Kyte – a company that has cars delivered to you on-demand – announced the closing of an asset-backed credit financing of up to $250 million from Barclays Bank and Waterfall Asset Management. This fund source will accelerate the company’s fleet growth and profitability.
The deal will refinance and upsize Kyte’s inaugural asset-backed facility, which closed in March 2022. It also significantly improves economics and structural efficiencies.
Since 2022, Kyte has grown six times, expanded to 12 more markets across the U.S., and raised over $100 million of equity capital. Kyte now sources all vehicles directly from manufacturers while disposing of vehicles through the same channels as its peers.
Barclays and Waterfall are experienced capital providers in the mobility space and Kyte is especially excited to utilize their collective expertise as it continues scaling. Through a structure designed for maximum efficiency, this deal is not just about additional capital and it is about fueling Kyte’s profitability and continued growth.
Kyte’s success with securing top-tier financial backing is a testament to the company’s resilience and commitment to enable growth and investment in a superior customer experience.
Through Kyte’s mobile app on iOS, Android, or the web, customers can book a car for a day, multiple days, multiple weeks, months, etc. To start, customers select a time and location for their vehicle delivery. Then, the company dispatches a delivery driver (known as a “Kyte Surfer”) to deliver a clean and sanitized car at the time requested. Once the vehicle is ready to be returned, a Kyte Surfer retrieves the car from the customer at the location and time they can flexibly choose.
Currently operational in over 12 markets, Kyte was founded in 2019 by Nikolaus Volk, Ludwig Schoenack, and Francesco Wiedemann and is based in San Francisco, CA, with offices in Munich, Germany, and satellites across the globe.
KEY QUOTES:
“This new credit facility is an important milestone for Kyte, meaningfully improving the profitability of our business while giving us expanded capacity for growth. We’re excited to be partnering with Barclays and Waterfall on this next stage of our journey.”
- Kyte Co-Founder Ludwig Schoenack
“Kyte’s commitment to innovation in the mobility industry is commendable. We are pleased to support Kyte’s expansion plans and look forward to a successful partnership.”
- Patrick Lo, Partner and Co-Chief Investment Officer at Waterfall
