REVENUE GROWTH TO SUPPORT FURTHER U.S. EXPANSION WHILE SCALING GERMAN OPERATIONS
NEW YORK, Nov. 2, 2022 /PRNewswire/ — FINN, the leading car subscription platform in the U.S. and Germany, today announced that it has grown to €100 Million in Annual Recurring Revenue (ARR), less than three years after launching in Germany. During that span the company has also raised $110 Million in Series B and $700 Million in ABS financing to fund its steep growth. The revenue growth to €100 Million marks the latest milestone for the company, which continues to achieve rapid consumer adoption through its seamless and convenient car subscription model. FINN first launched in Germany in late 2019 before expanding to the United States in 2022, where it is currently available to residents in Connecticut, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, Pennsylvania, Vermont, Virginia and Washington, D.C.
During its first six months in the U.S., FINN grew its subscription business twice as fast as in Germany in its first year, while also growing to 27 U.S. fleet partnerships. FINN expects to continue its expansion in the U.S. while expanding its fleet of vehicles and brand offerings.
FINN offers a one-stop e-commerce experience – with the company’s flat monthly rate covering the cost of the vehicle, insurance, roadside assistance, and more. Through a seamless digital experience, FINN customers can order their car in less than five minutes.
“We are thrilled by the customer response to our service in the U.S. and Europe, which demonstrates real consumer demand for FINN’s seamless and convenient car subscription model,” said Maximilian Wühr, Co-Founder and Chief Growth Officer at FINN. “As we continue to grow, we will continue to invest to deliver the best customer experience at a competitive price.”
FINN offers a wide range of vehicles as part of their fleet offerings, including Buick, Cadillac, Chevrolet, GMC, Jeep, Nissan, Tesla, and Ram. Thirty percent of its fleet are electric vehicles (EVs). FINN vehicles range from compact sedans to full-sized SUVs, and subscriptions start at just $549 per month.
About FINN
FINN is a car subscription platform united by its purpose to make mobility fun and sustainable by providing a flexible way to choose the car that best fits its customers’ lifestyles. The established car subscription provider offers transparency in pricing, as well as comprehensive insurance, maintenance and 24/7 customer support and roadside assistance. The company facilitates consumer adoption of electric vehicles and offsets the CO2 expended for every mile driven across its active fleet of vehicles. FINN makes driving a car seamless and convenient: with just a few clicks, customers can subscribe to a car that will be delivered straight to their door in just a few days or weeks.
SOURCE FINN
