loveelectric

What loveelectric does

loveelectric is a UK-based fintech operating an electric vehicle salary sacrifice scheme platform. Founded in 2021 in Edinburgh, the company enables UK employers to offer their employees access to electric vehicles through pre-tax salary deductions, delivering savings of 30-60% versus traditional vehicle finance. The scheme is cost-neutral for employers, funded through National Insurance Contribution savings, and includes all-inclusive monthly packages covering insurance, maintenance, tyres, breakdown cover, and MOT.

The company's technology stack centers on a proprietary salary sacrifice administration platform with three notable components: (1) the Live Vehicle Stock (LVS) API, developed in partnership with Lex Autolease since October 2024, which integrates with 35+ UK brokers for used EV distribution; (2) the reloved used EV marketplace, making loveelectric the only provider offering both new and used EVs through salary sacrifice; and (3) an Early Termination Protection system (Zero Risk Guarantee) that protects employers from costs if an employee ends a lease early. Supporting products include a Charge Card (virtual Visa via Bypass acquisition), a mobile app, and partnerships with Hypervolt (home chargers), Pod Point (home chargers), and Stark (workplace charging).

Revenue is generated through three streams: monthly per-employee service fees from employers, broker commissions from leasing companies, and partner commissions from charging and insurance partners. The company operates a B2B2C model requiring employer sign-up before employee access, with distribution via direct sales, self-serve platform, broker API integrations, and a partner referral program. Following the 2025 acquisition by Perkbox (UK's largest employee benefits company), loveelectric now serves over 1,500 companies and has access to Perkbox's platform reaching 4 million+ employees and 5,000+ businesses. The company is FCA-authorised (FRN 743264), B Corp certified, and BVRLA-registered.

Name

loveelectric

Legal name

Love Electric Financial Services Ltd

Website

https://loveelectric.cars

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

loveelectric is a UK-based fintech operating an EV salary sacrifice platform that enables employers to offer employees electric vehicles through pre-tax salary deductions. Founded in 2021, now part of Perkbox, serving 1,500+ UK companies.

Ownership category

akta.pro rank

Product category

EV Salary Sacrifice Services

SIC

Services-Auto Rental & Leasing (No Drivers) (7510)

akta.pro primary industry

Passenger Vehicle Leasing & Long-Term Rental (Cars/SUVs) (TLABAHAA)

akta.pro secondary industry

EV Charging-Integrated Rentals (Bundled Charging, Roaming, Home Charger Add-ons) (THADANAJ)

Keywords

• EV salary sacrifice
• Employee car benefits
• Electric vehicle leasing
• Used EV marketplace
• Corporate EV schemes

Headquarters

HQ city

Edinburgh

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure, Supply Chain

Revenue model

1. Service Fee: A monthly service fee paid by the company to loveelectric for each employee lease, covered by the employer's NIC savings, ensuring cost-neutrality for employers.
2. Broker Commission: Commission paid to loveelectric by leasing companies (broker fee) based on fixed rate commission for introducing employers to leasing companies, included within total rentals.
3. Partner Commissions: Commissions earned through commercial partnerships with insurance and home charging partners (Hypervolt, Pod Point). These do not impact employee salary deductions or employer service fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

loveelectric is an FCA-authorised credit broker that administers EV salary sacrifice schemes for UK employers. Employees of enrolled companies lease new or used electric vehicles with monthly costs deducted from gross salary before tax, achieving 30–60% savings versus traditional finance. All-inclusive monthly packages cover insurance, maintenance, tyres, breakdown cover and MOT, and the Zero Risk Guarantee protects employers against early lease terminations.

Product overview

loveelectric operates as a unified EV salary sacrifice platform with a modular architecture anchored by its core EV Salary Sacrifice Scheme. The core scheme is enhanced by the Zero Risk Guarantee (early termination protection as standard) and the reloved® used EV marketplace (the only leasing provider offering both new and used EVs). Supporting modules include the Charge Card (a virtual Visa card for EV charging payments), the loveelectric Charge App (mobile companion app), Dynamic Deposits (optional deposit feature), and the Calculator tool. Charging solutions are offered as bolt-on modules via partnerships with Hypervolt (home chargers), Pod Point (home chargers), and Stark (workplace commercial chargers). The Live Vehicle Stock (LVS) API, developed with Lex Autolease, enables broker network integration for used EV leasing. Additional engagement tools include weekly webinars and a Partner/Referral Programme. The company operates as a B2B service where employers register their company and employees then select and lease EVs.

Differentiator

Problem solved

Functional benefit

Products and services

• EV Salary Sacrifice Scheme Core product enabling employees of enrolled UK employers to lease new or used electric vehicles through a salary sacrifice arrangement, with monthly costs deducted from gross salary before tax, achieving 30–60% savings versus traditional finance. The scheme is cost-neutral for employers and includes insurance, maintenance, tyres, breakdown cover and MOT in one all-inclusive monthly payment.
• Zero Risk Guarantee (Early Termination Protection) Industry-leading Early Termination Protection included as standard with every lease, providing employers complete peace of mind from Day 1 if an employee needs to end their lease early, with no unexpected costs. Delivered through the Love Electric Protection Services Ltd subsidiary.
• reloved® Used EV Marketplace Used EV marketplace offering carefully selected, quality-assured used electric cars at lower monthly price points through the salary sacrifice scheme, making loveelectric the only UK leasing provider offering both new and used EVs through salary sacrifice.
• Charge Card (Bypass-powered) Pre-paid virtual Visa card (provided via Bypass) that enables employees with a company EV to pay for public and home charging, saving up to 60% on every charge through salary sacrifice. Works with 100% of UK chargers including Tesla Superchargers and bolts onto existing EV salary sacrifice schemes.
• Live Vehicle Stock (LVS) API API product developed in partnership with Lex Autolease enabling used electric vehicles to be leased across the UK's broker network. Over 35 brokers (including Nationwide, DriveElectric and Planet Leasing) have integrated with the LVS API to source used EVs for their leasing customers.
• Partner / Referral Programme Referral programme for brokers, IFAs and other intermediaries to refer clients to loveelectric and earn commission on each EV leased. Partners receive leads, unique tracking codes, comprehensive support materials and dedicated partner support.

Quantifiable outcome

• Employees save 30-60% on EV leasing costs through salary sacrifice
• +4 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Five partnerships are on record, tiered flagship, core and minor.

• PerkboxflagshipStrategic or Co-development Partner · 1 January 2025loveelectric was acquired by Perkbox, the UK's largest employee benefits company. The acquisition supports loveelectric's growth and complements Perkbox's platform reaching over 4 million employees in the UK. As part of Perkbox, loveelectric can deliver EV salary sacrifice at scale to over 5,000 businesses.
• Lex AutoleasecoreTechnology or Integration · 1 October 2024Partnership to develop the Live Vehicle Stock (LVS) API enabling brokers across the UK to access used EVs for leasing through the loveelectric network. The API has enabled an additional 600 used EVs to be leased across the broker network.
• StarkcoreStrategic or Co-development PartnerPartnership to offer workplace EV charging solutions. Stark provides OCPP-compliant commercial chargers (7kW to 22kW) with MID and OZEV approval. loveelectric refers customers to Stark for workplace charging infrastructure.
• HypervoltcoreGTM or Marketing PartnerPartnership offering Hypervolt Home 3.0 Pro smart chargers through loveelectric's salary sacrifice scheme. Employees can save up to £500 (~50%) on fully installed home chargers through salary sacrifice.
• Pod PointminorGTM or Marketing PartnerPartnership offering Pod Point home charging solutions with £50 exclusive discount for loveelectric customers. Pod Point Solo 3S chargers available with installation included.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Others

• Perkbox: Perkbox is the UK's largest employee benefits platform and loveelectric's parent company post-2025 acquisition. It is thematically related as the distribution and platform layer that hosts loveelectric's scheme and provides adjacent benefits to UK employees.

Direct peers

• The Electric Car Scheme: The Electric Car Scheme is a UK-focused EV salary sacrifice provider targeting employers seeking to offer electric vehicles as an employee benefit. Direct competitor with overlapping value proposition and customer base.
• Octopus Electric Vehicles: Octopus Electric Vehicles offers EV salary sacrifice and salary exchange schemes to UK businesses, leveraging the Octopus Energy brand. It is a direct competitor to loveelectric in the EV salary sacrifice space with similar target customer and benefit structure.
• Zenith Vehicle Contracts: Zenith is a major UK fleet leasing and vehicle management provider with salary sacrifice offerings. It competes directly with loveelectric for employer EV scheme business and operates at larger scale as a leasing incumbent.
• DriveElectric: DriveElectric is a UK EV leasing specialist and broker. It is both a competitor in the EV lease space and an integrated partner via loveelectric's Live Vehicle Stock API — providing direct comparability on EV aggregation and broking.
• Tusker: Tusker is one of the UK's largest salary sacrifice car scheme providers, offering EVs and ICE vehicles through similar employer-administered schemes. It is the most direct comparable to loveelectric in product, target customer (UK employers), and business model (credit broker/admin).

Broad incumbents

• Arval UK: Arval is a global fleet leasing and mobility player with a significant UK presence and EV salary sacrifice offerings. As a broad incumbent, it competes across the wider fleet/employee vehicle scheme market in which loveelectric operates.
• ALD Automotive / LeasePlan: ALD Automotive (now combined with LeasePlan) is one of the world's largest fleet leasing and mobility providers with strong UK operations. A broad incumbent offering overlapping fleet and EV scheme capabilities, though not a pure-play salary sacrifice specialist.
• Lex Autolease: Lex Autolease is the UK's largest vehicle leasing company and a strategic technology partner of loveelectric (co-developer of the LVS API). It operates broadly across fleet leasing with EV offerings, providing both partnership context and competitive benchmark.

Emerging players

• Bypass: Bypass is an EV charging payments platform acquired by loveelectric in June 2025. It provides salary sacrifice-integrated EV charging payment solutions — adjacent technology that loveelectric has now vertically integrated into its offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/IoveelectricUK

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about loveelectric