Fintech lender Plenti has announced its entry into the electric vehicle (EV) financing market.
According to the Electric Vehicle Council, EV sales have doubled since 2020 and are expected to soar over the next decade. To accommodate this growing trend, Plenti’s financier agreement with an EV manufacturer allows customers to compare prices and select Plenti finance when purchasing vehicles online.
“Thanks to our experience in both the auto and household renewable energy finance markets and our proprietary technology platform which can seamlessly integrate with digital car-buying experiences, Plenti is uniquely positioned to take advantage of this significant shift,” said Daniel Foggo, chief executive officer of Plenti.
Plenti’s EV finance will be distributed via its existing direct and broker channels, with rates at least 0.5% per annum less than Plenti’s competitive car loans rates.
Moreover, customers can avail of EV-specific insurance and borrow additional amounts to purchase EV-related infrastructure and accessories such as chargers and downloadable upgrades during the term of the loan.
This launch into the EV market is complementary to Plenti’s fast-growing household renewable energy finance business, turning the fintech lender into a one-stop-shop for a green future. Plenti is currently establishing a new automotive warehouse with an EV-specific tranche, supported by a major Australian bank, to fund loans until a dedicated EV reserve is in place.
“In time, this new warehouse facility will provide a pathway for Plenti to issue an EV-only green asset-backed security, delivering an attractive new investment opportunity for fixed-income
investors seeking environmentally responsible assets,” Foggo said.
