LONDON, UK and SANTA MONICA, Calif., August 13, 2024 – Zeti, a leading innovator in clean transport financing solutions and Paragon Bank’s SME Lending division, are delighted to announce their collaboration in enabling Otto Car's acquisition of a new fleet of Skoda Enyaqs.
This deal has been made possible through Zeti’s innovative pay-per-use funding model, and marks a first for Paragon and Otto: Paragon SME Lending entering the market for pay-per-use lending while Otto expands Europe’s largest private hire fleet and continues to play a vital role in decarbonising the UK’s streets.
***Dave Kennon, Commercial Director at Zeti:***We’re delighted to count Paragon, with their expertise and scale, and Otto Car, Europe’s largest private hire fleet as clients. They each share our values, priding themselves on customer focus and a drive to innovate and deliver clean transport for our roads. Many further opportunities lay ahead.
Zeti's advanced enterprise software offers real-time monitoring of the environmental benefits of Otto Car's fleet of zero-emission vehicles. The utilisation-based payment approach de-risks adoption and accelerates their deployment, accelerating sustainable transportation adoption.
Matt Bass, Head of Specialist Lending at Paragon quote:
“We are delighted to partner Zeti and deliver funding for Otto Car Limited’s zero emission fleet of cars through an innovative pay per use model.
“We look forward to building on this collaborative model, working with both Zeti and Otto to deliver financing solutions aligned to the use of the vehicles and continuing to help SME businesses in the UK to play their part in reaching Net Zero.”
This partnership represents a significant milestone in advancing sustainable transport solutions in London, demonstrating how technology and innovative financial models can facilitate the transition to zero and ultra-low-emission vehicles.
For more information, please contact:
Phoebe Dickson, Marketing Manager, Zeti
[phoebe.dickson@zeti.group]
About Zeti
Zeti is a green fintech originated in London and now also operates in California and New York on a mission to reduce carbon emissions and make it easier for fleets to transition to zero and ultra-low vehicles whilst also offering institutional lenders the option to generate attractive, risk-adjusted returns in a new, clean asset class. Zeti's digital financing platform connects operators of business-critical vehicle fleets to facilitate clean mobility. The company sits at the intersection of fintech, mobility, and sustainability, unlocking the potential of technology to revolutionize the financing of transport and support the goals of business and society.
About Otto Car
Otto Car is Europe’s largest provider of vehicles to private-hire drivers, offering easy access to PCO cars, giving everyone the opportunity to improve their life. Since 2015, Otto Car has helped over twenty thousand private-hire drivers and offers only zero-emission passenger vehicles.
About Paragon
Paragon Banking Group is a FTSE 250 listed specialist lender, well-known as a savings provider and buy-to-let mortgage lender. It has a growing commercial lending division, which includes Paragon SME Lending and Paragon Development finance.
Paragon SME Lending is a specialist SME funder with the scale and expertise to support the breadth of the SME community, from construction to printing; HGVs to legal practice support; aviation to agriculture; and media and medical technology to manufacturing.