Pomegra
Stockholm-based Voi signed a €150M revolving credit facility with Danske Bank, Swedbank and DNB to retire its 2024 bonds and fund more e-scooters and e-bikes.
Key Takeaways
- Voi signed a €150M revolving credit facility with Danske Bank, Swedbank and DNB on 29 September 2026.
- The money redeems 2024 bonds on 19 October 2026 at 103.375% of nominal value, refinances an undrawn credit line and funds fleet growth.
- This is bank debt, not an equity round. No lead investor or new valuation was disclosed.
Lead
Voi Technology, the Swedish e-scooter and e-bike sharing operator, announced on 29 September 2026 that it had signed a €150 million revolving credit facility with three Nordic banks: Danske Bank, Swedbank and DNB. The facility replaces the company's senior secured bonds, which are due for redemption on 19 October 2026, and refinances an existing revolving credit line that was undrawn. Whatever capacity remains goes toward adding vehicles to the fleet.
Is This Really a Funding Round?
No. The €150 million is a bank credit line, so there is no round stage, lead investor or fresh valuation attached to it. Headlines that call it a "raise" blur the line between equity and borrowing capacity. An RCF can be drawn and repaid as needed, so the full amount is not cash on the balance sheet.
The last public valuation marker is indirect. Investor VNV Global carried Voi at about $610 million at the end of December 2025, down from $655.8 million in mid-2025. That mark applies to a previous period and is not a price set by this transaction.
What Does the Facility Replace?
It replaces a bond that Voi sold in October 2024 and listed on Nasdaq Stockholm in June 2025. The first tranche was €50 million of senior secured floating-rate notes maturing in 2028, priced at three-month Euribor plus 6.75%, under a €125 million framework. The current outstanding amount was not stated in the announcement.
Voi will redeem the bonds at 103.375% of nominal value plus accrued interest, subject to conditions, and expects to delist them around the redemption date. On the initial €50 million alone, that premium works out to roughly €1.7 million. The company is paying that to exit a coupon of 6.75 points over Euribor, which implies the bank pricing is meaningfully cheaper.
Why Did Banks Agree to Lend Now?
Banks lent because Voi's cash generation now supports conventional credit underwriting. Second-quarter 2026 revenue rose 47% year on year to €68.8 million, and adjusted EBITDA reached €19.7 million. Trailing twelve-month revenue exceeded €200 million, with adjusted EBITDA of about €39 million and more than €25 million of operating cash generation in the quarter.
Net leverage fell to 1.76 times at the end of June from 2.41 times three months earlier. For full-year 2025, Voi reported net revenue of €178.2 million, up 34%, and adjusted EBITDA of €29.3 million, up 70%. Adjusted EBIT was €3.2 million, so operating profit after depreciation remains thin.
CFO Mathias Hermansson said three things had changed: scale, consistency and cash generation, and that banks were underwriting a track record. CEO Fredrik Hjelm called the facility a vote of confidence from leading Nordic banks and a sign that micromobility has matured into a bankable industry.
What Are the Risks?
The main risk is the cost of vehicles. Scooters and e-bikes depreciate quickly, and thin adjusted EBIT shows how much of the EBITDA is consumed by replacing hardware. A larger fleet raises revenue only if utilization holds in cities that increasingly cap operator numbers through tenders and licensing.
The counterpoint is that Voi, with about 1 million monthly users across roughly 110 cities in 12 countries at the end of 2025, has more operating history than most peers. Investors in earlier rounds funded losses. Lenders are now funding growth against cash flow.
What Comes Next for Voi?
Next is the 19 October 2026 redemption, after which the bonds should leave Nasdaq Stockholm. Fleet size, tenor and pricing of the facility were not disclosed, so watch the third-quarter report for drawn amounts and leverage. A further drop in net leverage would reinforce the case that bank debt can replace bond markets for the sector. A fall in revenue growth from 47% would test it.
Outlook
Voi has swapped high-coupon bonds for a €150 million bank facility from Danske Bank, Swedbank and DNB. It is a refinancing and growth line, not an equity raise, and carries no new valuation. The 2026 results suggest the operator can service cheaper debt, while its thin operating margin shows the limits of fleet-led growth.
