The opportunity to finance the contract for a Tesla delivery has been beneficial for credit unions working with Origence.

The credit union lending technology company announced on Wednesday that its subsidiary, FI Connect, funded $1 billion in Tesla deliveries in its first year of operations.

Origence said FI Connect enabled financing opportunities for 34 credit unions, processing 24,839 contracts and creating 23,833 new credit union members.

Origence recapped that FI Connect initially launched in partnership with Tesla, providing credit union financing to EV buyers directly through the Tesla website. The company said plans are in motion for expansion to other retailers later this year.

FI Connect is currently operational in 29 of the 31 states where Tesla retails vehicles has become one of the preferred financing partners on its platform.

Through its partnership with credit unions, FI Connect can compete with national banks and finance companies by offering low rates up to 84-month terms, expedited funding, and rate subvention.

In 2024, Origence partnered with Catalyst to deliver real-time payment capabilities through the FedNow Service. This enables instant loan funding and significantly accelerates transaction speed and efficiency.

With faster funding, Origence highlighted FI Connect can put credit unions in better positions for embedded financing opportunities where speed of payment is critical.

In addition, FI Connect implemented its Customer Identification Program and Know Your Customer solutions, designed to strengthen compliance and reduce false positive risk indicators, enhancing the accuracy of customer identity verification.

“We’re extremely proud of the work we’ve done to bring affordable credit union financing options directly to buyers through embedded financing,” Origence chief financial officer Neetu Bhagat said in a news release. “As the only platform in the market that allows credit unions to connect with large retailers like Tesla, FI Connect is driving this change. We are committed to making credit unions the preferred lender wherever purchasing and financing decisions occur.

“We look forward to partnering with more retailers as they recognize the value of the credit union proposition, which offers new and existing members access to cost-effective financing options,” Bhagat went on to say.