Lenvi, the market leader in loan software and servicing, has been selected to provide Octopus Electric Vehicles, part of the Octopus Energy Group with Standby Servicing in support of their £550 million debt securitisation facility from Lloyds Bank.
The latest deal with Lloyds to fund electric vehicles (EVs) has been secured by Octopus Electric Vehicles, bringing their total EV funding to £1.2 billion.
Octopus EV are the EV specialist business from the Octopus Energy Group and have become a driving force in the transition to clean, electric transport in fewer than five years.
Octopus offers an easy all-in-one service, providing a new car, charger and discounted energy tariff to consumers. They now offers over 85 vehicles from 28 brands with a risk fleet exceeding £450m in value, with more than 4,000 companies signed up to its salary sacrifice offer, including Dyson, McLaren and Innocent Drinks.
The additional funds will play a pivotal role in financing Octopus’ EV salary sacrifice programme, which was launched in 2021.
Owain Chambers, Account Director – Capital Markets for Lenvi comments:
“Lenvi are excited to continue our strong partnership with Octopus EV and delighted to be part of their impressive growth story. This is our second backup servicing facility partnership with the EV provider who can continue to benefit from our track record with complex invocations and ability to mobilise fast and in a compliant manner if an invocation was activated. Lenvi share in Octopus EV’s vision for a greener future and are delighted to support the transition to zero-emission vehicles.”
Read more about Lenvi's Standby Servicing here