Latvian Eleving sold its subsidiary car subscription platform Renti Plus

 

Riga-based finance company Eleving sold its subsidiary car subscription platform Renti Plus to German mobility service provider Sixt. The amount of the acquisition was undisclosed.

Renti Plus is a mobility service created by Renti (part of the Eleving Group). Renti Plus provides a full-service car rental subscription for individuals and businesses. The service allows its customers to change their car or even buy it. The subscription price includes tire change twice a year, the annual cost of car insurance CASCO, the annual maintenance costs according to the manufacturer's instructions, and others. The subscription period lasts from one to twelve months. After concluding a contract, the customer can drive a car, which can happen on the same day.

According to Renti Plus, after the deal, existing and future customers will have access to more mobility options. Sixt will take over the Renti Plus fleet of over 100 cars. Additionally, all Renti Plus customers will have existing contract terms.

Founded in Riga in 2012, Eleving Group operated earlier under the name of Mogo Finance. The Group's chief executive officer is Modestas Sudnius. The company provides financing for leasing a vehicle, offers services such as rent-to-buy, subscription-based products, and leasing a vehicle for self-employed who use it for work, for example, financing motorcycle taxis (Boda-Boda) in Africa. Eleving Group has partnered with dealer networks of used cars, so its clients could lease a used vehicle. The company has also developed proprietary car sales portals in Europe, Asia, and Africa. 

Founded in Munich (Germany), car rental service Sixt is present in over 105 countries with branches in over 2,2K locations.