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Pollen Street and CDPQ provide £100m credit facility for electric car club

Electric car subscription service Onto has raised a new credit funding line of £100 million from global investment group CDPQ and independent asset manager Pollen Street. The asset-backed facility will enable Onto to continue expanding its UK fleet with the latest electric car models. 

This new facility builds on the existing relationship between Onto and Pollen Street, which has been a finance partner to the business 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 empowers subscribers with flexibility – no deposit, no long-term commitment and the option to swap cars or stop the subscription every month.

Onto which was founded in 2018 and has a fleet of over 7,000 cars in the UK, has raised £340 million in total in equity and debt, most recently completing a £45 million Series C raise. 

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