DNB and Casi join forces

Establish Nordic collaboration to enable car subscription services
January 16, 2023
Jordan Symonds

DNB is collaborating with the mobility tech company, Casi, to offer a complete car subscription solution to car manufacturers, dealers, and other mobility players. Together they also establish a joint venture that will assist fleet providers with operational services.

DNB is a major Nordic player in financing cars through traditional car loans, leasing, and fleet financing. Now they are teaming up with technology company Casi to offer one complete platform and fleet financing for players who want to offer car subscription in the Nordic market.

“We are well positioned with traditional car financing products but want to become even more relevant for new business models such as car subscription services. With this collaboration, we are positioning ourselves for the growing transition from ownership to usership," says Paal Neri Roe, head of car financing at DNB Norway, and adds:

“We considered several potential tech providers, but Casi has the market-leading technology platform, which will give us the most competitive solution.”

Hans Kristian Aas, CEO of Casi, is happy about the new collaboration:

“We look forward to the collaboration with DNB. Financing is absolutely central to being able to scale car subscription and concepts for flexible access to vehicles. It is a positive development that car manufacturers and other providers request a value proposition combining financing, technology, and operational services to scale their own concepts. We aim to deliver a market-leading technology that enables these actors to succeed.”

Hans Kristian Aas, CEO and co-founder of Casi
Hans Kristian Aas, CEO and co-founder of Casi

Casi separated from the car subscription provider, imove, as a new technology company offering Car-subscription-as-a-Service. Casi works with a number of players in the automotive industry, such as Toyota, Stellantis, Volkswagen, AutoScout24, and Schibsted/Finn.

Capital Raise

As part of an increased focus on Casi's technology business, the company has raised capital. Together with Casi's existing owners, DNB has invested NOK 35 million in the company. DNB will have an ownership stake of 4.95% in Casi.

"We perceive DNB as an attractive investor and owner in Casi. DNB has a solid Nordic position and provides us with financing expertise that can be used to succeed in the global automotive industry. The combination of industrial players and venture capital on the owner's side provides a broad business understanding and financial muscle for further growth. Casi will be an industry solution for everyone; We provide an easy entry into car subscription and a scalable solution as the business model develops,” said Aas.

Establishes a joint venture

In addition to the collaboration between DNB and Casi, the companies are establishing a joint company that can assist subscription providers with the handling of ecosystem and operational services such as logistics, service, and tire changes. The company will be called Nordic Mobility Services and have a Nordic presence.

Paal Neri Roe, Head of Car Financing at DNB Norway
Paal Neri Roe, Head of Car Financing at DNB Norway - Photo by DNB

“With Nordic Mobility Services, we can offer the best tech, financing, and operations in one unbeatable mix. This should make it faster and easier for partners to launch and operate their concepts,” says Paal Neri Roe.

One of the imove founders, Gunnar Birkenfeldt, will lead the joint company. The team also includes a number of car subscription experts from today's imove organization with extensive operational experience. DNB takes over the imove service and will continue operations for current customers.

Gunnar Birkenfeldt, one of the imove founders will lead the new operations company, Nordic Mobility Services
Gunnar Birkenfeldt, one of the imove founders will lead the new operations company, Nordic Mobility Services

“Initially, this solution will assist in employing the joint venture company and maintaining an operational value chain. In addition, it will give DNB first-hand operational experience of car subscriptions, knowledge that we can pass on to our industrial partners and customers,” says Roe.

Opens up new possibilities

Car subscription is expected to play an important role in the shift from ownership to more service-based models. The bank itself has noticed increased interest and demand for this type of model from the car industry and mobility players.

“The industry expects that car subscriptions will gain market share significantly in the coming years. It is, therefore, reasonable to believe that the car goes from being an object you own to a service you consume, says Roe and concludes:

We ourselves are experiencing an increasing number of requests for car financing with support for car subscriptions. We are positive that the collaboration with Casi will open up many new opportunities.”

About Casi

Casi is a Norwegian mobility company that offers tech solutions to enable car subscription services. Providers can use Casi's platform to offer their own tailored car subscriptions to the market, and players such as Toyota, Stellantis, Volkswagen, Schibsted / Finn, and AutoScout24 use Casi technology. Providers can offer car subscription through their own digital platforms and have full ownership of data, customers, and income.

The company was founded in August 2018 under the brand “imove” with a 60%/40% ownership between Frydenbø and NEW & Company. The collaboration started as an innovation project on new mobility concepts. The goal was to develop new customer journeys and meet fundamental changes in the automotive industry.

At the beginning of 2020, the company carried out its first capital raise available to external investors. Leading car and mobility players such as Hedin Automotive and DSD became investors in the company.

In 2021, the company went global and carried out a Series A capital raise of 20+ MEUR. The capital raise was led by the European car marketplace, AutoScout24. The VC funds Norselab and Idékapital, the climate fund Nysnø and the automotive fund Vasuki Global Tech also came onto the ownership side through the equity issue. Today, the company operates across markets in the Nordics and Central Europe and serves over 50 providers on the platform.

In 2022, the company split its operations into two parts, the car subscription service, imove, and the technology company, Casi. Casi is the company's main venture with the goal of being a globally preferred technology partner for players in the automotive industry. Casi is a pioneer in car subscription, which gives partners a competitive advantage in an automotive industry characterized by continuous change.

Jordan Symonds
Jordan Symonds
Head of Communication
Jordan works to build the Casi community by telling stories about our customers, employees, experiences, and insights we’ve gained over the years in automotive!