WeFlex secures £40m debt funding facility to accelerate electric ride-hail vehicle growth

Image credit: WeFlex

WeFlex, an electric vehicle provider, has announced securing a debt funding facility worth £40 million from LCM Partners. This financing will allow WeFlex to introduce thousands of new electric vehicles for ride-hailing drivers across the UK.

With this latest investment, WeFlex has bolstered its fleet of fully electric vehicles to over 2,000, making it the industry leader in terms of variety. The company offers ride-hailing drivers working on platforms such as Uber and Bolt, the opportunity to access flexible finance options for renowned brands such as Mercedes-Benz, Tesla, MG, Hyundai, Audi, and Kia.

WeFlex's core mission is to assist ride-hailing drivers in running successful businesses while simultaneously enabling them to own their own vehicles. By providing flexible finance plans, the company aims to address the financial constraints faced by these drivers.

The decision to secure funding from LCM Partners comes at a time when the demand for electric vehicles in the private hire vehicle (PHV) market far exceeds the supply. This high demand is primarily attributed to a shift toward electric vehicles propelled by regulatory pressure from local governmental authorities and the requirements of ride-hailing platforms.

One notable initiative in this realm is Uber's ambition to achieve a fully electric fleet of 55,000 drivers in London by the end of 2025. However, the success of this goal is contingent on the availability of sufficient vehicle stock for drivers to purchase.

Nicko Williamson, Founder and CEO of WeFlex, said: “To hit zero carbon targets, Britain needs more electric vehicles and ride-hailing drivers, who cover millions of miles a year with their passengers.  Drivers need to have access to a range of affordable EVs as well as flexible finance suited to their self-employed businesses. 

“We’ll be able to provide much more on both fronts, thanks to the new £40m debt facility we have agreed with LCM Partners. Their significant investment represents a strong commitment to WeFlex and belief in our mission to get thousands more brilliant EVs onto the roads.

“WeFlex is accelerating fast towards our goal of becoming the UK’s biggest provider of EVs to the ride-hailing market and we are working closely with LCM Partners to extend this facility significantly to add thousands more vehicles to our fleet over the coming years.”

Graeme Laing, Head of Asset Finance at LCM Partners, said: “WeFlex is exactly the kind of forward-thinking, environmentally focused business our SOLO fund chooses to partner with. We look forward to combining our respective expertise to help WeFlex attain their objective to lead the way in providing EVs to the ride-hailing community.”