ELECTRIC car subscription service Onto raises a new credit funding line of £100 million from global investment group CDPQ and independent asset manager Pollen Street, boosting its mission to accelerate electric car adoption and provide a flexible alternative to the traditional car ownership model.
The £100 million asset-backed facility will enable Onto to continue expanding its UK fleet with the latest electric car models. This new facility builds on the existing relationship between Onto and Pollen Street; Pollen Street has been a finance partner to Onto since July 2021. The facility also represents a new partnership between Pollen Street and CDPQ.
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.
Rob Jolly, Onto Chief Executive and Co-Founder, said: “We’re grateful for the support of Pollen Street and CDPQ – it will turbocharge our UK growth plans and consolidate our position as the leading electric car subscription service. This is a pivotal moment for the adoption of electric cars and at Onto we want to make them more accessible and affordable to people who want to make environmentally-conscious choices.
“The opportunity to provide an alternative to car ownership has also never been more desirable – our subscribers benefit from the convenience, flexibility and choice that come with a monthly subscription model.”
Onto was founded in 2018 and has grown to become the largest electric car subscription service in Europe, with over 7,000 cars in the UK. Since Pollen Street’s first facility in 2021, Onto has doubled the size of its electric car fleet, which now includes 25 different car models. Onto has raised £340 million in total in equity and debt, most recently completing its £45 million Series C raise. In 2022, the business was recognized by Deloitte as the fourth fastest growing UK tech business in its Fast 50 list.