Toyota Ventures Climate Fund Joins Powerhouse Ventures in Backing Pay per Mile Fintech
LONDON and SANTA MONICA, Calif., Nov. 15, 2022 /PRNewswire/ — Zeti, a leading provider of financial services technology to manage consumption based EV and infrastructure financing, today announced a significant investment by Toyota Ventures through its Climate Fund.
Zeti acts as a marketplace for institutional financiers to deploy capital into clean, connected vehicle fleets through a pay per mile (or km or kWh) model; managing automated payments and real-time financial and sustainability reporting for financiers and fleet operators via its digital platform, ZERO.
Zeti is helping forward-thinking fleet operators convert to electric vehicles by making it as simple, easy and transparent as paying for any other utility; while enabling institutional financiers to generate attractive risk-adjusted returns in a new clean asset class comparable to an investment in renewable energy.
“Commercial fleet vehicles account for a disproportionate percentage of emissions, so the transition to widespread electrification is critical,” said Lisa Coca, Climate Fund partner at Toyota Ventures.
“Zeti’s fintech platform serves as an important bridge between fleet operators and sources of capital by using real-time data to enable pay-as-you-drive financing. Consumption-based financing is set to play a major role in the future of mobility, and we are proud to support Zeti’s highly capable team as they work to accelerate the adoption of zero and ultra-low emission transport at scale”.
“We are delighted that Toyota Ventures has chosen to join Powerhouse and our existing seed investors to support Zeti’s continued growth” said Dan Saunders, CEO, Zeti. “Committed deployment of EVs to the ZERO platform has more than quadrupled this year, with demand from both fleet operators and financiers accelerating rapidly in both Europe and US markets”.
About Zeti:
Zeti sits at the intersection of fintech, mobility and sustainability, unlocking the potential of technology to revolutionize the financing of transport and support the goals of business and society.
Zeti believes that clean transport will be a new ESG asset class, and that traditional auto finance (>$1tn annual market) is ripe for disruption as leasing companies are removing value from customers, vehicle manufacturers and the primary sources of capital.
SOURCE Zeti