Image: Voi Technology, via MFN.
€150m · Debt · Cleantech, Transportation · Stockholm, Sweden
Stockholm-based Voi Technology has signed a €150m revolving credit facility with Danske Bank, Swedbank and DNB Sweden. According to the company's 29 September announcement, the facility will be used to redeem outstanding bonds, refinance an existing undrawn revolving credit facility and invest in expanding Voi's fleet.
The €150m figure is the size of the facility, not evidence that Voi drew the full amount at signing. The bond redemption is also conditional on customary requirements for first utilisation and is expected to complete on 19 October 2026. Voi says bondholders will receive 103.375% of nominal value plus accrued interest.
Matching financing to a capital-intensive fleet
Shared micromobility requires operators to fund vehicles before those assets generate rides and revenue. A revolving facility lets Voi draw and repay capital as fleet purchases and working-capital needs change, rather than funding every expansion step through a fixed bond issue. That flexibility matters when deployments depend on city awards, seasonal demand and the pace at which new vehicles can be put into service.
The transaction also consolidates Voi's debt structure. Its previous €25m bank facility, agreed with Danske Bank and Swedbank in December 2025, was undrawn. DNB Sweden now joins those lenders in the larger facility, while Voi plans to replace its outstanding Nordic-market bonds.
Voi enters the refinancing with a larger operating base. Its second-quarter report says net revenue grew 47% year over year to €68.8m, adjusted EBITDA reached €19.7m at a 28.6% margin, and operating cash flow rose to €25.2m. The financing announcement adds that net leverage fell to 1.76x from 2.41x at the end of the first quarter.
Bank capacity raises the execution bar
Voi says it now operates more than 200,000 vehicles in over 130 towns and cities across 13 countries, and has served more than 500m rides. Moving from predominantly bond-market funding to a three-bank facility suggests that lenders are willing to underwrite the company's cash generation and fleet economics, but the facility remains debt with conditions and repayment obligations.
The commercial test is therefore whether additional vehicles translate into productive deployments. More borrowing capacity can accelerate fleet growth, but returns still depend on winning and retaining city permissions, matching supply to demand and maintaining vehicle utilisation. For Voi, the financing creates room to scale; its quarterly reporting will show whether that room produces durable cash flow.
