German car subscription service FINN has announced the successful closing of a new asset-backed security (ABS) financing program, “ABS II,” valued at up to €1 billion. This funding is intended to facilitate the expansion of FINN’s vehicle fleet within Germany and support its planned growth across Europe.
The financing is backed by leading financial institutions, including Citi and Jefferies, with Avellinia Capital also increasing its commitment to FINN’s fleet financing. “For our second ABS financing, we were able to secure the backing of several of the world’s most renowned financial institutions,” said 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.”
An asset-backed security is a financial instrument where debt is secured by assets—in this case, FINN’s vehicle fleet. The company plans to utilize the ABS II program to acquire new vehicles, strengthening its position in the German market and laying the foundation for its European expansion.
Currently, FINN’s fleet comprises over 25,000 vehicles, serving both private and business customers. The company offers a subscription model that includes services such as insurance, financing, registration, taxes, and maintenance. Additionally, FINN supports climate action by backing certified projects to offset the carbon footprint of its vehicles.
Mark Collier, EMEA Head of Securitisation at Jefferies, commented on the partnership: “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.”
Founded in 2019, FINN has raised €250 million in equity and previously secured over €1 billion in debt financing and leasing agreements. The company has not specified which European markets it plans to enter following this latest financing round.