Three Wheels United (TWU), a global fintech company for EV financing, has started operations in Kerala by flagging off its services in Kochi, Calicut, Thrissur, Trivandrum and Malappuram.
Over the next six months, the company aims to finance 1,000+ two and three-wheelers in the State, noted Cedrick Tandong, CEO and Co-Founder, of Three Wheels United. He said, 'We believe that access to affordable financing can further contribute to the mass adoption of EVs in the State. After an overwhelming response in Karnataka and Delhi NCR, we are excited to launch operations in a key strategic market like Kerala.'
Founded by Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra in 2017, the company has been financing electric two/three-wheelers. It employs behaviour-informed proprietary technology to increase the accuracy of credit risk assessment and loan repayment rates, expanding access to financial products to populations that would be otherwise excluded from vehicle financing.
Unlike traditional banks that collect EMIs at the end of the month in big chunks, the platform incentivises money collection on a daily/weekly basis in small amounts. In doing so, TWU is able to tap into the finances of the drivers when they actually make money and in a way that is aligned with the lifestyle of the drivers.
The company has financed over 4,000 auto-rickshaws so far. It recently raised $10 million as a part of Series A Funding led by Delta Corp Holdings with participation from new and existing investors.