The Munich Autoabo start-up Finn receives loans of up to one billion euros to further expand its fleet. As the company reports, it was able to complete a second ABS financing program-ABS stands for “asset-backed security”, so the car fleet is secured by debt.
The money comes from the world’s leading banks, including from Citi and Jefferies, according to the message. Avellinia Capital also receives support for fleet financing. The London investment company has extended its commitment, which has been running since July 2023.
The online provider, which specializes in auto subscriptions, plans to enlarge its fleet with the new loans and both in Germany as well as to expand on the European market. “This financing enables us to pursue our ambitious growth plans and offer our customers: In the future, even more attractive offers in the future,” said Nikolai Schröder, Chief Operating Officer and co -founder of Finn.
The Finn fleet already includes 25,000 cars
Currently more than 25,000 brands of brands such as VW,, Audi,, BMW,, Mercedes Benz,, Opel,, Toyota and many more to offer the Munich company.
Since its foundation in 2019, the start-up has now collected 250 million euros in equity, and there are more than one billion euros from debt and leasing agreements. In 2022 the Munich also expanded into the USA. In January 2024 alone, Finn was able to collect more than 100 million euros in his C-financing round, which grew the evaluation at the time to more than 600 million euros.
In the past, however, there have also been negative headlines from Finn. Last May, the Munich District Court issued a penalty order against the co-founder and then boss of Finn, Max-Josef Meier. He was accused of seven cases of sexual harassment
. Meier admitted the attacks at the time and cleared his post as a CEO.