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Spring Free EV all set to launch its Fintech Product
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Spring Free EV all set to launch its Fintech Product 

Spring Free EV Launches Fintech Product to Accelerate The Adoption Of Electric Vehicles

Spring Free EV is a fintech start-up that is co-founded by Sunil Paul, Cassandra John, and Martin Lagod.

Sunil Paul is an established businessman who is also the founder and CEO of a rideshare company called Sidecar. New York business executive Cassandra John is working at the center of financial services and clean energy. Her goal is to create a positive climate impact by making electric vehicles more accessible to masses.

Company Goals

Spring Free EV is established to accelerate the rate of EV adoption through innovative fintech products. The company is led by CEO Sunil Paul, who has defined his goal to curb the carbon footprint by one gigaton by 2030 by making EVs more accessible to everyday people.

This innovative start-up has the support of industry leaders like Marianne Wu, Reid Hoffman, Ev Williams, Mark Pincus, and others. The company has made ties with several top-level auto manufacturers like Nissan and Tesla. They are also working with fleet managers across six states.

Introducing Mileage Purchase Agreement (MPA)

One of the biggest barriers to EV adoption is the high price. However, if low maintenance and fuel costs are considered, EVs make a more affordable choice, especially for high-mileage drivers.

The Mileage Purchase Agreement is a financial tool that helps make electric vehicles more affordable by cutting down the high upfront costs. This is done by charging per mile of use.

This is considered a unique approach adopted by Spring Free EV to remove the biggest barrier out of the way. The MPA is embraced by fleet managers across the country.

Spring Free EV & Cox Automotive Partnership

Spring Free EV has recently entered in partnership with Cox Automotive to provide used EVs to smaller businesses through a subscription based program. This news is confirmed by both the companies this week.

This will help businesses to switch from gas-powered to EVs as they are required to pay fees for per-mile usage along with a modest monthly charge.

The problem with electric vehicles is that they are very expensive. However, it has a low operating cost than a gas-powered vehicle. Spring Free EV has agreements with automotive giants like Nissan and Tesla.

Cox will handle vehicle refurbishment, acquisition, and delivery, while Spring Free EV will take care of the financial transactions with businesses. The mileage purchase agreement by Spring Free EV will remove the up-front cost. Rather the agreement will work like a subscription.

Spring Free EV is focused on reducing the carbon emissions by one gigaton by 2030 and they are already working towards their goal.

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