Munich-based car subscription platform Finn announced the closing of a new asset-backed security (ABS) financing program “ABS II” with a volume of up to €1 billion.

Finn said the financing is provided by major banks including Citi and Jefferies.

In addition, Avellinia Capital is extending and expanding its commitment to Finn’s fleet financing. This debt capital enables the Munich-based company to further expand its fleet and grow more efficiently in its home market Germany and across Europe.

Nikolai Schröder, COO and co-founder of Finn, said: “For our second ABS financing, we were able to secure the backing of several of the world’s most renowned financial institutions.

“This financing allows us to continue pursuing our ambitious growth plans and offer even more attractive deals to our customers. At the same time, this program is a strong vote of confidence in FINN and the result of ongoing professionalization and rigorous work in risk management.”

Mark Collier, EMEA Head of Securitisation at Jefferies, said: “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.”