Finance
Global funds in driver’s seat, EV financing firms charge full steam ahead
Rev Fin, OTO, Mufin Finance, and Three Wheels United are among the many fintech companies which have secured both fairness or debt financing from the likes of Northern Arc Capital, Shell Basis, Delta Corp Holdings, Incofin Funding Administration, Matrix Companions India, Prime Enterprise Companions, 9Unicorns and Higher Capital – world and native funds that help inexperienced initiatives. These partnerships search to route loans for EV purchases to the un-banked and the under-banked, specialists stated.
Some months in the past, digital e-mobility lending platform Revfin raised ₹100 crore funding in debt, led by Northern Arc, Liquiloans and Shell Basis, a UK-registered charity. This can assist Revfin develop the e-rickshaw financing companies in new states resembling Assam, Madhya Pradesh, Rajasthan and Punjab, stated Sameer Aggarwal, Founder and CEO, RevFin.
“The newest influx of funds will assist us overcome a number of obstacles within the EV financing house in a structured method,” stated Aggarwal. “Having skilled over 5X development in month-to-month disbursements, now we have constructed partnerships with all main e-rickshaw OEMs and are additionally planning to carry ahead our subsequent fairness elevate.”
For world funds, these partnerships are additionally key to reaching sustainability objectives.
“We’re partnering with RevFin for financing electrical mobility, a quickly evolving phase that may assist scale back carbon emission and result in sustainable improvement,” stated Bama Balakrishnan, Chief Working Officer, Northern Arc Capital.
Equally, Mufin Inexperienced Finance this month raised ₹45 crore in Collection A funding from Incofin India Progress Fund.
Value Influences EV Buy Selections
The corporate has helped finance the acquisition of ₹160 crore price of EVs in 9 States. Mufin Inexperienced Finance additionally funds EV charging stations and battery top-up loans moreover bankrolling car purchases.
Two-wheeler financier OTO raised ₹6 crore final month from enterprise debt agency Stride Ventures. That spherical of financing comes virtually a yr after OTO raised $6 million in Collection A funding, led by Matrix Companions India. Three Wheels United (TWU) has additionally raised $10 million in Collection A funding led by Delta Corp Holdings. The dearth of reasonably priced financing choices for low-income shoppers stands in the way in which of sooner EV adoption regardless of some decline in car prices.
“India’s EV adoption price is shifting slowly, primarily as a result of they don’t seem to be priced on a par with typical automobiles and are available at a premium,” stated Rohit Mehta, Managing Director, Akasa Finance. “It influences buy selections.” Established non-bank lenders, in the meantime, are nonetheless cautious about lending to this phase of the automotive trade. That is a spot the fintech companies are searching for to fill.
“We’re capable of fulfil financing necessities with versatile EMI choices, making the acquisition a lot simpler,” stated Sumit Chhazed, CEO and cofounder, OTO.
OTO has tie-ups with a few of India’s greatest two- and three-wheeler corporations, resembling Hero MotoCorp, TVS Motor, Bajaj Auto and Suzuki. The platform affords 35% decrease EMIs in contrast with different banks.
India’s EV financing market will probably be price $50 billion (₹4.1 lakh crore) by 2030, when 30% of personal vehicles, 70% of business automobiles and 80% of two- and three-wheelers are anticipated to make use of the electrical powertrain.
Enterprise capital fund Blume stated that gross sales of electrical two-wheelers are anticipated to develop 24 instances their present volumes in India by 2030 to the touch 17.69 million items, up from a projected quantity of 0.75 million this yr.
Finance
Your money habits trace back to childhood, financial psychotherapist says. Here's how to fix them
Your relationship with money might seem random, but one expert says it offers clues about your childhood — and understanding this could help overcome toxic spending habits.
Vicky Reynal, a financial psychotherapist and author of “Money on Your Mind,” told CNBC Make It that there are psychological reasons behind our spending habits, and many of these attitudes stem from childhood experiences.
“Our emotional experiences growing up will shape who we become,” she said.
For example, someone who felt secure during childhood might feel that they deserve good things, and later in life may be more likely to negotiate a higher salary or enjoy the money they have, Reynal said. Whereas someone who experienced childhood neglect may grow up with low self-esteem and act this out through money behaviors.
This could include feeling guilty when spending money because they don’t feel they deserve good things, or splashing the cash to impress because they feel unworthy of attention.
“The little toddler that goes up to their parents to show them their scribble — how they get responded to will give them a message about how the world will respond to them,” Reynal added.
Scarcity or wealth
Reynal said “the money lessons we learn growing up” are largely shaped by whether we grew up in an environment of scarcity or wealth.
“To give you an example, growing up in scarcity, people that manage to move themselves out of that economic reality, and maybe in their own adult life manage to accumulate quite a bit of wealth, it’s quite common for them to struggle with what they call the scarcity mindset,” Reynal said.
This is a pattern of thinking that fixates on the idea that you don’t have enough of something, like money. A scarcity mindset means someone might struggle to enjoy the money they’ve earned and be anxious about spending it, Reynal added.
Alternatively, there are people who grew up with little but became wealthy, and are now very careless with money.
“They’re giving themselves everything that they longed for when they were little so they might go on the other extreme and start spending it quite carelessly, because now they want to give their children everything that their parents couldn’t give them,” Reynal added.
Stop self-sabotaging
The key to overcoming toxic spending habits is to stop self-sabotaging — a common behavior — according to Reynal.
“Often behind a pattern of financial self-sabotage, there are deep-seated emotional reasons, and it could range from feelings of anger, feelings of un-deservedness, to maybe a fear of independence and autonomy,” she said.
To identify these, you first have to determine what your financial habits and inconsistencies are, Reynal said, giving an example of someone who might overspend in the evenings.
“Is it boredom? Is it loneliness? What is the feeling that you might be trying to address with the overspending?” she said.
“That’s already giving you a clue as to what you could be doing different. So, if it’s boredom, what can you replace this terrible financial habit with?”
Reynal said she had a young client who would always run out of money within the first two weeks of the month. She asked them: “What would happen if you were financially responsible?”
The client revealed that they feared risking their relationship with their mother because every time they ran out of money, they called their mother to ask for more.
“Their parents had divorced a long time ago, and the only time they ever spoke to their mother was to ask for money,” Reynal said. “They had a vested interest in being bad with money, because if they were to become good with money, then they had the problem of: ‘I might not have an excuse to call mother anymore and I don’t know how to build that relationship again’.”
The financial psychotherapist recommended being “curious and nonjudgmental” when considering the root of bad spending behavior.
“So sometimes asking ourselves: “What feelings would I be left with if I actually didn’t self-sabotage financially, or if I weren’t so generous with my friends?’ That can start to reveal the reason why you might be doing it,” she added.
Finance
Downing & Co. Elevates Financial Legacy With Expert Estate Planning Services in Portland
Portland-based CPA firm helps clients safeguard their wealth and secure their family’s future with comprehensive estate planning services.
PORTLAND, OREGON / ACCESSWIRE / December 26, 2024 / In a city renowned for its entrepreneurial spirit and thriving businesses, Downing & Co. is taking a bold step forward in helping Portland residents protect what matters most: their legacy. The firm offers specialized estate planning services, designed to ensure their clients’ wealth is preserved and passed down seamlessly to future generations.
With over five decades of experience in financial strategy, Downing & Co. brings a trusted, proactive approach to estate planning. As Portland’s go-to CPA firm, they’ve built a reputation for delivering personalized solutions that go beyond typical financial management. Their estate planning services focus on reducing tax burdens, avoiding costly mistakes, and ensuring assets are distributed according to the client’s wishes.
“Estate planning isn’t just about financial protection-it’s about preserving your life’s work and values for the people you care about,” said Tim Downing, Managing Principal at Downing & Co. “Our goal is to provide peace of mind by ensuring that clients’ wealth stays where it belongs-within their family and community.”
Why Estate Planning Matters in Portland
For high-net-worth individuals and small business owners, estate planning is critical in Portland’s competitive economic landscape. Without a clear plan, families risk losing up to 40% of their inheritance to taxes and government regulations. By offering expert guidance and strategic structuring, Downing & Co. ensures clients avoid these pitfalls while safeguarding their financial legacy.
Key benefits of Downing & Co.’s Estate Planning Services include:
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Minimizing Estate Taxes: Advanced planning can reduce the tax burden on your estate, ensuring more of your wealth is retained by your heirs.
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Efficient Wealth Transfer: Clear strategies streamline the process of passing on assets, reducing legal challenges and delays.
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Preserving Family Legacies: Customized solutions ensure your assets align with your values, supporting the people and causes you care about most.
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Proactive Risk Mitigation: Estate plans address potential legal and financial risks, protecting your wealth against unforeseen challenges.
A Holistic Approach to Financial Security
Downing & Co.’s Estate Planning Services are part of a broader commitment to comprehensive financial management. Their holistic approach integrates tax planning, wealth preservation, and business advisory services to create a seamless strategy that addresses every aspect of a client’s financial well-being.
Finance
Stock market today: Dow, S&P 500, Nasdaq fall after Christmas break
US stocks fell Thursday as trading resumed after the Christmas holiday, as Wall Street digested one of the only economic data points of the week.
The S&P 500 (^GSPC) was down 0.3% while the the tech-heavy Nasdaq (^IXIC) declined 0.3%. The Dow Jones Industrial Average (^DJI) lost 0.4%, leading the way down.
Meanwhile, bitcoin (BTC-USD) slumped, falling below the $96,000 level as volatile trading continued. Crypto-linked stocks like MicroStrategy (MSTR) tracked the declines.
Markets looked to be struggling in a bid to extend the start of the “Santa Claus rally,” which kicked off with a bang on Tuesday. All three major indexes rose around 1%. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are within striking distance of their records after clawing back gains from a Fed-fueled dive last week.
As Wall Street saunters back from its holiday break, the normally routine release on weekly jobless claims took more of a spotlight than usual, as the only piece of the jobs puzzle on the docket this week.
Labor Department data released prior to the market open showed weekly jobless claims fell to 219,000 compared with expectation of 223,000. However continuing claims surged to 1.19 million in the week ending December 14 to the highest level since November 2021, in a sign the labor market may be cooling.
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