Grover’s revenue leaps to €50m amid growing demand for smartphones and AirPods – AltFi

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The fintech has added over 100,000 subscribers to its platform since the start of 2020.

Grover’s revenue leaps to €50m amid growing demand for smartphones and AirPods

Image source: Michael Cassau (second from left)/Grover

German technology rental platform Grover saw a substantial increase in revenues for the year to September 2020, surpassing €50min annual recurring revenue alone, according to the firm’s annual growth report for 2020. 

The figure, a 120 per cent increase on the same period in the previous year before, can be attributed to a huge growth in its subscriptions, with over 100,000 active users joining the rental fintech since January 2020. 

The Berlin-based start-up, which specialises in flexible technology rentals for items such as cameras, computers and games, says the average customer rents 1.5 devices. 

Grover acquired the most subscribers in its history in March 2020, following government-mandated lockdowns being put into place across the world, as it saw over 30,000 orders placed through its platform and July 2020 came in a close second with more than 27,000 orders on Grover.com. 

Michael Cassau, CEO & Founder of Grover, said: “This year has drastically changed how people interact, work, learn, and how they spend their money. Access-over-ownership has never been more relevant than today.” 

“Technology has gained even greater significance in people’s lives, keeping them connected, productive and entertained. This is one of the key reasons why we’ve seen this recent growth. And we expect to continue on this trajectory.” 

The German fintech saw its strongest levels of growth in gaming and home office tech, which skyrocketed by 132 per cent between February and March, with the fintech also experiencing 134 per cent growth in gaming and VR subscriptions in the same period. 

Since the start of 2020, Grover has rented out 18,000 smartphones, 6,000 pairs of AirPods and more than 1,300 e-Scooters. 

In January this year, Grover secured a €250m (£225m) top-up to an existing debt facility from existing investor Varengold Bank. 

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Author: HOCAdmin