Element Fleet Management has invested $5.7m for a 12.5% stake in car rental service Splend together with $173m in debt financing.
Vehicle fleet management services provider Element Fleet Management has paid A$7.2m ($5.7m) for a 12.5% stake in Australia-based car rental service Splend, Australian Financial Review reported on Friday.
Founded in 2015, Splend provides vehicles for drivers working for ride hailing platforms and food delivery services such as Uber, UberEats and Taxify, all of which are present in Australia. It is currently negotiating deals with automotive manufacturers.
The company manages a 1,700-strong fleet of vehicles across nine Australian regional markets as…
