Fleet · B2B · laptop rental for companies
Sell each 36-month laptop rental contract to a bank for cash on day one
Funded ~50,000 devices with no VC; bank keeps ~10%, carries customer credit risk
Workedfinancingpricing
What they did
Customers rent devices on 24- or 36-month contracts paid monthly with no early exit (e.g. ~EUR 50/month for a laptop). Fleet resells each contract to a bank, which pays the full contract value upfront minus ~10%. Fleet buys the device with that cash and books its margin on day one; the bank carries the credit risk if the client goes bankrupt. At contract end Fleet buys the device back from the bank for a small amount. Because growth needs no working capital, the company was cash-flow positive and bootstrapped for 7 years.
What happened
~50,000 devices financed across 20 countries; profitable and cash-flow positive from the start, no outside capital needed to grow; 'we can double the revenue next month'
- Stage
- Scale (From launch (2019) to ~EUR 40M run-rate)
“the fact that it's a 36 months contract allow us to resell the contract to a bank, you know? And the bank will pay us up front for the total value of the contract.”
“So, if the client goes bankrupt with uh 100 Fleet computer, you know? Um we already got the money for the contract, and it's the bank who take the risk, the credit risk.”
“Yeah, minus uh their their profit margin. So, they you know they take a 10% rate, you know?”
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