Flash Secures $85 Million Financing to Expand Parking Technology and Payment Flexibility
TL;DR
Flash secures $85 million in debt financing to accelerate platform adoption and offer flexible payment options, gaining a competitive edge in the parking technology industry.
Flash closed on $85 million in debt financing to extend flexible payment options through a special purpose vehicle, offered by Vantage Infrastructure.
Flash's expanded range of flexible payment options aims to transform traditional infrastructure, save time and costs for drivers, and build out the EV charging network for a better transport-related future.
Flash's innovative SPV financing and partnership with Vantage Infrastructure will upgrade traditional infrastructure, saving time and costs for drivers and building out the EV charging network.
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Flash, an industry-leading end-to-end parking technology platform, has secured $85 million in debt financing through a special purpose vehicle (SPV) to accelerate platform adoption and offer expanded flexible payment options. The financing, which can be increased up to $100 million, was provided by Vantage Infrastructure, a specialist infrastructure credit fund.
Chris Donus, President of Flash, emphasized the importance of flexible payment options in accelerating the adoption of Flash's technology. “Asset owners and operators have a myriad of budgetary and deployment preferences – the payment options we can now extend through the SPV will allow customers to join the Flash platform on terms that work best for them,” he said.
The new payment options include flexible monthly plans tailored to a wide range of budgets and asset types, including EV charging infrastructure and other advanced parking technologies. This move is expected to drive significant growth and transformation in the parking industry by making it easier for clients to adopt these advanced technologies.
Nick Cleary, Senior Partner at Vantage, highlighted the broader implications of the financing. “We’re pleased to support Flash with a tailored financing solution that enables their team to continue to meet and exceed their clients’ need for better transport-related infrastructure. This is a great example of the opportunity to upgrade and transform proven traditional infrastructure that saves time and costs for drivers and help build out the EV charging network,” Cleary noted.
The financing was facilitated with Evercore acting as Flash’s exclusive financial advisor, and legal counsel provided by Cadwalader, Wickersham & Taft LLP for Flash and Steptoe LLP for Vantage.
This strategic move by Flash not only signifies the company's commitment to innovation in the parking industry but also underscores the growing importance of flexible financial solutions in supporting infrastructure upgrades and expansions. As the company continues to evolve and grow, it is poised to make significant contributions to the development of smart parking and EV charging networks, ultimately benefiting drivers and asset owners alike.
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