FlexClub, a marketplace for vehicle subscriptions, has partnered with Untapped Global, a Smart Asset Financing firm, and ITALIKA, Mexico’s motorcycle brand and manufacturer, to offer electric vehicle subscriptions to on-demand workers in countries such as Mexico and South Africa.
The partnership will make over 2,000 electric vehicles – including 1,000 electric motorcycles – available to Uber, Rappi, Didi and Bolt driver-patners and end the predatory vehicle financing and expensive vehicle rental platforms in these markets.
According to Tinashe Ruzane, CEO of FlexClub, “This partnership will extend the reach of vehicle subscriptions to thousands more customers on the FlexClub marketplace, creating the foundation for financiers like Untapped Global to increase investment in asset-backed funding of vehicle subscriptions.”
Untapped Global offers Smart Asset Financing to asset-based businesses across Africa and other emerging markets. Smart Asset Financing is an innovative investment model that provides flexible capital for fast-growing companies like FlexClub, leveraging technology to make investments safer and more profitable for investors by tracking assets and capturing revenue in real-time.
Through this partnership, Untapped Global will finance more than 2,000 vehicles – including 1,000 electric motorcycles – for eligible on-demand workers, starting with the launch of Mexico’s first electric motorcycle subscription co-developed with Italika, the largest manufacturer of motorcycles in the country.
“Simplified access to assets will catalyze a new wave of earnings opportunities for thousands of entrepreneurs in economies such as Mexico and South Africa”, explains Jim Chu, CEO of Untapped Global, adding that the partnership with FlexClub creates opportunities for on-demand workers and small business entrepreneurs to significantly improve their earnings potential in emerging economies.
FlexClub also supports global brands such as Avis, Europcar and Bajaj with the distribution of their vehicle subscription products to customers with either personal, business or work needs. The partnership between Untapped Global and FlexClub extends to car subscriptions, in collaboration with Avis Fleet and several other leasing companies across South Africa and Mexico.
“We are committed to growing the use of EVs in Mexico and developing the energy infrastructure necessary for the future of mobility,” says Servando Canales, Director of Innovation at Italika, and CEO of the group’s innovative energy business, Citio. “Our alliance with FlexClub and Untapped Global will accelerate the adoption of electric vehicles by providing a more flexible alternative to traditional financing.”
In March 2021, FlexClub raised $5 million to simplify buying, insuring and financing cars across emerging markets by connecting customers looking for flexible access to long-term cars with its partners, offering car subscriptions.
Founded in 2019 by Marlon Gallardo, Rudolf Vavruch and Tinashe Ruzane, the firm started with a $1.2 million seed round led by CRE Venture Capital to improve its core technology to protects car owners from fraud. Marlon Gallardo is Mexican while Rudolf Vavruch and Tinashe Ruzane are South Africans. With Marlon on board, FlexClub was able to expand to Mexico, where ride-hailing drivers too don’t have access to car financing.
FlexClub has also partnered with with Uber in South Africa and Mexico to help Uber drivers get access to cars for ridehailing and deliveries either on a short or long-term lease. FlexClub has also partnered with U.S. car rental company Avis to offer car subscriptions on its marketplaceamong other multinational fleet operators.
With the launch of Bolt, Rappi and Didi in South Africa, FlexiClub sees a huge customer base for its cars and motorcycles.