All-inclusive electric car subscription service Onto has raised $60M USD in investments, in a funding round led by the Legal & General Fintech team.
Onto will use the investment to launch into Germany next year, as it looks to accelerate electric car adoption on the continent. Both our Fintech business in Legal & General Retail and Legal & General Capital participated in this funding round, resulting in Legal & General Group holding a substantial stake in the company.
Onto launched in 2018, with a mission to make driving affordable, flexible and sustainable. The business uses a subscription model with insurance and charging included in the price.
Investing in fintech businesses is a key part of our Retail strategy, as the business continues to identify opportunities for growth. Our Fintech team are working closely with Onto to expand their offering as the demand for green transport continues to rise, as we move towards a green economy.
We’re committed to playing our part in tackling the climate crisis and investing with purpose into companies that do good. Onto is an exciting example of this; an ambitious company with a talented management team that will play a vital role in accelerating the transition to electric vehicles and net zero carbon.