Finayo Closes Seed Round to Accelerate Development of EV Asset and Lending Management Platform
- ByStartupStory | June 29, 2023
Finayo, an EV asset and lending management platform, has successfully concluded its seed round of funding at an undisclosed amount. The investment round attracted notable investors, including iAngels Network backed by India Accelerator.
Established in 2022, Finayo aims to simplify the financing process for lenders, original equipment manufacturers (OEMs), dealers, and electric vehicle (EV) buyers. The platform’s proprietary technology automates the entire loan life cycle, from loan origination to disbursement, collection, repossession, and resale. By leveraging this innovative technology, lenders can make accurate risk assessments and select high-quality borrowers, reducing the risk of non-performing loans.
Munish Bhatia, Co-founder of India Accelerator, commented on the funding, stating, “Indian roads are witnessing a rising number of EVs, deepening its penetration in the country. Financing plays a crucial role in enabling the transition to EV. Finayo’s approach of unified EV asset and lending management will prove to be a catalyst in mitigating credit risk and automating the loan life cycle for all stakeholders.”
The capital raised in this funding round will be allocated to further enhancing Finayo’s technology and developing an efficient EV asset and lending solution.
Brajendra Singh Tomar, the Founder and CEO of Finayo, expressed gratitude to iAngels Network for their trust in the company’s capabilities. Tomar highlighted the significance of investing in the latest technologies to mitigate the risk of non-performing assets (NPA) and create a more stable and inclusive financial ecosystem. He emphasized that this milestone represents Finayo’s commitment to delivering innovative solutions that benefit all stakeholders in the EV financing space.
Finayo employs AI-based loan applications to facilitate streamlined processing for OEMs and dealers. By leveraging this technology, customer applications can be quickly reviewed and approved within ten minutes. The platform offers tailored financing options for EV buyers based on their selection of vehicles and credit history.
About Finayo:
Finayo is an EV asset and lending management platform that streamlines the financing process for lenders, OEMs, dealers, and EV buyers. Through its proprietary technology, the platform automates the entire loan life cycle, facilitating risk assessments and minimizing non-performing loans. Finayo aims to create an inclusive and stable financial ecosystem for the EV industry.
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