Crédit Agricole Consumer Finance joins Hiflow with the ambition to strengthen its offer and accelerate internationally
As part of the Munich 2023 IAA Mobility, Hiflow and Crédit Agricole Consumer Finance announce the acquisition of a stake in Hiflow by Crédit Agricole Consumer Finance. The subsidiary of the Crédit Agricole group thus becomes the majority shareholder of the leader in unit delivery of vehicles to strengthen the offer and accelerate the development of Hiflow in 10 countries by 2026. This merger is also strategic for Consumer Finance, which is announcing the creation of a European automotive services division, a new pillar of its automotive strategy: Crédit Agricole Mobility Services. Hiflow will operate the Deliveries dimension, relying on its unique technology. In a rapidly changing automotive market, where the end user will become more and more central, local services, at home, become a key link.
Consumer Finance becomes majority shareholder in Hiflow to support the growth of the leader in single vehicle delivery
Crédit Agricole Consumer Finance (a subsidiary of the Crédit Agricole Group, a specialist in retail financing and a provider of access to all mobility solutions in Europe) is launching a strategic home-based automotive service. The ambition of both players is to strengthen the offer, creating synergies with the Group, but also to continue the international development of the French scale-up, already present in Belgium and Spain.
We are carrying out a strategic operation for Crédit Agricole Consumer Finance, but also for Hiflow, a French gem at the crossroads of mobility and tech. It is part of our desire to build a complete mobility services catalogue in which the “home delivery” brick was a priority. By acquiring Hiflow’s capital, we can support its development while quickly providing our customers with reliable and quality service throughout Europe. This is in line with our ambition to become a European leader in green mobility.
We are proud to have been identified as the leading player on these topics in Europe, and to have concluded this partnership with a company as dynamic and pioneering on mobility issues as Consumer Finance. Accelerating access to mobility for all, while preserving the environment, has always been in our DNA at Hiflow, and it is also that of Consumer Finance. This association supports our ambition towards new stages of development and growth. This is a very strong signal in a rapidly changing market where logistics and the link with the end customer are now key to these new modes of access to vehicles (LLD, LOA, car sharing, etc.), as the e-commerce sector experienced a few years ago.
Hiflow, an independent subsidiary of Consumer Finance: a cooperation based on trust and performance
As an independent subsidiary of Consumer Finance, Hiflow will operate Crédit Agricole Mobility Services’ home delivery business, while continuing to work with its entire customer ecosystem. By welcoming Consumer Finance as a majority shareholder under a cooperation agreement with its founders, Hiflow guarantees its independence to co-develop the company. The governance of Hiflow remains unchanged with its two co-founders, Claire Cano-Houllier and Idris Hassim, retaining a significant share of their shares in the company to ensure the continuity of the strategy with the help of Laura Peterschmitt, Deputy CEO.
A strategic activity based on unique expertise and technology
With its technology based on an application suite developed in 6 languages, Hiflow offers a unique approach on the market combining innovation and agility. Thanks to its network of more than 7,000 active independent drivers and the relationship of trust established with them, Hiflow defends a quality service regardless of the place and the context.
Its ability to operate a consistent quality service in Europe, tailored to the specific demands of each client, convinced Consumer Finance to deploy its services to all the Group’s relevant entities:
Hiflow also has the ambition to be present in 10 countries by 2026 thanks to this new partnership, and thus allow end customers to benefit from home services for their vehicle throughout Europe: turnkey delivery, return, pick-up for maintenance operations.
Home vehicle delivery, and more broadly home car services, are a key link in the mobility of tomorrow, entirely focused on the end user. The entry of “Consumer Finance” into our capital confirms how strategic our business is and how relevant our technology is, as it allows us to link these end customers to the entire chain of service providers.
This transaction was carried out in collaboration with the financial advisors IPTP and KPMG, as well as the legal advisors of the law firms Gide Loyrette Nouel and Parralel Avocats.
Press service Crédit Agricole Consumer Finance : Claire Garcia – +33 (0)1 87 38 11 81 – presse@ca-cf.fr
About Crédit Agricole Consumer FinanceCrédit Agricole Consumer Finance, a subsidiary of the Crédit Agricole Group, specialises in retail finance and provides access to all mobility solutions in Europe. It distributes a wide range of financing solutions – depreciable credit, revolving credit, leasing and credit buyback – directly at its partners’ point of sale or e-commerce platforms, with associated services including insurance, split payment solutions and mobility services, with the aim of meeting the challenges of energy transition in mobility, housing and consumption. Its financing solutions and services are offered in France via Sofinco, in Italy via Agos, in Germany via Creditplus, in Portugal via Credibom, in Spain via Sofinco Espana, in Morocco via Wafasalaf, and in China via GAC-Sofinco (car financing only). Crédit Agricole Consumer Finance aims to be the leader in green mobility in Europe and offers a continuum of all mobility solutions in the 19 countries where it operates (leasing, medium and short-term leasing, subscription, car sharing, charging station installation, etc.). It relies on the JV with Stellantis, the 100% integration of FCA Bank, which became Auto Bank and Drivalia, and the development of car financing in its historical entities in Europe and in the Crédit Agricole Regional Banks and at LCL via Agilauto. Consumer Finance acts every day in the interest of its 16.7 million customers and the company. At December 31, 2022, Consumer Finance managed €103.1 billion in outstanding loans.For more information: www.ca-consumerfinance.com
About Agilauto ShareAgilauto Partage, a subsidiary of Crédit Agricole Consumer Finance, offers a 100% electric car-sharing service in rural areas to meet the needs of populations affected by EPZs in areas where the Crédit Agricole Group is naturally already very active. Agilauto Partage will set up this mobility service, with the support of Crédit Agricole’s regional banks, in communities of municipalities located between 50 and 100 km from large EPZs (low-emission areas) and for which access most often requires a car journey.Each location should include a fleet of 10 to 20 100% electric vehicles manufactured in France.