Munich-based FINN, a car subscription platform has today announced the closing of a new ABS financing program (Asset-backed Security) “ABS II” with a volume of up to €1 billion euros.
The financing is provided by leading banks, including Citi and Jefferies. In addition, Avellinia Capital is extending and expanding its commitment to FINN’s fleet financing. This debt capital enables the Munich-based company to further expand its fleet and grow more efficiently in its home market Germany and across Europe.
“For our second ABS financing, we were able to secure the backing of several of the world’s most renowned financial institutions. 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,” comments Nikolai Schröder, COO and Co-founder of FINN, on the closing of ABS II.
Founded in 2019 by Andreas Stryz, Hans-Peter Ringer, Max-Josef Meier, Maximilian Wühr, and Nikolai Schröder, FINN is an independent platform for car subscriptions from over 30 brands. Users can subscribe to a car and have it delivered directly to their doorstep in just a few days. They offer a carefree service and handles insurance, financing, registration, taxes and maintenance.
FINN also funds climate action by supporting certified climate protection projects and thus offsets the carbon footprint of every vehicle of all drive types – from production to every mile driven.
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.
“Jefferies, as part of its strong focus on asset-backed platforms in Europe across its Fixed Income and Banking franchises, is proud to have been able to support FINN in the next phase of its growth as a unique provider of individual mobility via its customer-focused subscription model”, says Mark Collier, EMEA Head of Securitisation at Jefferies
Read the orginal article: https://www.eu-startups.com/2025/02/car-subscription-service-finn-closes-abs-of-e1-billion-euros-for-financing-its-fleet-growth/
