Finn announces the completion of a new asset-backed security (ABS) financing program, "ABS II," with up to one billion euros. The financing is coming from leading global banks, including Citi and Jefferies. At the same time, Avellinia Capital is extending and expanding its fleet financing commitment. Nikolai Schröder, COO and co-founder of Finn, comments:
"For our second ABS financing, we were able to attract several of the world's most renowned financial institutions. This financing enables us to continue pursuing our ambitious growth plans and offer our customers even more attractive offerings in the future. At the same time, the program is a strong sign of trust in Finn and the result of our increasing professionalization and rigorous work in the area of risk management."
Mark Collier, EMEA Head of Securitisation at Jefferies, says:
"Jefferies is delighted to support Finn in its next phase of growth as an innovative provider of individual mobility with its customer-centric subscription model – as part of our commitment to asset-based platforms in Europe across our fixed income and banking businesses."
Finn was founded in 2019 with the mission to have a positive impact on people, businesses and the planet through uncomplicated mobility. Startup offers cars on a subscription basis, including all additional costs such as tax, insurance, tires, and maintenance. Customers only have to cover the costs for fuel or electricity. The startup also supports certified climate protection projects to CO2 footprint to compensate for every vehicle of all drive types. According to the company, Finn currently serves both private and business customers with a fleet of over 25,000 vehicles.
Most recently, the growth equity fund Planet First Partners, HV Capital, Korelya Capital, UVC Partners, White Star Capital and Picus Capital invested 100 million euros in the startupIn addition, Avellinia Capital has already provided €25 million as part of an initial asset-backed financing. With an asset-backed security, the debt is secured by the car fleet. Finn intends to use the ABS II to purchase new vehicles to further grow in the German domestic market. Furthermore, the financing will also form the basis for fleet expansion for European expansion.
