Splend Secures Debt Facility to Double Its Zero Emissions Fleet and Lead EV Adoption Across The United Kingdom and Australia
SYDNEY, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Splend, the largest private hire fleet operator across the UK and Australia, has secured a senior debt facility in excess of £150 million from Macquarie Specialised and Asset Finance (SAF), a division of Macquarie Group’s Commodities and Global Markets (CGM) business, to drive its rapid global expansion and accelerate the adoption of EVs across the United Kingdom and Australia. The funding is expected to double Splend’s private hire vehicle fleet to well over 10,000 vehicles by 2025 across the UK and Australia, with a focus on zero-emission EVs.
The senior debt facility, alongside a £7.5 million increase in Splend’s Corporate Facility issued by MA Financial Group (formerly Moelis Australia), reflects strong investor confidence in Splend’s business model and growth trajectory. The funding will enable the rapid deployment of private hire EVs, meeting the increasing demand for affordable, low-emissions transport solutions.
Splend CEO Chris King said the Macquarie Group facility would allow the company to fast-track its growth while staying true to its sustainability goals.
"What sets this deal apart is its potential to transform urban mobility. With over £250 million in total financing secured to date, we've built the foundation to lead the EV transition in the private hire industry. This latest facility empowers us to accelerate sustainable transportation's future even more quickly.
"The private hire vehicle (PHV) sector represents one of the fastest paths to decarbonising transport. PHV drivers can cover more than 35,000 miles a year, so by scaling to 10,000 vehicles, we're creating an immediate, measurable impact on carbon emissions across two continents,” said Chris King.
Since its inception, Splend has raised over £250 million in total financing, with previous backing from Pollen St Capital, Partners for Growth, and various fleet leasing partners. This latest facility will be critical to scaling operations and accelerating the deployment of EVs in key markets, reinforcing Splend’s position as a leader in providing low-emissions products to the rideshare sector.
“The electrification of the PHV sector will play a significant part in the transition of global transportation to a net zero future, and Macquarie’s SAF team is pleased to work alongside a key innovator in the sector in Splend,” said SAF Executive Director, Julian Liddy.
About Splend
Launched in 2015, Splend is a tech-enabled financing platform that provides all-inclusive vehicle ownership products targeted at on-demand private hire vehicle (PHV) drivers. Our turn-key solution takes the admin work out of the equation for drivers while providing a flexible and affordable alternative to traditional vehicle finance. This means our customers free up precious time for all the important things in life. We're fast-tracking our transition into green mobility, reducing our carbon footprint by transitioning to electric and hybrid vehicles globally. We've helped thousands of customers across the UK and Australia. We take pride in everything our team has achieved so far, and we're only just getting started. www.splend.com
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