Electric Vehicle subscription service Onto has raised a new credit funding line of £100 million.

The company said the funding will be used to continue expanding its UK fleet of rentals with the latest electric car models.

Onto functions as a monthly subscription model which is all-inclusive of insurance, breakdown cover and free public charging, while subscribers to its service “pay no deposit, have no long-term commitment, and have the option to swap cars or stop the subscription every month”.

The funding line came from asset manager Pollen Street, which has been a finance partner of Onto since 2021, and investment group CDPQ.

Onto chief executive and co-founder Rob Jolly commented: ““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.”

Jolly added that it is now a “pivotal moment” for electric cars, and that Onto wants to make them more accessible and affordable to people who want to make environmentally-conscious choices.

The UK government recently announced its Electric Vehicle Smart Charging Action Plan, which aims to exploit the full potential of smart charging and make it the preferred method of long duration charging by 2025.

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