Finn, the Munich-based car subscription start-up, is expanding its services in the United States to include long-term business rentals. The company originally trialed the B2B car subscription service in Germany and found it to be successful, according to a spokesperson for Finn. The company is now delivering its service to Connecticut, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, D.C. Finn is working to expand to California and Florida, and potentially other states, in 2023.
Finn’s delivery radius currently covers the northeastern part of the United States, and the company has 2,000 cars, trucks, and SUVs on the ground in the U.S., as well as a number of electric vehicle models. About 30% of Finn’s global fleet is electric.
Many of Finn’s business partners are keen to test out EVs as part of their fleet, in response to the regulatory changes happening across the world that incentivize companies to electrify. If Finn wants to stay in the game, it will have to increase its EV mix, which might require it to raise more funds. Last May, Finn raised $110 million, bringing its total funding up to $908.3 million.
Finn is targeting small-to-medium-sized companies with fleet sizes of 15 to 100 vehicles, which “tend to be underserved by incumbents and a good fit for Finn’s all-inclusive and flexible model,” a spokesperson for the company told TechCrunch.
Once Finn launches its B2B business in the States, it will work on rolling out its Business Portal, which is where customers can acquire new vehicles, manage current vehicles and view important documents. Finn’s car subscriptions offer flexibility, maintenance, roadside assistance, and in many cases, delivery of the vehicle directly to the customer’s door, all for around the same price as a lease. This service is designed to provide a potentially more stable and lucrative business than individual consumers for the start-up.
