Tesla partners with Origence

Friday 19 January 2024 10:38 CET | News

Tesla has announced its partnership with US-based lending technology company Origence in order to provide credit union financing to electric vehicle buyers. 

Following this announcement, Tesla will be enabled to liberate FI Connect in order to access optimised financing capabilities. The partnership is expected to improve the process of lending as well, from the onboarding moment to the instant funding of loans.

By making the credit union financing capabilities available at the point of purchase, electric vehicle buyers will have the opportunity to benefit from easy access to competitive rates and extended financing terms as well. These represent important factors in the procedure of offering clients secure and efficient options in order to lower their monthly payments. 


Tesla has announced its partnership with US-based lending technology company Origence in order to provide credit union financing to electric vehicle buyers.

More insights on the partnership

The collaboration is set to provide Tesla users with the possibility to access an easy, convenient, and affordable way to secure credit union financing for EV purchases, while also offering credit unions the benefit to keep pace with the rapidly growing demands for electric vehicle financing. Both companies will focus on meeting the needs, preferences, and demands of their users, while also remaining compliant with the laws and regulations of the industry. 

Origence will deliver lending technology solutions to credit unions as well, in order to advance their total origination experience and accelerate their development processes. In addition, the firm will continue to leverage its new licensed subsidiary, FI Connect, to purchase and place retail contracts with partner credit unions around the world. FI Connect is currently working with a network of 21 credit unions, as well as a USD 3.3 billion in annual EV lending capacity. 

As electric vehicles continue to gain popularity to customer demand and state mandates around the world, the partnership aims to provide credit unions with the possibility to deliver EV lending options through Embedded Finance capabilities, with direct-to-customer models and dealerships.

At the same time, clients who shop for Tesla vehicles will be provided with financing options in the process of reserving or purchasing a vehicle through the use of the company’s website or mobile application. The addition of credit union financing capabilities aims to make convenient and secure point-of-sale (POS) financing available for multiple credit union members and users who are seeking low-rate financing options. 

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Keywords: partnership, banking, online banking, mobile banking, digital banking, financial services, financial institutions, credit access, lending, embedded lending, embedded finance
Categories: Banking & Fintech
Companies: Origence, Tesla
Countries: United States
This article is part of category

Banking & Fintech




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