Finn receives up to one billion euros for fleet expansion

The German car subscription provider Finn has announced the conclusion of a new ABS (asset-backed security) financing programme worth up to one billion euros. The debt capital will enable Finn to further expand its fleet - also outside Germany.

With an asset-backed security, the borrowed capital is secured by the car fleet. According to Finn, it will utilise the ‘ABS II’ to purchase new vehicles “in order to continue to grow on the German domestic market.” But: “In addition, the financing will also form the basis for building up the fleet for European expansion,” the company says.

However, Finn does not specify which markets this will involve. Instead, the focus is on the banks providing the financing – including Citi and Jeffries, but Avellinia Capital is also expanding its commitment to fleet financing. “For our second ABS financing, we were able to win over 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 products in the future,” says Nikolai Schröder, COO and co-founder of Finn. “At the same time, the programme is a strong sign of confidence in Finn and the result of ongoing professionalisation and stringent work in the area of risk management.”

The Finn fleet currently comprises over 25,000 vehicles. That also includes electric cars, although the company does not specify how many. Finn currently offers eleven different electric models on its website. At the moment, these are mainly vehicles from Hyundai and Kia, primarily different variants of the Hyundai Ioniq 5 and Kia EV6 – right up to the top models Ioniq 5 N and EV6 GT. However, the Ioniq 6 electric saloon, the Kona electric and the new Inster small electric car are also available.

From the VW Group, there are the MEB models Skoda Enyaq and Cupra Tavascan, as well as the Audi A6 e-tron Avant electric estate. From the Stellantis Group, there is currently only the Peugeot e-2008, from Mercedes the Smart #1 in the Brabus version, the Toyota bZ4X and the Nissan Ariya as further electric SUVs.

Vehicles from Tesla, Polestar or Nio are not currently on offer. The press photo accompanying the press release shows a Tesla Model 3 as well as a BMW iX and an electric Fiat 500, which are also not available at the moment.

finn.com (in German)