Neu Capital acted as sole debt advisor to Splend on multiple asset backed transactions, spanning a period of rapid growth in which total funding lines increased from <[20m] to over [200m].
Splend, an Australian-based company, offers vehicles on a subscription basis to both rideshare and delivery drivers. The company has partnerships with Uber and Amazon Flex.
Through the COVID pandemic, Splend had experienced a significant drop in earnings due to COVID. All existing financiers were in standstill agreements and were not advancing further funds. Unit economics of individual vehicles remained sound and coming out of COVID there was strong driver demand for vehicles.
Neu Capital engaged with global and local credit funds to source debt financing to refinance restrictive local funders and allow for further growth. The total refinance requirement was $20m and a further $20m of growth facility was secured.
Neu Capital then served as the exclusive debt advisor to Splend, facilitating the acquisiton of a funding agreement with MA Financial Group.
At the time of financing, Splend was transitioning to an electric vehicle fleet and had a target fleet size of 10,000 EVs across Australia and the UK by 2024.
Neu Capital launched a debt raise process that engaged with global and local credit funds to find an appropriate financing partner.
