Fair Financial Corp. announced a $500 million debt facility led by Mizuho Bank, which the company will use to scale its app-based vehicle subscription service in order to help finance additional vehicles available for Uber ride-sharing drivers.

The syndicated debt facility is also backed by Softbank Group Corp. and several other companies participating in the funding. The credit line will be used to provide affordable ride sharing vehicles under an existing partnership with Uber. 

"Too often, people who want to drive for Uber can't get reasonable rates on a car loan or even can't get access to one at all, so we're taking care of that for him," Scott Painter, founder and CEO of Fair, said in a company release. "This transaction is another clear signal that throughout partnerships with SBG and Uber, Fair has the momentum, consumer demand for vehicles and access to capital to be the supply side solution for riding globally."

Fair previously announced a $100 million debt facility and minority equity investment from Ally Financial in August. 

Cover image courtesy of Uber.