Tenet, a FinTech startup that provides EV auto financing products, has raised $18m in seed funding and launched a specialised EV financing platform.
The round was led by Human Capital and Giant Ventures with participation from Breyer Capital, Global Founders Capital, Firstminute Capital, and prominent angel investors including Michael Tannenbaum, Gokul Rajaram, Michael Ovitz, and more.
Tenet is on a mission to help consumers to enter the $185bn EV market through financial solutions that lower the cost of EV ownership.
The company explained that today’s traditional auto financing options don’t account for the long term value that EVE’s retain, resulting in in high monthly payments and “a disconnect between the smart financial decision and the sustainable one.”
The fresh funding will be used to accelerate Tenet’s growth, grow its team, and roll-out additional products to better serve its climate and savings-minded customers.
Tenet’s finance offerings include API-enabled decisioning for consumers within seconds and the ability to track financial and CO2 savings.
Alex Liegl, co-founder and CEO of Tenet, said, “With inflation hitting its highest levels in two generations and people paying record prices at the pump, the demand for EVs will continue to grow exponentially.
“We’ve created a new model for EV financing that incentivises consumers to adopt new zero-emission technology and will continue expanding our offerings to support sustainable improvements for the entire home. We believe in change – putting more change in your wallet and changing the future of climate-positive financing.”
CUNA Mutual Group, a broad financial services provider, and CarSaver, an automotive e-commerce marketplace and FinTech platform, recently partnered to launch the industry’s first online marketplace and FinTech e-commerce platform for credit unions.
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