latest round: Series A (Dec 11, 2020)
- Investors on record: 5

## About

CarPay, Inc. is a United States-based company specializing in mobile applications and loan management solutions for Buy Here Pay Here auto dealers, enhancing payment collection and customer engagement through innovative technology.CarPay, Inc. was founded in 2016 and is headquartered in Wilmington, US. The company provides mobile solutions tailored for BHPH auto dealers, facilitating efficient payment collections. In December 2020, CarPay raised USD 6.3 mn in Series A funding led by Autotech Ventures, with participation from FJ Labs, Amplify, Pipeline Capital Partners, and Social Leverage Capital. The total amount raised to date is USD 6.3 mn, reflecting a strategic focus on enhancing its financial services.CarPay offers a mobile application and loan management software specifically designed for Buy Here Pay Here auto dealers. Its core product enables dealers to collect payments effectively through a multi-channel approach, allowing customers to manage their loan information, including outstanding balances and payment schedules. The platform features automated reminders, Face ID login, and a user-friendly interface that streamlines the payment process, reducing manual labor. Since its inception, CarPay has empowered dealerships to expand their portfolios without additional staffing, leveraging technology for improved loan servicing.CarPay operates on a subscription-based revenue model, catering to BHPH auto dealers for effective loan portfolio management and payment facilitation. Revenue is generated through fees associated with the use of the CarPay application, where customers can make payments that seamlessly sync with dealers' existing Dealer Management Systems. This efficient process enhances collection rates and lowers operational costs, underscoring CarPay's significance in the BHPH auto finance sector.Following its Series A funding round in December 2020, CarPay plans to utilize the USD 6.3 mn raised to further develop its business and enhance its financial services. The company is focused on launching new products designed to improve customer interactions and streamline loan management processes. Additionally, CarPay aims to expand its presence within the BHPH market across various regions in the United States, although specific markets have yet to be disclosed. These strategic initiatives will support the company's growth objectives and enhance its service offerings.

## Funding rounds

- Series A, Dec 11, 2020, $6.3M — Social Leverage Capital, Amplify, Autotech Ventures, FJ Labs, Pipeline Capital Partners
- Seed, Feb 10, 2020, $3.6M — Social Leverage Capital

## Investors

- Social Leverage Capital (https://capitalatlas.ai/funds/social-leverage-capital) — Seed, Series A
- Amplify (https://capitalatlas.ai/funds/amplify) — Series A
- Autotech Ventures (https://capitalatlas.ai/funds/autotech-ventures) — Series A
- FJ Labs (https://capitalatlas.ai/funds/fj-labs) — Series A
- Pipeline Capital Partners (https://capitalatlas.ai/funds/pipeline-capital-partners) — Series A