Tenet raises $10 million
Tenet, a fintech startup offering EV-specific auto loans, closed a $10 million Series A round led by Nyca Partners, with backing from Assurant Ventures and Giant Ventures. Tenet also closed a $20 million debt facility with Silicon Valley Bank to facilitate the EV loans.
Founded in 2021, the NY-based startup claims to leverage the unique attributes of EVs, chargers, and battery storage, among other technologies, to offer lower monthly payments for consumers and businesses.
Tenet also offers extended warranty and GAP insurance.
The startup plans to add financing for solar panels, home batteries, and other energy-efficiency products.
“The lack of customized financing options for electric vehicles creates a roadblock for widespread adoption. Tenet’s EV-first approach makes it easier for drivers to go electric. Tenet packages tax incentives and EV-specific features to bring a comprehensive financing offering to the market. Transparent ownership costs combined with unique ownership data services makes Tenet a clear leader in the market.” – Jeremy Solomon, partner at Nyca Partners.