Kyte, a car-rental technology application, has announced the closing of an asset-backed credit financing of up to $200 million from Goldman Sachs and the Ares Global Management Alternative Credit Team to accelerate the company's fleet growth and margin expansion. Kyte and its financing providers will create a more robust trip economy that services a more demanding customer with a shared vision of an electrified, autonomous future.
Kyte aims to redefining transportation by delivering and retrieving cars, bypassing the inconveniences of car ownership, car leasing, and the familiar hassles of traditional car rental.
“We are building a real business with real assets in the real world. To get this right, we needed a debt capital provider that shares our ambitious vision and can put real money behind it. The credit facility from Goldman and Ares will catalyze our growth as we build towards the future of transportation," said Ludwig Schoenack, co-founder of Kyte. "The probl
