Digital used-car leasing company Lizy plans to accelerate its ARR and European expansion with new investment.
To support the next phase of its growth, Lizy has established a funding package to provide long-term, scalable finance for its subscription portfolio. The funding package, which exceeds €300 million, combines: a private receivables securitisation platform with ABN AMRO Bank N.V. and Pollen Street Capital; €290 million in credit facilities from KBC Group, BNP Paribas and Belfius; alongside an additional €10 million in equity from D'Ieteren and Marc Coucke’s Alychlo.
“Lizy doesn't just run a platform: we buy, refurbish and operate thousands of vehicles,” explains CEO Sam Heymans. With its digital-first model, clients can access premium used vehicles through an all-inclusive monthly subscription that easily adjusts to evolving mobility requirements. “Without financing, a leasing company simply cannot grow.”
This structure enables Lizy to finance the receivables generated by its growing customer base and the further expansion of its fleet across Belgium, the Netherlands and France. The company will also be able to innovate more around digitalisation and AI. “By establishing an institutional-grade securitisation engine, Lizy can dramatically expand its fleet, attract top talent and continue building out our digital platform without unnecessarily diluting our equity base,” Sam comments.
The deal involved refinancing and restructuring Lizy's existing senior debt arrangements, which was carefully coordinated with the launch of the securitisation platform to ensure a seamless transition to the group's new funding structure.
According to the company’s legal and tax advisor, Loyens & Loeff, this required a multidisciplinary team of specialists across finance, securitisation, regulatory, tax, corporate, commercial and data protection matters, bringing together expertise in debt financing, regulatory compliance, direct and indirect tax, VAT, corporate structuring and data protection.
The team was supervised by Marc Vermylen, with Sarah Libregts leading the securitisation workstream, supported by Anthony Perdikis. The broader advisory team included Ruben Baeb on the debt financing workstream, Vanessa Marquette and Julia Mierzwinska on regulatory matters, Aldo Engels and Arno Van den Bosch on direct tax matters, Bert Gevers and Bernard Claessens on indirect tax and VAT aspects, Mélanie Schollaert and Ella Raets on the corporate structuring, as well as Stéphanie De Smedt and Jonathan Crabbe on data protection aspects. Ashurst Perkins Coie also acted as French securitisation counsel to Lizy.
From Lizy’s perspective, CFO Björn Schincariol and the finance team were responsible for navigating the securitisation process. “Investors don’t analyse stories, they analyse portfolios,” Björn notes. “The fact that they are committing to this on this scale is proof that second-hand leasing is financeable.”
The company currently generates annual recurring revenue of €55 million and aims to increase it to €100 million, without attaching a timeframe to it.
