FINN, an auto subscription company based in Munich, Germany, and New York, has signed a 25 million euro ($27.2 million) asset-backed facility with Avellinia Capital.

The facility complements FINN’s existing asset-backed securitization program, effectively increasing the advance rate from 95% to 100%.

FINN has now secured more than $1 billion of debt and leasing facilities to support its fleet growth in the coming years. Having reached the 100% advance rate milestone, fleet financing through its ABS program fully funds FINN’s vehicle purchases, allowing FINN to fully dedicate future capital to growth initiatives instead of fleet financing.

“Through our extensive and diversified capital structure and investor base, we made the traditionally capital-intensive car subscription business scalable without growth capital required for fleet expansion,” FINN chief financial officer and co-managing director Max Beyer said in a news release. “The commitment from a renowned capital provider such as Avellinia Capital again underlines our strong access to capital markets and shows the confidence of our supporters in our business model and team.”

Avellinia Capital, also known as AvCap, is a private lending investment firm focused on providing flexible growth financing solutions to fast-growing companies in the fintech, e-commerce and mobility sectors.

“We were immediately impressed with the team and the car subscription product after initial discussions, and we are happy to support FINN’s proven growth and execution of a fully debt-financed fleet strategy with our capital,” Avellinia Capital co-founder Julian Schickel said. “This will allow the company’s equity to target development and scaling of the FINN car subscription business, rather than go toward fleet financing.”

The revenue growth is currently being driven by both the B2B fleet businesses and consumer business. FINN was able to increase its annual recurring revenue to more than $170 million. In the last funding round, FINN was valued at more than half a billion dollars.