Collaboration with a Focus on Innovation

Since 2018, the Finnish benefit bike company has acquired nearly 30,000 new and used bicycles, valued at over SEK 600 million. With more than 1 600 Finnish clients, anging from small businesses to large international corporations, Vapaus Bikes has succeeded through an innovative business model and a strong focus on sustainability.

– Our Finnish team saw the potential in Vapaus Bikes early on, particularly due to their innovative business model with stable recurring revenues and a strong ESG focus using a circular model. We were inspired by the company's innovative strength and tailored a unique financing solution that combines a traditional bank loan product with Norion Bank’s specialized expertise in contract financing and factoring. We are also very pleased that Vapaus Bikes is participating in our Corporate Accelerator program and sharing their experiences. We hope the program will also help the company expand its network in Sweden as they enter the Swedish market, says Erik Rombin, Head of Corporate, Norion Bank.

Vapaus B2B2C model enables employers to lease bicycles directly from Vapaus Bikes and offer them as a benefit to their employees. By providing a scalable model and developing its own software, the company aims to address as many needs as possible across the value chain.

– We’ve found a strategic partner in Norion Bank, allowing us to lease directly to companies and employees through a fast and streamlined order process. Norion Bank supports us in two markets and, like us, is interested in long-term business. Thanks to our partnership, we can know in advance whether we can take on a large customer. Overall, this enables us to work faster and more freely, without creating complexity for our clients, says Fredrik Karlberg, Business Development Director, Sweden, Vapaus Bikes.

In the coming years, Vapaus Bikes aims to help more large companies create attractive workplaces through their product. The company also plans to launch simplified financing services for smaller companies wanting to start offering bicycles to employees in a quicker and easier way.

– Vapaus has taken a customer-centric approach from the start, not just working on financing solutions. Leasing often involves long-term contracts, which can be a barrier for many companies and employees. That’s why we actively work to offer more flexible and shorter-term agreements. For our end customers, this often means access to even more affordable bicycles, but more importantly, we gain greater insight into our business and the value of each bike throughout its lifecycle, says Fredrik Karlberg.

This year, Fredrik Karlberg is also participating in Norion Bank’s popular Corporate Accelerator program, which targets medium-sized companies looking to grow and develop their operations.

– I saw great references from previous Corporate Accelerator participants and hope the program will give me new insights and the opportunity to meet knowledgeable people in an open, ego-free environment — without pressure to perform or close deals, says Fredrik Karlberg.