Tenet raises $18 million

Tenet, a fintech startup that offers EV-specific auto loans, has raised $18 million in seed funding led by Human Capital and Giant Ventures, with participation from Breyer Capital, Global Founders Capital, Firstminute Capital, as well as several angel investors.

Founded in 2021, the NY-based startup claims that traditional auto financing options don’t account for the long-term value that EVs retain, resulting in “unnecessarily high monthly payments and a disconnect between the smart financial decision and the sustainable one.” By leveraging EVs’ residual value, which is “far better” than gasoline-powered cars, Tenet has “redefined the terms of a traditional auto loan.”

Tenet’s financing technology allows for immediate loan decisioning for consumers and embedded financing options with partners. Financing aside, Tenet allows car owners to optimize their EV efficiency and track mileage and battery health.

Tenet works with Smartcar for this tracking feature – we gave it a try but received an error.

“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. 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.” – Alex Liegl, co-founder and CEO of Tenet.

“We’ve been inspired by Alex’s ambitious vision for building the next generation fintech company that rewards consumers for decarbonizing their lifestyle. We are thrilled to support Tenet as they build and scale the right team to drive their journey.” – Baris Akis, co-founder and President of Human Capital.