Onto secures funding for UK fleet expansion

Onto has secured £100 million of funding to continue expanding its UK fleet with new electric cars.

The subscription service provider has raised a new credit funding line from global investment group CDPQ and independent asset manager Pollen Street.

The new facility builds on the existing relationship between Onto and Pollen Street; Pollen Street has been a finance partner to Onto since July 2021. The facility also represents a new partnership between Pollen Street and CDPQ. 

Onto's monthly subscription model is all-inclusive of insurance, breakdown cover and free public charging. It offers flexibility with no deposit, no long-term commitment and the option to swap cars or stop the subscription every month.

Rob Jolly, Onto's CEO & co-founder, said: “We’re grateful for the support of Pollen Street and CDPQ - it will turbocharge our UK growth plans and consolidate our position as the leading electric car subscription service.

“This is a pivotal moment for the adoption of electric cars and at Onto we want to make them more accessible and affordable to people who want to make environmentally-conscious choices. The opportunity to provide an alternative to car ownership has also never been more desirable - our subscribers benefit from the convenience, flexibility and choice that come with a monthly subscription model.”

Onto was founded in 2018 and is now the largest electric car subscription service in Europe, with more than 7,000 cars in the UK. Since 2021, Onto has doubled the size of its electric car fleet, which now includes 25 different car models.