Carvolution secures up to CHF 200 million

• Carvolution, the Swiss market leader for car subscriptions, secures up to CHF 200 million for its fleet expansion – one of Switzerland's largest start-up financing deals.

• Two international players, Barclays and Waterfall Asset Management, led the asset-backed financing round.

Carvolution, the Swiss market leader for car subscriptions, secures up to 200 million Swiss francs. This takes Carvolution's fleet development and the related financing to a new scale, as the young company from Oberaargau has succeeded in attracting international partners whilst maintaining its growth trajectory.

Bannwil, January 2024 – A couple of months ago, Zuger Kantonalbank committed funds of 24 million Swiss francs for the expansion of the fleet. With the beginning of the year, another, considerably larger asset backed-financing round follows, securing Carvolution as far as additional 200 million Swiss francs.

Olivier Kofler, CEO and co-founder of Carvolution, underlines the importance of this deal: “Financing is a key driver of our business model. Car subscriptions are becoming increasingly popular. To keep up with this trend and to satisfy the increasing demand, we need strong partners and good fleet financing solutions.” The 200 million Swiss francs financing is both an opportunity and a great encouragement for the young company to consistently continue the expansion of its profitable growth path.

The majority of the funding comes from Barclays, an international bank from the UK. Commenting on the Carvolution deal, Gordon Beck, Director Corporate & Sustainable Securitisation at Barclays, says: “Carvolution is one of the international flagship start-ups in the mobility space and we are delighted to be able to support them in their future growth with this innovative debt financing solution.” In addition to Barclays, clients of Waterfall Asset Management provided a Mezzanine Facility. Waterfall Asset Management is an active investor in structured credit opportunities across the capital structure, supporting similar businesses across the US and Europe. James Cuby, Managing Director at Waterfall Asset Management, commented: “This is our first private transaction in the Swiss market, and we are looking forward to working with the Carvolution team. Their implementation of the car subscription model and motivated team are impressive.”

Financing solutions of this magnitude are a rarity in the Swiss start-up ecosystem, says Kofler:“ There's a really great deal of hard work by an excellent team behind it.”