RevFin, an EV financing platform for individual drivers, has raised a Series A round of $10 million in a combination of equity and debt led by Green Frontier Capital (GFC), a VC fund focused on climate investments.

As per the startup, by March 2023, the company would use the funds to expand its geographical footprint from 14 to 25 states and capture over 10% national market share of financed electric three-wheelers. The startup has set an ambition of financing two million electric vehicles in the next five years.

RevFin | Smartest, Fastest Electric Vehicle Loans

Founded by Sameer Aggarwal, RevFin has built an advanced lending platform along with using traditional underwriting methods like using credit and banking history data.

The startup also uses innovative techniques like – biometrics, psychometrics and gamification to help capture data from users as part of the loan application journey, removing dependence on third-party sources.

Speaking about the development, Sameer Aggarwal, Founder and CEO of Revfin, said,

“Electric three-wheelers have a market share of over 50% of sales nationally. We expect the two-wheeler market to follow a similar trend in the next two to three years, with four-wheelers following shortly after.”

As per Sameer, with a high monthly growth rate of 15%, the EV financing platform will continue to dominate the EV financing market. Additionally, its deep expertise in technology enables them to underwrite financially excluded customers in under 15 minutes.

The EV financing platform provides potential buyers with different types of EVs (e2W, e3W, L5 and small fleets through OEMs and fleets) and financing products which verify the borrowers’ identities and then disburse loans to them digitally with low-level of NPAs (less than 2%).

Currently, the startup is fully operational in 14 states with 400 dealerships. The startup is gradually increasing both the reach and OEM partnership and has already disbursed over $16 million.

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