Car leasing startup Fair reported Sept. 16 it had secured a $500 million loan from Mizuho Bank, marking the third line of credit established by the company since July.

“This transaction is another clear signal that … Fair has the momentum, consumer demand for vehicles, and access to capital to be the supply-side solution for ridesharing globally,” Fair Chief Executive Scott Painter said in a statement.

Santa Monica-headquartered Fair will use the new funding to scale its business of leasing cars to rideshare drivers in the United States.

Fair provides a smartphone app that lets users choose and lease a car owned by the company, which also provides financing options. Users pay a monthly fee for a Fair car, which comes equipped with roadside assistance and a limited warranty.

While Fair caters to rideshare drivers who want to join services like Uber but don’t own a car, it also offers leases for average drivers.

Backed by local firms including Santa Monica-based Upfront Ventures and Marina del Rey-based Moonshots Capital, Fair has grown rapidly since its 2016 launch and has accumulated “just under $2 billion in debt and equity funding,” a company spokesperson said.

Fair already receives credit lines from Credit Suisse, Goldman Sachs & Co., Silicon Valley Bank and Ally Financial Services Inc.

“Fair is an appealing partner for institutional lenders,” Mizuho Americas Managing Director Andrew Karnovsky said in a statement. “Subscriptions make sense for ridesharing drivers who want to access a vehicle on their own terms, (and) they essentially replace a system built on auto debt with a recurring-revenue model and steady cash flow.”

Tech reporter Samson Amore can be reached at [email protected] or (323) 556-8335. Follow him on Twitter @samsonamore.