FINN, a leading auto subscription company in Germany and the U.S., has signed a €25 million asset-backed facility with Avellinia Capital. This facility complements its existing asset-backed securitization (ASB) program, effectively increasing the advance rate from 95% to 100%.
So far, FINN has secured €1 billion of debt and leasing facilities to support its future fleet growth. With the 100% advance rate milestone now realized, fleet financing through its ABS program fully funds FINN’s vehicle purchases.
“Through our extensive and diversified capital structure and investor base, we made the traditionally capital-intensive car subscription business scalable without growth capital required for fleet expansion.” said Max Beyer, FINN’s CFO and co-managing director.
Avellinia Capital, also known as AvCap, is a private lending investment firm providing growth financing solutions to fast-growing companies in the fintech, eCommerce and mobility sectors.
The Avellinia funding “will allow the company’s equity to target development and scaling of the FINN car subscription business, rather than towards fleet financing,” said Julian Schickel, co-founder at Avellinia Capital.
FINN’s revenue growth is currently being driven by both B2B fleet and consumer businesses the company reported. The subscription company increased its annual recurring revenue to more than €160 million. In the last funding round, FINN was valued at more than €500,000 million.
The Germany-based company provides a platform for climate-neutral car subscriptions Responding to the growing demand for sustainable mobility, 30% of FINN’s global fleet consists of electric vehicles.