German car subscription platform FINN has closed a new Asset-backed Security financing program, “ABS II,” with a volume of up to €1 billion.
An Asset-backed Security (ABS) is a financing structure in which debt capital is secured by the company’s vehicle fleet.
FINN will utilise “ABS II” to acquire new vehicles, strengthening its position in the German market. Additionally, the financing will serve as the foundation for building a fleet for FINN’s European expansion.
Currently, FINN’s fleet consists of more than 25,000 vehicles, serving both private and business customers. Overall, FINN has raised €250 million in equity and has already secured over €1 billion in debt financing and leasing agreements in the past.
Various banks, including Citi and Jefferies provide the financing. In addition, Avellinia Capital is extending and expanding its commitment to FINN’s fleet financing.
According to Nikolai Schröder, COO and co-founder of FINN:
“This financing allows us to continue pursuing our ambitious growth plans and offer even more attractive deals to our customers.
At the same time, this program is a strong vote of confidence in FINN and the result of ongoing professionalisation and rigorous work in risk management.”
This debt capital enables FINN to expand its fleet further and grow more efficiently in its home market Germany and Europe.
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