VEMO Secures MXN $1.3 Billion to Boost Its Growth in Mexico • VEMO

VEMO Secures MXN $1.3 Billion to Boost Its Growth in Mexico

  • Beel Credit, Banco Covalto, Kapital, and Promecap participate in the financing.
  • Funds will be directed towards the growth of VEMO Impulso, its fintech arm in Mexico.

Mexico City, February 11, 2025 – VEMO, the leading Mexican cleantech company driving electromobility in Latin America, announced today that it has secured up to MXN $1.3 billion in financing from four prominent financial institutions over the past few months, including:

  • Beel Credit, the leading non-bank financing platform for infrastructure, energy, and real asset projects in Mexico, with over US$500 million in assets under management.
  • Banco Covalto, a top digital banking platform in Mexico, specializing in financial solutions to SMEs and growth-oriented individuals through data-driven insights and technological innovation. With competitive rates and agile processes, Banco Covalto has facilitated over MXN $6.5 billion in financing for hundreds of businesses.
  • Kapital, a global banking and technology platform leveraging artificial intelligence to revolutionize how SMEs operate and access capital.
  • Promecap, one of Mexico’s largest private equity funds, managing over US$4 billion in assets.

“This financing will enable VEMO Impulso to further strengthen its position as a leader in vehicle leasing for mobility platform drivers, democratizing access to credit and empowering thousands of entrepreneurial drivers to build wealth. We are incredibly proud of how far we’ve come—three years ago, this was merely an idea to finance electric vehicles. Last year, we leased over 500 electric vehicles, demonstrating that our product is not only unique but also economically, technically, and operationally sound for our customers. Today,  we have ambitious plans and the key ingredients to execute them: an extraordinary team, a proven product, strong demand, and the support of sophisticated financial partners,” said Aarón Sáenz, founder of FIMECO, the company that evolved into VEMO Impulso, where he continues to serve as Director.

VEMO Impulso, VEMO’s fintech arm, offers a tailored financing program designed for independent mobility platform drivers to own electric vehicles through leasing. The program includes exclusive benefits such as access to and preferential pricing on the more than 600 chargers in the VEMO Charging Network, Mexico’s most robust and reliable public charging network.

“It took us several years to assemble all the necessary pieces to launch our electric leasing product, the first of its kind in Latin America. Today, we  multiple models of electric vehicles at competitive prices, with the necessary range and access to our public charging network, the most robust and reliable in Mexico. Additionally, our specialized electric vehicle workshop provides fast, cost-effective services, while our proprietary ZEE technology helps extend battery life. These elements have allowed us to create an attractive product with substantially higher revenue compared to traditional combustion vehicles,” said Pablo Sansot, Legal Director at VEMO.

With additional benefits like no down payment, flexibility in credit checks, access to specialized workshops, advanced telematics, specialized insurance, replacement vehicles, performance bonuses, and comprehensive training, VEMO Impulso aims to make sustainable, cost-effective, and efficient mobility more accessible, creating a positive impact on both drivers and the communities they serve.

“This milestone, coupled with the continued support of our capital investors such as Riverstone and OIC, validates our holistic thesis and further positions VEMO as a disruptive leader in clean mobility. We are honored to collaborate with financial institutions of this caliber, which bring not only vast industry experience but also share our commitment to building a more sustainable and innovative future for mobility. With these resources, we will accelerate the growth of VEMO Impulso, benefiting thousands of families who currently lack access to financing in Mexico. This is yet another step in demonstrating through action that electromobility is not just the future —it is the present, transforming our reality,” said Nicolás Estrada, CFO of VEMO.

Currently, more than 3,500 independent drivers have financed their vehicles through VEMO Impulso, with over 50% opting for clean mobility solutions— driven by superior user experience and the economic advantages this option offers. This model is not only transforming the way drivers work but also opens opportunities for growth and professionalization in an ever-evolving sector.

In February 2024, VEMO also closed a strategic capital round with Orion Infrastructure Partners (OIC), which joined Riverstone Holdings as the second U.S.-based fund specializing in sustainable infrastructure to invest in the company.

About VEMO  

Founded in Mexico City in 2021, VEMO is a cleantech company dedicated to accelerating the adoption of clean mobility technologies through an innovative and pioneering integrated solution that encompasses: (i) electric vehicles, (ii) charging infrastructure, and (iii) data-driven fleet management technology and intelligence—forming a comprehensive clean mobility ecosystem. As a company committed to sustainability, VEMO is a signatory of the UN Global Compact in Mexico and a proud member of The Climate Pledge initiative. Our mission is to be a transformative force in mobility, enhancing urban life by reducing noise pollution, improving air quality, and enabling safer, more comfortable transportation options. Additionally, our operational model creates high-impact, sustainable jobs, while our leasing solutions promote financial inclusion. In 2023, LinkedIn recognized VEMO as one of the Top Startups in Mexico, ranking among the country’s 10 fastest-growing companies. For more information, visit: www.vemovilidad.com  

Press Contact 

CARRALSIERRA 

Joselin Pérez | joselin.perez@carralsierra.com 

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