Vapaus Secures 15 Million Euro Loan from Norion Bank to Drive Growth and International Expansion in Employee Benefit Bikes Sector
The partnership with Norion Bank represents a significant step forward in realizing the company's vision of making cycling accessible to a wider audience. The 15 million loan arrangement for scaling up in Finland and Sweden can be complemented by further optional extensions in the coming years.
Vapaus, the forerunner in the employee benefit bikes sector, is pleased to announce a significant milestone in its strategic development. The company has successfully secured a 15 million euro loan arrangement from Norion Bank, a business-oriented Nordic financing bank, committed to fostering business growth and sustainability.
This strategic financing initiative is aimed at supporting Vapaus's ambitious plans for growth and internationalization within its impactful and award-winning Benefit Bike service. The funds obtained through this loan will be utilized to expand the company's market presence in Finland, to ramp up operations in Sweden, and continue innovation in the development of employee-centric welfare and mobility solutions.
Vapaus is the pioneer of sustainable mobility services and has been at the forefront of this sector since late 2020. Vapaus boasts a mature and scalable business model, evident in its remarkable growth trajectory from €4.5 million in net revenues in 2021 to an impressive €30+ million in 2023.
The partnership with Norion Bank represents a significant step forward in realizing the company's vision of making cycling accessible to a wider audience. The 15 million loan arrangement for scaling up in Finland and Sweden can be complemented by further optional extensions in the coming years.
Commenting on the collaboration, CEO Tero Era of Vapaus Bikes Finland Oy, expressed enthusiasm for the support received from Norion Bank. "This partnership is a significant proofpoint for our business model and driver in releasing our growth potential. The funds obtained will play a pivotal role in expanding our reach and solidifying our position as a key player in the employee benefit bikes sector."
Norion Bank sees the collaboration as a significant investment in the future of sustainable transportation and employee well-being. Ari Siukonen, Client Executive of Norion Bank, stated, "We are delighted to support Vapaus Bikes Finland Oy with our customized financing solutions. The alignment of our values and commitment to the growth of sustainable solutions and businesses makes this partnership a perfect fit. We look forward to witnessing their continued success and positive impact in Nordics.”
Access Partners acted as Vapaus’ exclusive financial advisor in the transaction.
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Contacts
Tero EraToimitusjohtaja, Vapaus
Tel:+358 50 541 6337tero@vapaus.ioAri SiukonenClient Executive Corporate Credits FI, Norion Bank
Tel:+358 45 7750 3023ari.siukonen@norionbank.fiImages
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About Vapaus
Vapaus is at the forefront of sustainable mobility services and has been a pioneer in the Employee Benefit Bikes sector since late 2020. Vapaus boasts a mature and scalable business model, evident in its remarkable growth trajectory from €4.5 million in net revenues in 2021 to an impressive €30+ million in 2023. The business is already approaching breakeven. Vapaus has been ranked 19th among Finland's 100 fastest-growing companies and was selected among four gold winners in the 5th edition of the European Startup Prize for Mobility, out of over 700 applicants.
Vapaus has successfully automated the entire process through its technology platform covering payroll, invoicing, logistics, insurance, and financing. Vapaus is focusing on international expansion, primarily to penetrate the Swedish market, further enhance platform automation, and catalyse a transformative shift in the financing model, enhancing the overall employer experience.
About Norion Bank
Norion Bank Group is a business-oriented Nordic financing bank. The Group’s brands – Norion Bank, Walley and Collector – offer customized financing solutions that meet distinct needs in three customer segments: medium-sized corporates and real estate companies, merchants, and private individuals. As a specialist in financing solutions, Norion Bank Group is a leading complement to traditional large banks, with a vision of being the leading Nordic financing bank in its chosen segments.
Norion Bank offers corporate and real estate loans, as well as factoring for medium-sized corporates and real estate companies. The Walley brand offers flexible payment and checkout solutions to merchants and private individuals. The Collector brand offers personal loans and credit cards to private customers, as well as savings accounts to private individuals and companies. Norion Bank Group (formerly Collector Bank) was founded in 1999 and has offices in Gothenburg, Stockholm, Helsingborg, Oslo and Helsinki. Business is conducted through Norion Bank AB (public), which is listed on Nasdaq Stockholm.
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