Finland's Growth Company of the Year pedals towards success

The annual recognition is awarded to a company demonstrating strong growth and future potential. Kasvu Open, the organisation behind the award, praised GoByBike for revitalising an industry with a new purchasing model. 

“GoByBike has successfully captured an emerging market while creating a process that ensures the company's competitiveness both in Finland and abroad,” said Lennu Keinänen, co-founder of Paytrail and chairperson of the judging panel. “The company's competitiveness is based on the innovative use of financing services.”

Founded in 2020, GoByBike offers a simple way for employers to provide the tax-free employee bike benefit introduced in Finland in 2021. Employees can choose a bike and pay for it in instalments from their salary.

The idea came to two friends and the company founders, Tommi Ylönen and Heikki Tiittanen, on one of their weekly bike rides. GoByBike has since grown into Finland's largest employee bike benefit provider and helped to deliver bikes to around 4 000 workplaces. In 2023, the company reached a turnover of 51 million euros.

GoByBike is also exploring expansion into other European markets where similar bike benefit schemes could be introduced. In particular, Denmark is considered a potential first step.

“The challenge in internationalisation lies in scaling financing and ensuring regulatory compliance,” Tiittanen said. “The implementation of the bicycle benefit should be at least somewhat similar to Finland in the target market so that we can leverage our competitive advantages, which are an efficient financing process and high-quality service for employers.”

Getting people to move

GoByBike also received Kasvu Open's Sustainability Act of 2024 award. The jury recognised the company's mission to promote a more ecological, active and healthier lifestyle in the Finnish society. According to the company, physical inactivity is the biggest health risk for working-age Finns and inflicts significant costs on employers. 

GoByBike is one of a growing number of Finnish brands catering to those wanting to hop on a bike to get active, be it by offering bicycle frames or maintenance services.