LCM Partners, which manages €63bn of investments worldwide, will provide funding to put an additional 1,300+ EVs onto Britain’s Ride-Hailing apps via WeFlex
Leading electric vehicle provider WeFlex has secured a £40m debt funding facility from LCM Partners, which will enable the company to make thousands of new electric vehicles available for Ride-Hailing drivers in the UK.
WeFlex now has a fleet of fully electric vehicles in excess of 2,000, offering Ride-Hailing drivers flexible finance on Mercedes-Benz, Tesla, MG, Hyundai, Audi, Kia and other leading brands – the largest range of quality electric vehicles in the industry.
They provide flexible finance plans to help Ride-Hailing drivers successfully run their businesses and own their vehicles.
Demand for electric vehicles in the Ride-Hailing market vastly exceeds the current supply, as the market needs to transition to EVs due to a mix of regulatory pressure from local governmental authorities and the requirements of the ride-hailing platforms; plus the fact that the drivers themselves save money by switching to an EV.
Uber’s stated goal of achieving a fully electric fleet in London of 55,000 drivers by the end of 2025, for instance, is reliant solely on there being sufficient vehicle stock for its drivers to purchase.
Nicko Williamson, Founder and CEO of WeFlex said: “To hit zero carbon targets, Britain needs more electric vehicles and Ride-Hailing drivers, who cover millions of miles a year with their passengers. Drivers need to have access to a range of affordable EVs as well as flexible finance suited to their self-employed businesses.”
“We’ll be able to provide much more on both fronts, thanks to the new £40m debt facility we have agreed with LCM Partners. Their significant investment represents a strong commitment to WeFlex and a belief in our mission to get thousands more brilliant EVs onto the roads.”
“WeFlex is accelerating fast towards our goal of becoming the UK’s biggest provider of EVs to the Ride-Hailing market and we are working closely with LCM Partners to extend this facility significantly to add thousands more vehicles to our fleet over the coming years.”
Graeme Laing, Head of Asset Finance at LCM Partners said: “WeFlex is exactly the kind of forward-thinking, environmentally focused business our SOLO fund chooses to partner with. We look forward to combining our respective expertise to help WeFlex attain their objective to lead the way in providing EVs to the Ride-Hailing community.”
WeFlex, founded in 2016 by Nicko Williamson, is an impact company created to help Ride-Hailing drivers (Uber, Bolt, etc.) own their own cars. WeFlex only purchase 100% electric vehicles and plants a tree for every EV sold. WeFlex works closely with Uber and is one of a select few companies where Uber drivers can spend their Uber Clean Air Plan funds. WeFlex’s Head Office is in London and they also operate in Birmingham, their goal is to switch Ride-Hailing to Electric.
LCM Partners is one of Europe’s leading alternative investment management firms. The LCM Strategic Origination and Lending Opportunities (SOLO) fund is focused on lending into areas including asset finance and leasing through building lasting partnerships with specialist originators.
