TapFin Floats NBFC GoGreen Capital To Offer Green Financing Solutions

Fintech startup TapFin has floated a new NBFC subsidiary GoGreen Capital to offer financing solutions for cleantech businesses. 

In a statement, the fintech startup said that the NBFC will offer customised credit solutions to startups, small businesses, original equipment manufacturers (OEMs), engineering, procurement, and construction (EPC) companies, among others, for their sustainability-driven initiatives. 

Initially, GoGreen Capital will focus on catering to borrowers in clean mobility, solar and battery circulatory sectors. 

“GoGreen Capital will provide commercial asset loans, business loans, and leasing solutions tailored to the clean mobility, battery and solar ecosystems,” TapFin said in a statement. 

Founded in 2023 by Aditya Singh, Pramod Marar, and Terniza Berry, TapFin is a fintech startup that offers business loans and supply chain financing, insurance, among others, for the cleantech ecosystem.  

“We applied for the NBFC licence after we secured a $4 Mn seed round from Elevar Equity last year… in due course of time, we got the NBFC licence. We actually got it in early January… Now, over the last couple of months, we’ve been trying to put the budget in place, get the systems, get people on board, the policies, processes, and obviously funds,” Marar told Inc42. 

He added that the startup plans to operationalise the NBFC later this month. 

The NBFC will leverage TapFin’s data-driven underwriting and contextual credit assessments, based on non-traditional insights like vehicle usage patterns, battery analytics, ecosystem partnerships, and fleet operations, to extend loans to borrowers. 

The launch of the NBFC will help TapFin trim the dependence on external platforms, lend capital from its own books, and establish an asset base.

GoGreen Capital is also looking to collaborate with financial institutions to expand its green financing solutions, including co-lending opportunities to tap into tier-II & III cities. 

“GoGreen Capital will use ‘TapFin Hub’ –  TapFin’s proprietary platform’s core capabilities –  OEM and suppliers whitelisting, real-time asset management & monitoring via advanced AI models, portfolio valuation and disposal monetisation – to achieve a faster and more innovative go-to-market,” the startup added. 

TapFin Hub offers companies access to advisory financing, battery and vehicle management, marketplace and analytics. 

The startup raised $4 Mn in its seed funding round from Elevar Equity in March last year. In the green financing space, it competes with the likes of Mufin Green Finance and Ecofy.