Vapaus, a Helsinki-based provider of mobility benefits for employees, has received €15 million in a debt facility provided by Norion Bank. The capital is slated to fuel market presence in Finland and expansion across Sweden.
Vapaus CEO Tero Era shared:
"This partnership is a significant proof point for our business model and driver in releasing our growth potential.
“The funds obtained will play a pivotal role in expanding our reach and solidifying our position as a key player in the employee benefit bikes sector."
In an era where an increasing number of employers continue to submit efforts to lure workers back to the office, either by force or with an ever-increasing roster of benefits, Vapaus is tapping into the latter.
Evidenced by Off-peak Tube and train fares all day on Fridays offered up by Transport for London (TfL) in a bid to boost passenger numbers, tangentially in support of city centre businesses, Vapaus offers employers a similar, and arguably healthier, version of its own.
In contrast to bike subscriptions or e-mobility ride-sharing services, customers of Vapaus and their subsequent beneficiaries “own” their ride for the term of service, with the option to purchase the vehicle after a specified timeframe.
Selections of cycles are available via a number of partner networks, thereby allowing riders to select the cycle of their dreams, all the while able to claim a personal employee benefit as part of their salary without having to pay tax on the first €100 per month.
According to the company, Vapaus has seen growth skyrocket from €4.5 million in net revenues in 2021 to over €30 million in 2023.
On the investment, Norion Bank’s Ari Siukonen commented:
"Supporting Vapaus aligns perfectly with our values.
"We're proud to invest in the future of sustainable transportation and employee well-being. Vapaus is a perfect partner, and we're excited to witness their continued success in the Nordics."
Lead image via Vapaus.
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