Espoo, Finland-based GoByBike has secured €125M loan financing arrangement from Castlelake and senior lead arranger Santander CIB.
The funding will help Gobybike provide bike-sharing services to more employers and employees in Finland.
The Finnish company sees this as an important step toward its goal of promoting a healthier and more sustainable society in Finland—one bike at a time.
In recent years, company bikes have become a popular benefit among employees, with over 120,000 Finns using them.
These bikes have been effective in boosting physical activity among working-age people.
A survey by Gobybike found that more than 75 per cent of those who bought a company bike increased their weekly physical activity by two hours or more, aligning with the UK Institute’s recommendations.
As company bikes gain popularity, the leasing and management of bike financing are becoming more important.
GOByBike: Providing employees with bike benefit
Founded in 2020 by Heikki Tiittanen and Tommi Ylönen, GoByBike aims to create tax-free bicycle benefits for as many Finnish employees as possible.
The company’s turnover is €56M, and in 2024, every second company bike in Finland was purchased through Gobybike.
Gobybike’s customers in Finland are approximately 4,200 employers, employing almost 300,000 employees.
Gobybike has delivered company bikes worth over €150M to its customers in four years.
“From the beginning, our service has combined the management and financing of company bikes into one entity. Our company bike service operates independently without external financing companies, the only one in Finland,” says Gobybike CEO Tommi Ylönen.
Previously, financing for company bike purchases was handled by Familiam, an asset management company that works with wealthy individuals and families.
This partnership has helped Gobybike grow quickly and become a market leader. To meet increasing financing demands, the company has now secured funding from international investors.
“Our agreement with Castlelake and Santander is customised to our needs, simplifies our capital structure, and increases our ability to provide bike services to employers and employees in Finland,” Ylönen adds.
Castlelake LP is an international investment management firm founded in 2005, managing about $25B in assets for a diverse global range of investors.
“We’re excited to provide Gobybike with this innovative financing solution and to continue our role in the European private credit market,” says Alexander Curcio, Partner at Castlelake.
