Flash Secures $85 Million Funding to Enhance Payment Options and Expand Platform

Flash, a leading end-to-end parking technology platform, has announced the successful acquisition of $85 million in debt financing to establish a special purpose vehicle (SPV). This move aims to accelerate the adoption of Flash's platform and offer an expanded range of flexible payment options for its clients. The funding, which has the potential to increase up to $100 million, was provided by Vantage Infrastructure, an independent specialist infrastructure credit fund.

Chris Donus, President of Flash, emphasized the importance of this development, stating, "Asset owners and operators have a myriad of budgetary and deployment preferences – the payment options we can now extend through the SPV will allow customers to join the Flash platform on terms that work best for them." Donus highlighted that innovation in payment options is as crucial as platform innovation for transforming the parking industry, especially given the rapid growth and momentum Flash is experiencing.

Flash's array of payment options allows clients to choose from flexible monthly payment plans that cater to their budgets, regardless of the scale, asset type, or configuration. This includes EV charging infrastructure and other advanced parking technologies offered by Flash, further broadening the appeal and accessibility of its services.

Nick Cleary, Senior Partner at Vantage, expressed his support for the initiative, saying, "We’re pleased to support Flash with a tailored financing solution that enables their team to continue to meet and exceed their clients’ need for better transport related infrastructure. This is a great example of the opportunity to upgrade and transform proven traditional infrastructure that saves time and costs for drivers and helps build out the EV charging network."

Flash anticipates that the SPV structure and partnership with Vantage will be extended in future financings, suggesting a long-term commitment to enhancing the infrastructure of the parking industry.

The financial and legal aspects of the deal were managed with the assistance of Evercore, which acted as Flash’s exclusive financial advisor, and Cadwalader, Wickersham & Taft LLP, which provided legal counsel to Flash. Steptoe LLP acted as counsel to Vantage.

Flash is known for its pioneering technology which integrates reservable parking and EV charging with everyday apps used by drivers. Its cloud-based operating system offers unrivaled intelligence, connecting various parking formats including garage, surface lot, event, and valet parking locations. The platform aims to deliver digital, easy-to-use, reliable, and increasingly frictionless experiences, thereby reducing wasted time, excess emissions, and driver stress.

Vantage Infrastructure, with a portfolio of over $4 billion in infrastructure assets across Europe, North America, and Australia, remains committed to delivering sustainable investment solutions. Their involvement with Flash underscores the potential for significant advancements in the parking and EV charging sectors.

As Flash continues to innovate and expand, this substantial investment marks a pivotal moment for the company and the broader parking technology industry. The focus on flexible payment options and advanced infrastructure is expected to drive significant improvements in the efficiency and convenience of parking solutions, ultimately benefiting both asset owners and drivers.