Zeti, a digital finance platform for the transportation industry, has secured an undisclosed investment from Toyota Ventures’ Climate Fund.

Institutional financiers use Zeti to deploy capital into clean, connected vehicle fleets through a pay-per-mile (or km or kWh) model.

Through its digital platform ZERO, Zeti also offers automated payment management capabilities and real-time financial and sustainability reporting for financiers and fleet operators.

According to Zeti, it assists fleet operators in transitioning to electric vehicles by simplifying the process just like paying for other utilities.

Additionally, it enables institutional investors to produce risk-adjusted returns in a new clean asset class that is comparable to renewable energy investment.

Toyota Ventures Climate Fund partner Lisa Coca said: “Commercial fleet vehicles account for a disproportionate percentage of emissions, so the transition to widespread electrification is critical. Zeti’s fintech platform serves as an important bridge between fleet operators and sources of capital by using real-time data to enable pay-as-you-drive financing.

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“Consumption-based financing is set to play a major role in the future of mobility, and we are proud to support Zeti’s highly capable team as they work to accelerate the adoption of zero and ultra-low emission transport at scale.”

Zeti CEO Dan Saunders said: “We are delighted that Toyota Ventures has chosen to join Powerhouse and our existing seed investors to support Zeti’s continued growth.

“Committed deployment of EVs to the ZERO platform has more than quadrupled this year, with demand from both fleet operators and financiers accelerating rapidly in both Europe and US markets”.