UK – Onto, a London, UK-based electric car subscription service, raised a new credit funding line of £100m.
Global investment group CDPQ and independent asset manager Pollen Street provided the asset-backed facility. The company intends to use the funds to continue expanding its UK fleet with the latest electric car models. Onto’s monthly subscription model is all-inclusive of insurance, breakdown cover and free public charging. It empowers subscribers with flexibility – no deposit, no long-term commitment and the option to swap cars or stop the subscription every month.Founded in 2018 by Rob Jolly and Dannan O’Meachair, Onto is an electric car subscription service whose monthly car subscription covers insurance, servicing, and public charging at over 11,000 UK charging points. The company offers a wide range of different electric cars to choose from, including models from Renault, Peugeot, Volkswagen, Audi and Tesla, and many more. Subscription prices start from £399 per month with no deposit needed, and subscribers have the month-to-month flexibility to swap car models or end their subscription. With over 7,000 electric cars, Onto has become the largest electric car fleet in the UK and is Europe’s leading electric car subscription service. 25/01/2023
