9 C
London
Tuesday, September 27, 2022

Startup makes EVs more accessible by delaying biggest bill – londonbusinessblog.com

Must read

Trump fan who attacked cop Fanone on Jan. 6 sentenced to more than 7 years in prison

WASHINGTON — A Donald Trump fan who brought his teenage son with him when he attacked then-D.C. police officer Mike Fanone and another officer...

Can crypto make the world a better place? • londonbusinessblog.com

Image Credits: londonbusinessblog.com The crypto world has never shied away from making big promises, but as the industry matures and the public expands, now is...

Dotcom Crash Lessons, Lower CAC, Product Driven Sales • londonbusinessblog.com

On a recent Twitter Space, M13 partner Anna Barber and I looked back at the dotcom crash in search of lessons operators can use...

Limit reached – Join the EU Startups CLUB

€147/quarter This option is ideal for companies and investors who want to keep up to date with Europe's most promising startups, have full access...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

The auto industry is counting on electric vehicles to reduce cooking emissions on the planet, but EVs are still too expensive to drive gas guzzlers out of the game. For now at least.

Sure, electric vehicle sales are up, maintenance costs are low and gas prices are high, making combustion engines look even worse. But on the other hand, the supply of electric cars is still limited in relation to the demand, car manufacturers are busy prioritizing luxury modelseven charging at home has been more expensive lately.

While we wait for improved tax cuts to make EVs more accessible in the US, a fintech startup called Basic principle launches with claims it can soften the blow of EV ownership.

With $18 million in seed funding led by San Francisco-based Human Capital and London’s Giant Ventures, Tenet says EV loan offerings cut monthly payments by an average of $200. It does this by deferring customers “up to 10-25% of their loan amount until the end of their term.” If you take out a loan through Tenet, the company will refer you to eligible dealers and marketplaces. Tenet also expects its partners to point customers in its direction.

Tenet doesn’t actually lower the price of an EV sticker, so buyers will still have to afford one — a staggering $56,437 on average if they buy new, per Kelley Blue Book† But by lowering the price up front, more buyers can take advantage of cheaper maintenance and lower fuel costs.

“Tenet works exclusively with sustainability and ESG-focused institutional investors and capital markets,” CEO Alex Liegl told londonbusinessblog.com. This apparently gives the startup access to a cheaper cost of capital, which it can pass on to the end consumer in the form of lower rates than those offered by traditional lenders.

The New York-based startup declined to share details about interest rates, saying they “vary significantly” depending on where customers are located. Tenet accepts FICO scores as low as 620, meaning many people (100 million or so in the US) are not eligible.

Other investors, including Breyer Capital, Global Founders Capital and Creative Artists Agency co-founder Michael Ovitz, also contributed to Tenet’s starting round. Ultimately, Tenet says it may also fund “emission-free home upgrades,” including EV chargers, heat pumps, and the like.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Trump fan who attacked cop Fanone on Jan. 6 sentenced to more than 7 years in prison

WASHINGTON — A Donald Trump fan who brought his teenage son with him when he attacked then-D.C. police officer Mike Fanone and another officer...

Can crypto make the world a better place? • londonbusinessblog.com

Image Credits: londonbusinessblog.com The crypto world has never shied away from making big promises, but as the industry matures and the public expands, now is...

Dotcom Crash Lessons, Lower CAC, Product Driven Sales • londonbusinessblog.com

On a recent Twitter Space, M13 partner Anna Barber and I looked back at the dotcom crash in search of lessons operators can use...

Limit reached – Join the EU Startups CLUB

€147/quarter This option is ideal for companies and investors who want to keep up to date with Europe's most promising startups, have full access...

These are the 4 startups that CBA’s x15ventures supports

Commonwealth Bank's venture-scale arm, x15ventures, has selected four payment startups as finalists for the Xccelerate22 program. The four - paytron, You pay, Cape and persolo...