Splend gets green light for growth with $300m debt facility

Australia’s largest rideshare financing firm Splend has secured a $300 million-plus debt facility from Macquarie Specialised and Asset Finance
Splend is eyeing massive global expansion, targeting 1 million EVs by 2030
With its focus on sustainable growth, Splend has now attracted more than $500 million in funding since its inception

Special Report: Rideshare financing firm Splend has moved into the growth fast lane after securing a senior debt facility of more than $300 million from Macquarie Specialised and Asset Finance (SAF).

Splend is already Australia’s largest firm of its kind and the facility from SAF, a division of Macquarie Bank’s Commodities and Global Markets (CGM) business, will be used to drive Splend’s rapid global expansion

The funding is expected to double Splend’s rideshare fleet to well over 10,000 vehicles across Australia and the UK by 2025, with a focus on EV adoption.

The senior debt facility accompanies a $15 million increase in Splend’s Corporate Facility issued by MA Financial Group (formerly Moelis Australia), reflecting strong investor confidence in Splend’s business model and growth trajectory.

Fast track to one million drivers

Splend CEO Chris King said the Macquarie Bank facility would allow the company to fast-track its growth by meeting growing community demand for affordable, zero emissions transport, while staying true to its own sustainability goals.

“With over $500 million in total financing secured to date, we’ve built the foundation to lead the EV transition in the rideshare industry,” King said.

“As operators of Australia’s largest EV fleet, this latest facility empowers us to accelerate sustainable transportation’s future.”

The transport sector is currently Australia’s third largest source of greenhouse gas emissions, responsible for 21 percent of national emissions, and it’s projected to become the country’s largest emitter by 2030.

“Rideshare drivers can cover as much as 60,000 kilometres a year, so by scaling to 10,000 EVs, we’re creating an immediate, measurable impact on carbon emissions across two continents,” King said.

By 2030 Splend aims to help one million drivers access EVs as part of its push to make transport more sustainable.

Since its inception in 2015, Splend’s business model has attracted a total of more than $500 million in financing, with previous backing from Pollen St Capital, Partners for Growth, and various fleet leasing partners.

SAF Executive Director Julian Liddy said: “The electrification of the rideshare sector will play a meaningful part in the transition of global transportation towards a low-emissions future, and Macquarie’s SAF team is pleased to work alongside a key innovator in the sector in Splend.”

Splend’s dedication to sustainable growth was also rewarded in August this year when the Clean Energy Finance Corporation (CEFC) announced an additional $20 million investment in the company, bringing the CEFC’s total funding to $40 million.

This article was developed in collaboration with Splend, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.