Australian car rental provider Splend, which caters to Uber drivers who don’t own their own vehicles, recently raised $220 million in debt financing, Australian Financial Review reported.
The funding came from Element Fleet Management and will be used to bolster Splend’s international presence.
Launched in July 2015, the rental service operates 1,700 vehicles throughout Australia, with offices in Toronto, Mexico City, and London. A portion of the funding will go to purchasing 13,300 more vehicles in the coming years.
In addition to the $220 million in debt financing, Splend also received $7.2 million in cash.