Tenet launches financing platform that sees EVs as ‘clean collateral’
Tenet recently made progress on multiple financial fronts.
First, the company unveiled a new financial solution intended to lower the cost of ownership for electric vehicles “that rejects standard car depreciation models and values EVs as clean collateral.”
Tenet also plans to expand into zero-emission home upgrades to help consumers better achieve their financial and sustainability goals.
And to make it all possible, the company also announced that it has raised seed funding of $18 million, led by Human Capital and Giant Ventures with participation from Breyer Capital, Global Founders Capital, Firstminute Capital, and prominent angel investors including Michael Tannenbaum, Gokul Rajaram, Michael Ovitz, and more.
Tenet explained in a news release that the company sees traditional auto financing options not accounting for the long-term value that EVs can retain, “resulting in unnecessarily high monthly payments and a disconnect between the smart financial decision and the sustainable one.”
By leveraging EVs’ residual value, Tenet has looked to redefine the terms of a traditional auto installment contract and create an innovative financial solution that will drive even wider adoption of zero-emission technologies.
“With inflation hitting its highest levels in two generations and people paying record prices at the pump, the demand for EVs will continue to grow exponentially,” Tenet co-founder and chief executive officer Alex Liegl said in the news release. “We’ve created a new model for EV financing that incentivizes consumers to adopt new zero-emission technology and will continue expanding our offerings to support sustainable improvements for the entire home.
“We believe in change — putting more change in your wallet and changing the future of climate-positive financing,” Liegl added.
Tenet highlighted that its finance offerings include:
—Monthly savings: Customers can achieve financial goals without sacrificing sustainability goals by saving up to $200 per month.
—API-enabled decisioning within seconds: Tenet’s financing technology allows for immediate underwriting decisioning for consumers and embedded financing options with partners.
—Tracking financial and CO2 savings: Optimize your EV’s efficiency, track your mileage and battery health, and manage payment settings from anywhere with the Tenet dashboard.
That trio of offerings and the company’s ambitious objectives seemed to have impressed the investment community.
Tenet said the seed funding will be used to accelerate growth, grow its team and roll out additional products to better serve its climate and savings-minded customers.
“We’ve been inspired by Alex’s ambitious vision for building the next generation fintech company that rewards consumers for decarbonizing their lifestyle,” Human Capital co-founder and president Baris Akis said in the news release. “We are thrilled to support Tenet as they build and scale the right team to drive their journey."
Cameron McLain, co-founder and managing partner of Giant Ventures, added, “Tenet is reimagining the financial system to accelerate the adoption of climate-positive products. We are excited to work with Tenet as they unlock scalable access to high-quality ESG assets for their institutional investor partners.”
To learn more, visit www.tenet.com.