As electric vehicles gain popularity across the globe, they are still typically more expensive than gasoline-powered vehicles. One area where EVs still lag behind is auto financing, which – in its regular iteration – does not necessarily cater to EVs’ specific needs.
Indian fintech startup Revfin aims to change that, and, in turn, make EVs more accessible to consumers. Founded in 2018, the company offers auto loans for electric two-wheelers and three-wheelers, as well as what it calls “ancillary loans,” which are for batteries or EV conversion kits.
To that end, Revfin has secured US$14 million in a series B round led by Omidyar Network, the philanthropic investment firm from eBay founder Pierre Omidyar. The Asian Development Bank, Companion Capital Limited, a clutch of angel investors, and existing investors Green Frontier Capital and LC Nueva Investment Partners also participated.
Revfin was founded in 2018 by Sameer Aggarwal, a former HSBC executive. The startup’s digital lending platform uses non-traditional techniques such as biometrics, psychometrics, and gamification to assess and manage consumer loans.
The company, which partners with local manufacturers, has already provided loans for over 34,000 EVs and aims to finance 2 million more in the next five years.
It last raised funding in October last year, securing US$10 million in a series A round led by Green Frontier Capital.
