Press release: GoByBike Secures €125 Million in Financing

Gobybike Group has secured a significant €125 million loan financing arrangement from global asset-based private credit specialist Castlelake and Santander CIB, as provider of the senior financing. The financing significantly expands Gobybike’s capacity to offer benefit bicycles to Finnish employers and employees. It also marks a major step toward Gobybike’s target of building a more sustainable and healthier society — one bicycle at a time.

Bicycle Benefit Supports Exercise and Activity Among Working-Age People

In recent years, employee benefit bicycles have become a highly sought-after fringe benefit, already utilized by over 120,000 employees in Finland. The bicycle benefit has also proven to be an effective way to increase wellness and activity among working-age adults. According to a Gobybike survey, more than 75% of those who have acquired a benefit bicycle have increased their weekly physical activity by at least two hours. According to the survey, the average increase in physical activity has been close to identical as the weekly exercise recommendation for working-age individuals.

Financing Paves the Way for Growth

As the popularity of bicycle benefit grows, the terms related to the leasing of the bicycles and administration of the benefit have become increasingly important.

“Gobybike combines administration and financing into a single, tailor-made solution for benefit bicycles. We operate independently from external leasing companies—making us unique in Finland.” says Gobybike CEO Tommi Ylönen.

The required financing has previously been arranged with the support of Familiam Asset Management, a wealth management firm serving high-net-worth individuals and family businesses. This enabled the company’s rapid growth into a market leader. With increasing financing needs, funding at the required scale has now been secured from international investors.

“Financing agreement with Castlelake and Santander is tailored to our needs, it simplifies our capital structure and significantly expands our capacity to offer benefit bicycles to Finnish employers and employees," Ylönen continues.

Castlelake, L.P. is a global alternative investment manager focused on asset-based investments. Founded in 2005, Castlelake manages approximately $25 billion of assets on behalf of a diversified global investor base.

“We are pleased to provide Gobybike with a creative capital solution and demonstrate Castlelake’s ongoing participation as a source of private credit in the European markets,” Alexander Curcio, Partner at Castlelake.

Santander is pleased to provide senior financing to support Gobybike in their efforts of providing employee benefit bicycles to Finnish employers and employees. This transaction leverages Santander’s capabilities in the Finnish market and expands Santander’s footprint across the Nordic region.

GoByBike - A Finnish Growth Company

Founded in 2020, Gobybike is a Finnish company that has rapidly grown into the largest bicycle benefit service provider in Finland and the Nordics. The company’s annual revenue stands at €56 million, and in 2024, every other employee benefit bicycle in Finland was acquired through the Gobybike’s service. Gobybike serves approximately 4,200 Finnish employers, collectively employing nearly 300,000 employees. Over the past four years, Gobybike has delivered benefit bicycles to its customers worth more than €150 million.

Gobybike’s strong growth and impact on working life were also recognized in October 2024 when the company was named as the Growth Company of the Year and awarded with the Sustainability Act of the Year prize.

PwC Finland’s Debt & Capital Advisory team acted as Gobybike’s financial advisor and Krogerus as the legal advisor in the financing arrangement.