Especially when manufacturing capacity increases to make more new models available, Merchants Fleet now has more financial resources to take advantage of the opportunity.

On Wednesday, the fleet management company announced a major expansion of its core member funding group to include some of the top banks in the world, enabling the Merchants Fleet to access $2 billion of capacity to lease vehicles and equipment for clients as well as invest in continued growth.

Merchants Fleet highlighted that the new group of banks and investors is led by French international banking group BNP Paribas, which along with Merchants’ lead equity partner Bain Capital Credit, represents more than $20 trillion in assets.

“As we continue to expand into new markets, it is important that we align with the right financial partners who share our strategic vision,” Merchants Fleet chief executive officer Brendan Keegan said in a news release. “After receiving bids from some of the largest and most respected banks in the world, we selected BNP Paribas as our lead financial partner and collateral agent and are very excited to welcome other new partners into the group.

“We are proud to have these powerful institutions in our corner as we continue our trajectory as the fastest-growing fleet management company in North America,” Keegan said.

Merchants Fleet said it is positioned to seize major growth opportunities in all key areas of its portfolio including fleet, mobility, electric vehicles (EVs) and charging infrastructure.

The company mentioned that it already manages more than 150,000 vehicles throughout North America on behalf of some of the largest brands in the world.

Merchants Fleet added that it is set to register its strongest year ever in 2021, more than doubling its 2020 results, and is poised for continued growth in the coming year as it partners with an extensive ecosystem of EV experts to support fleets across the nation as they move forward with plans for electrification. 

The company reiterated that the expanded funding capacity will enable Merchants Fleet to continue to fulfill funding requests while investing in the latest fleet technology.

“BNP Paribas continues to be a strategic partner to Merchants Fleet on this next phase of its growth ambitions,” said Andrew Strait, head of U.S. diversified industries coverage for BNP Paribas. “We look forward to supporting the company on its expansion as fleet electrification and charging infrastructure will be a key part of our transition to a more sustainable economy.”