Revfin, an Indian FinTech in the electric vehicle (EV) loan sector, has raised $14m in a series B funding round.
This significant injection of capital was led by Omidyar Network and was joined by the Asian Development Bank, Companion Capital Limited, a group of angel investors, and existing investors such as Green Frontier Capital and LC Nueva Investment Partners, according to a report from TechinAsia.
Revfin’s approach to lending is innovative and inclusive, leveraging non-traditional methods such as biometrics, psychometrics, and gamification to evaluate and manage consumer loans. This tech-driven strategy allows Revfin to cater to a broader range of consumers, especially those underserved by traditional banking systems. By partnering with local manufacturers, Revfin has already facilitated loans for over 34,000 EVs, underscoring its impact in the market.
The company intends to use the newly acquired funds to expand its reach and services. With an ambitious goal to finance 2 million more EVs in the next five years, Revfin is poised to play a pivotal role in accelerating India’s transition to sustainable transportation.
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