Transaction generates significantly improved economics and structural efficiencies, reflecting the strides the company has made in the last two years
SAN FRANCISCO, March 18, 2024 /PRNewswire/ — Kyte (https://kyte.com), the company pioneering cars delivered to you on-demand, today announced the closing of an asset-backed credit financing of up to $250 million from Barclays Bank (“Barclays”) and Waterfall Asset Management (“Waterfall”) to accelerate the company’s fleet growth and profitability. The transaction will refinance and upsize Kyte’s inaugural asset-backed facility, which closed in March 2022. The deal generates significantly improved economics and structural efficiencies, reflecting the massive strides the company has made since 2022.
Kyte follows a bold vision to revolutionize the mobility industry. The company ascribes to a simple, yet powerful balance between the digital and the physical world — the ‘bits’ that embody Kyte’s cutting-edge technology, and the ‘atoms’ which represent the real-world operations and assets that keep Kyte’s wheels turning. This bits and atoms ethos drives the company’s approach to growth, scale and financing.
Kyte the company pioneering cars delivered to you, secured $250M of asset-backed debt from Barclays and Waterfall.
Since 2022, Kyte has grown 6x, expanded to 12 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 in the same channels as its peers.
“This new credit facility is an important milestone for Kyte, meaningfully improving the profitability of our business while giving us expanded capacity for growth,” said Co-Founder Ludwig Schoenack. “We’re excited to be partnering with Barclays and Waterfall on this next stage of our journey.”
Barclays and Waterfall are experienced capital providers in the mobility space and Kyte is especially excited to leverage their collective expertise as it continues to scale. With a structure designed for maximum efficiency, this deal isn’t just about additional capital — it’s about fueling Kyte’s profitability and continued growth.
Patrick Lo, Partner and Co-Chief Investment Officer at Waterfall said, “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.”
Kyte’s continued success with securing top-tier financial backing is a testament to its resilience and unwavering commitment to enable growth and investment in a superior customer experience. As the company continues to bridge the gap between the digital and the physical, between the ‘bits’ and the ‘atoms,’ Kyte and its financing providers celebrate the next chapter of growth.
About Kyte
Kyte is reinventing the mobility market and is on a mission to “unlock the freedom to go places.” Kyte delivers cars on demand to people’s doors for all trips longer than a rideshare. The company’s approach increases vehicle utilization and takes cars off the road for a more sustainable future while saving customers time and money.
Through the Kyte mobile app on iOS, Android, or website, customers can book a car for a day, multiple days, multiple weeks, months, or however long they want. To begin, customers choose a time and location for their vehicle delivery. Then, the company dispatches a delivery driver — known as a “Kyte Surfer” — to deliver a clean, sanitized car at the time requested. When 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 more than 12 markets, Kyte was founded in 2019 by Nikolaus Volk, Ludwig Schoenack, and Francesco Wiedemann, is headquartered in San Francisco, CA, with offices in Munich, Germany, and satellites across the globe. For more information about Kyte, visit their website.
SOURCE Kyte
