Ashurst advised the car subscription company FINN GmbH on an asset-backed financing. The financing, with a total volume of up to €500 million, is being provided by Credit Suisse and Waterfall Asset Management. The innovative, customised transaction structure was developed and documented by Ashurst as lead counsel. With this first asset-backed transaction for FINN, the successful start-up aims to further expand its market position in Germany. The financing will be used in particular to expand the company's electric vehicle fleet.
Based in Munich, FINN is an e-commerce platform for climate-neutral car subscriptions. The carbon footprint of every kilometre driven by the car fleet is offset by certified climate projects. Founded in 2019, the company is growing strongly and recently expanded into the US.
Ashurst advised extensively on asset-backed/capital markets, insolvency, data protection, corporate, financial regulation and tax law in this highly complex transaction.
The Ashurst team was led by partner Dr Martin Kaiser (Global Markets). He was assisted by counsel Dr Sahra Demirbilek and senior associate Stephan Lehnen (both Global Markets) as well as partners Dr Detmar Loff (Financial Regulatory), Dr Andreas Mauroschat (Data Protection) and Dr Anders Kraft (Tax). The Munich Corporate team led by counsel Volker Germann advised FINN on corporate law issues and Ashurst's Luxembourg team advised on the formation of the special purpose vehicle and Luxembourg law issues.
