Finn announces the completion of a new ABS financing program (Asset-backed Security) “ABS II” worth up to one billion euros. The funds come from leading banks worldwide, including Citi and Jefferies. At the same time, Avellinia Capital is expanding and extending its commitment to fleet financing. 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 to offer our customers even more attractive options in the future. At the same time, the program is a strong sign of confidence in Finn and the result of ongoing professionalization and rigorous work in the field of risk management.”
Mark Collier, EMEA Head of Securitisation at Jefferies, says:
“Jefferies is pleased to support Finn in its next growth phase as an innovative provider of individual mobility with its customer-focused subscription model – as part of our commitment to asset-based platforms in Europe through our Fixed Income and Banking business segments.”
Finn was founded in 2019 with a mission to have a positive impact on people, businesses, and the planet through uncomplicated mobility. The startup offers cars including all ancillary costs such as taxes, insurance, tires, and maintenance on a subscription basis. Customers only have to cover fuel or electricity costs themselves. The young company also supports certified climate protection projects to offset the carbon footprint of every vehicle regardless of powertrain type. Currently, according to the company, Finn serves both private and business customers with a fleet of over 25,000 vehicles.
Most recently, growth equity fund Planet First Partners, HV Capital, Korelya Capital, UVC Partners, White Star Capital, and Picus Capital invested 100 million euros in the startup. In addition, Avellinia Capital already provided 25 million euros as part of the initial asset-backed financing. In an asset-backed security, the borrowed capital is secured by the car fleet. Finn intends to draw on ABS II to purchase new vehicles in order to continue growing in its German home market. Furthermore, the financing is also intended to form the basis for fleet expansion for a European expansion.
