← Embedded Finance Index 2026

Turo

“Can Turo become the financial and operational OS for car-sharing entrepreneurs by embedding financing, insurance, and payments into its host platform?”

Founded2009
HQSan Francisco, California, USA
FoundersShelby Clark
Total raised~$500M+
Latest roundIPO withdrawn, February 2025
Valuation$1B+ (2019 IAC investment implied)
IndustryMarketplace / Two-sided
The story

Founded in 2009 as RelayRides in Boston, Turo rebranded in 2015 and positioned itself as the 'Airbnb for cars.' The company scaled peer-to-peer car sharing across the US and into Canada, UK, Australia, and France. After filing for an IPO in 2022, slowing growth and market conditions kept it private; it ultimately withdrew its IPO filing in February 2025. In 2024, Turo moved to deepen its embedded finance stack by launching host-specific vehicle financing and off-trip insurance products, positioning itself as a financial platform for car-sharing entrepreneurs rather than just a booking marketplace.

Last 12 months
2025-02
2024-09
Product timeline
2010
Launched as RelayRides in Boston, a peer-to-peer car-sharing marketplace.· pivot
2015
Rebranded from RelayRides to Turo.· pivot
2019
IAC invested $250M, valuing Turo at over $1 billion; expanded operations internationally.· banking
2021
Expanded into Canada and UK; consolidated payment infrastructure onto Stripe.· pivot
2022
Filed publicly for an IPO in January 2022.· ipo
2024
Launched host vehicle financing program in partnership with Westlake Financial and United Leasing & Finance, plus off-trip insurance via Tint.· lending
2025
Withdrew IPO plans in February 2025 after three years of delayed listing.· ipo
The stack
3 layers disclosed in Turo’s embedded-finance stack
Payments / PSP
Stripe
Lending
in the full report
FX & payouts
in the full report
Accounting gap: minor
4 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.