Gobybike, an Espoo-based employee benefit bicycle service, has secured €125 million in financing from international credit investors Santander and Castlelake. This significant investment will allow Gobybike to expand its capacity to provide benefit bicycles to Finnish employers and employees. The startup shared the announcement on its website.
About GoByBike
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Founded in 2020 by Heikki Tiittanen and Tommi Ylönen, Gobybike has quickly become the Nordic region's biggest provider of bicycle benefit services. The employee benefit service has already been used by over 120,000 Finnish employees and proven to promote wellness and activity among working adults.
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With annual revenue of €56 million, Gobybike facilitated every other employee benefit bicycle purchase in Finland in 2024.
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The company partners with approximately 4,200 Finnish employers, with a combined workforce of nearly 300,000 employees, and has delivered over €150 million worth of benefit bicycles to customers over the past four years.
"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.
Investment details
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Castlelake, L.P., a global alternative investment manager with a focus on asset-based investments and approximately $25 billion of assets under management, provided the financing. Castlelake was founded in 2005 and manages assets on behalf of a diversified global investor base.
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The financing also included backing from Santander, a multinational financial services company based in Spain. This deal strengthens Santander's position in the Finnish market and expands its presence in the Nordic region.
"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," says Alexander Curcio, Partner at Castlelake.
- PwC Finland’s Debt & Capital Advisory team acted as Gobybike’s financial advisor and Krogerus as the legal advisor in the financing arrangement.
The fresh funding will enable GoByBike to support even more employers in promoting eco-mobility.
