Ride-hailing firm WeFlex secures £10m loan
London firm WeFlex has secured a £10m loan from Triple Point Investment Management.
Triple Point is continuing its five-year relationship with the provider of vehicles to the ride-hailing market.
The funds will be used by WeFlex to further increase its operations across the country and expand its fleet of electric and hybrid vehicles. More than over 60 per cent of WeFlex’s fleet is comprised of alternative fuelled vehicles.
WeFlex has just taken up new office space in Birmingham and is continuing to scale up in the Midlands and London and further expand to other major UK cities in 2020 to meet the rising demand for flexible car finance on low-or-zero emission cars in the ride-hailing industry.
The finance will support its plan to double its fleet to 1,400 vehicles over the next year.
CEO Nicko Williamson said: “Triple Point’s support of WeFlex has been invaluable. Having supported WeFlex since inception the new Triple Point facility allows WeFlex to further scale across the UK to meet the demand from this rapidly evolving sector.
“The flexibility of the Triple Point facility works with the needs of our business, allowing us to move quickly to meet customer demand.
“We look forward to continuing to work with the team at Triple Point for many years to come as they continue to support the evolution of our business."