PayCar
Payment platform to buy and sell used cars.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor | €0.0 | round |
| investor | €0.0 | round | |
| investor investor investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
| EUR | 2019 | 2020 | 2021 |
|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 |
| % growth | - | 520 % | (25 %) |
| EBITDA | 0000 | 0000 | 0000 |
| % EBITDA margin | (926 %) | (148 %) | (61 %) |
| Profit | 0000 | 0000 | 0000 |
| % profit margin | (879 %) | (159 %) | (67 %) |
| EV | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 |
Source: Company filings or news article
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PayCar, established in Paris in 2015 by co-founders Vincent Marty-Lavauzelle and Michael Waldman, developed a fintech platform to secure peer-to-peer payments for used vehicle transactions. The founders were motivated by their own challenging experiences with the risks and complexities inherent in buying and selling cars privately, such as fraudulent checks and inconvenient payment verification processes. The company's core service centered on providing a secure third-party payment system. It verified the identity of both the buyer and the seller, and held the buyer's funds in an escrow account. The money was transferred to the seller instantaneously and irrevocably only after the buyer confirmed the handover of the vehicle, mitigating the risks for both parties.
The business generated revenue by charging a commission on transactions. Initially, this was a fixed commission of 39,90€ from the buyer and a 6,90€ administrative fee from the seller. Later, the model shifted to a fixed €29 commission paid by the seller. In November 2016, PayCar secured a seed funding round of approximately $1.91 million from investors including Cathay Innovation and BNP Paribas. A significant milestone occurred in 2017 when PayCar was selected as the first startup to join the accelerator program of Le Bon Coin, a major French classified ads marketplace. This collaboration proved fruitful, leading to the acquisition of PayCar by Le Bon Coin (a subsidiary of Adevinta) in June 2019 for an undisclosed amount. Following the acquisition, the PayCar team was integrated into Le Bon Coin to merge its secure payment functionality directly into the marketplace's platform. The PayCar service was eventually phased out in January 2022 to be fully replaced by Le Bon Coin's own integrated secure payment system.
Keywords: PayCar, fintech, secure payment, used cars, C2C marketplace, peer-to-peer payment, escrow service, automotive transaction, vehicle payment, Vincent Marty-Lavauzelle, Michael Waldman, Le Bon Coin acquisition, Adevinta, online payment platform, transaction security, automotive finance, payment commission, classified ads payment, French startup, Cathay Innovation, BNP Paribas