Rideshare fleet operator Splend has secured a more than $300 million senior debt facility from Macquarie Specialised and Asset Finance (SAF) to drive its global expansion and increase EV adoption across Australia and the UK.
The facility is expected to double Splend’s rideshare fleet to 10,000 vehicles by 2025 across Australia and the UK, focusing on zero-emission EVs.
The senior debt facility and a $15 million increase in Splend’s corporate facility issued by MA Financial Group (formerly Moelis Australia) reflect strong investor confidence in Splend’s business model.
The funding will enable the rapid deployment of rideshare EVs, meeting the increasing demand for affordable, sustainable transport solutions.
Splend chief executive Chris King says the Macquarie 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,” King says
“With over $500 million in total financing secured to date, we’ve built the foundation to lead the EV transition in the rideshare industry. As the operators of Australia’s largest EV fleet, this facility empowers us to accelerate sustainable transportation’s future.”
“The rideshare sector represents one of the fastest paths to decarbonising transport. Rideshare drivers can cover as much as 60,000 kilometres a year, so by scaling to 10,000 vehicles, we’re creating an immediate, measurable impact on carbon emissions across two continents,” he says.
Splend raised $500 million in 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 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,” Executive Director Julian Liddy says.
Splend’s dedication to sustainability was highlighted in August this year when the Clean Energy Finance Corporation (CEFC) announced an additional $20 million investment in Splend, bringing its total funding to $40 million.
This funding will expand Splend’s Australian fleet to over 5000 vehicles by the end of the year, including more than 2000 zero-emission EVs.
