FINN, a leading auto subscription company based in Germany and the US, has signed a €25 million asset-backed facility with Avellinia Capital, which backed Madrid-based RITMO. Avellinia Capital is a private lending investment firm focused on providing flexible growth financing solutions to fast-growing companies in the fintech, e-commerce, and mobility sectors. This follows the $110 million Series B funding that was raised back in 2022.
This facility complements its existing asset-backed securitisation (ABS) program, effectively increasing the advance rate from 95% to 100%. With the 100% advance rate milestone now realised, fleet financing through its ABS program fully funds FINN’s vehicle purchases. As such, FINN can fully dedicate future capital to growth initiatives instead of fleet financing.
To date, FINN has secured €1 billion of debt and leasing facilities to support its strong fleet growth in the upcoming years.
“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. The commitment from a renowned capital provider such as Avellinia Capital again underlines our strong access to capital markets and shows the confidence of our supporters in our business model and team,” said Max Beyer, CFO and Managing Director of FINN.
“We were immediately impressed with the team and the car subscription product after initial discussions, and we are happy to support FINN’s proven growth and execution of a fully debt-financed fleet strategy with our capital. This 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.
Flexible, climate-neutral car subscriptions
Founded in 2019 by Maximilian Wühr, Nikolai Schröder, Andreas Wixler, Max Beyer, Hans-Peter Ringer, and Max-Josef Meier. in Germany, FINN offers an attractive all-inclusive mobility service with rapid availability and driveway delivery of its vehicles. Aligned with a growing demand for sustainable mobility, 30% of FINN’s global fleet consists of electric vehicles.
With FINN, traveling in a car becomes as easy as buying shoes on the Internet. You can subscribe to a car in just a few seconds without having to worry about insurance, registration, taxes or maintenance. It offers a selection of new cars for rent, which can be delivered to the customer’s home, with no hidden fees or down payments.
Customers can access items and services rather than owning them, which would require them to pay hefty amounts of cash in advance. While similar car rental services charge users on a monthly basis, FINN’s minimum rental period is six months. Further, the CO2 emissions of all vehicles offered by the platform are compensated in certified climate projects.