EV provider WeFlex secures £40m debt financing

Electric vehicle provider WeFlex has set its sights on becoming the UK’s biggest provider of EVs to the ride-sharing sector after securing £40 million worth of debt funding.

LCM partners has provided the funding, which WeFlex said it would use to make thousands of vehicles available for ride sharing drivers. The business, which offers financing for drivers, has a fleet of more than 2,000. It said that this extra funding would allow it to help  Uber reach its goal of having a 55,000 car-strong fully electric fleet in London by the end of 2025.

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 belief in our mission to get thousands more brilliant EVs onto the roads.”

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.”