Press Release

November 26, 2019

Volkswagen Financial Services set up their own hub

Linking start-up innovations with the demands of industrial practice

Active interface between science, academia and business

Braunschweig, 26 November 2019. Volkswagen Financial Services, the world's leading provider of automotive financial services, are building up their own hub. Outwardly, the hub serves as a docking station for start-up enterprises and their ideas and concepts. Inwardly, it brings together all the business units at Volkswagen Financial Services facing different kinds of challenges and in need of external stimuli.

The hub, whose new umbrella name Ubility is to stand in the medium to long term for brand-independent services and products from Volkswagen Financial Services, accompanies, mediates and nurtures the origination process at precisely those interfaces where many start-ups, digital labs and innovation incubators often face the problem of not being able to scale their ideas and implement them as a cross-industry innovation. In order to prevent any failure to achieve large-scale operational application, the Volkswagen Financial Services hub "matches" both sides at this crucial interface to create a profitable symbiosis. In the medium term, the goal is to make concrete positive contributions to the earnings of the companies involved as well as to achieve successful outcomes in the ecological and social domains and create a growth-friendly environment.

As the hub's manager Uwe Tschischak explains: "Our hub is a pioneering collaboration project between the business, technical, academic and start-up communities with the aim of pooling ideas, collecting experience and building up networks. At the same time we are also enhancing our company's existing links to the universities and technical colleges."

Looking forward, collaboration with other hubs and an expansion into the international arena are also foreseeable.

Information for editors:

Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 16,267 employees worldwide – including 7,010 alone in Germany. Volkswagen Financial Services report total assets of around EUR 207.6 billion, an operating result of EUR 2.6 billion and a portfolio of around 20.3 million current contracts (as at: 31.12.2018).

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