TapFin, a platform focused on sustainable finance, launched its non-banking financial company (NBFC), GoGreen Capital, on Tuesday. Its goal is to support green projects and help businesses move toward renewable energy sources.
Initially, the NBFC will target sectors like clean mobility, solar power, and battery recycling. It aims to help start-ups, small and medium-sized businesses, and fleet operators access funding for eco-friendly initiatives.
Pramod Marar, Co-founder and CBO of TapFin, explained that the idea for the NBFC came from experience in the financial services industry. He noted that lenders are still hesitant about funding green projects. Meanwhile, regulators are urging banks to focus more on sustainability.
Marar said that there is a big chance for growth in this area. “We saw an opportunity to not only connect different parts of the ecosystem but also take part ourselves. That’s why we decided to start our own NBFC,” he added.
GoGreen will offer loans for equipment, business expansion, and other financial needs in its focus sectors. It will use TapFin’s platform for data analysis to evaluate credit. The system looks at things like vehicle use, battery health, and fleet operations to create tailored solutions for each customer.