Financing the purchase, not making the equipment
Ecofy is a non-bank lender. Its customers borrow to acquire assets such as electric two- and three-wheelers and rooftop solar systems, with a digital process for the financing journey. Partnerships with manufacturers and financial institutions connect the loans to the purchase of those assets.
Equity for a larger retail loan book
The $42 million fresh-equity round brings in British International Investment and Finnfund’s Digital Access Impact Fund I, alongside Eversource Capital and FMO. The capital supports expansion in rooftop solar, electric vehicles and small-business financing. It is equity raised by the lender, separate from the loans it provides to customers.