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Fintech startup Fair receives $100M debt facility, equity investment from Ally

Financial technology startup Fair received a $100 million debt facility and equity investment from Ally Financial Inc.

Fair provides a mobile and paperless experience for customers seeking to get a car, as an alternative to traditional financing or leasing, according to a news release. The startup said it has provided cars for more than 45,000 users in more than 30 markets across the U.S. since its August 2017 launch.

The company received $385 million in a series B financing round led by SoftBank Group Corp. in December 2018.

Fair and Ally began their partnership in 2018, which includes Fair using Ally's products to manage its vehicle inventory and a digital financing platform to lend to customers who cannot secure traditional financing.