Onto is a fast-growing venture capital-backed car subscription business. Onto purchases fleets of electric vehicles (EVs) each month. It distributes its fleets through a digital platform as a subscription service to their customers.
On the fleet purchases, they pay up to £2 million in VAT each month which they could reclaim. However, each time, they would need to wait up to three months to get the money back.
The user had separate EV finance arrangements provided by major international banks but funding the VAT required a lengthy documentation process and a time lag they couldn’t afford.
The user needed to find a simplified and more efficient process to benefit from the tax credits they were owed. Adsum was recommended to the user by a peer within their network.
Not only did Adsum calculate and advance the funds they were owed, but we also simplified the legal documentation process with a fully automated system that did not restrict their existing finance arrangements.