Splend signs £75m credit facility with Pollen Street Capital

A vehicle subscription business for rideshare and delivery drivers, Splend, has announced a new senior secured credit facility with Pollen Street Capital.

Founded by Chris King in 2015, Splend’s success has been underpinned by a focus on technology and data, paving the way for the company to become a global provider of flexible vehicle subscriptions for on-demand drivers.

Founder and CEO King said: “At Splend, we’re passionate about sustainability and the time-sensitive need to decarbonise transport, improving both air quality and reducing atmospheric carbon levels.

“Today’s announcement will enable us to fast-track our transition to green mobility and provide our members an increasing range of products with zero tailpipe emissions.

“We are pleased to partner with a high-quality, institutional investor like Pollen Street who understood our ambitious yet achievable goals from day one.”

Splend operates in 10 cities across Australia and the UK with a growing team of 100 employees. The business has set a target fleet size of 10,000 EV ride-share and delivery vehicles by 2024.

Michael Katramados, partner at Pollen Street Capital, said: “We are excited to partner with Splend and support the business as it works to decarbonise rideshare and delivery services.

“This facility aligns strongly with Pollen Street’s commitment to investments that drive positive impact. Splend is dedicated to supporting its members through all aspects of on-demand driving and the team’s focus on transitioning the industry to green mobility is something we are proud to support.”

Splend is a technology enabled platform that provides all-inclusive vehicle subscriptions to on-demand rideshare and delivery drivers. 

Its turn-key solution aims to take the admin work out of the equation for drivers, while also providing a flexible and affordable alternative to tradition vehicle finance.