On Wednesday, March 2, 2022, TIER Mobility announced that it had acquired SPIN and became the world’s number one in shared micromobility, initiating its entry onto the North American market. With more than 500 locations worldwide and a valuation of more than 2 billion euros in 3 years, TIER does not intend to stop there.
Spin, an ideal of sustainability
Acquired by Ford-Mobility Group in 2019 for approximately $100 million, Spin is an electric bike and scooter operator founded in 2016 and operating primarily in the United States, Germany, and Great Britain. This partnership between the two firms was intended for Spin to grow the company into new markets and offer a sustainable and authentic transportation solution. However, one year later, Ford was already considering selling Spin. It was therefore Tier who took over the company. The reason for the handover was simple, as Ben Bear, SPIN’s CEO, recently told us: “The goal was to be one of the world’s top players in micromobility. Therefore, the combination with Tier was the most efficient way to achieve this goal.
A combination that’s worth it
The giant in the micromobility market used to be Nextbike, but Tier Mobility is now well ahead of it. Through this new acquisition, the third in recent months, Tier Mobility becomes the largest multimodal micromobility operator in the world, particularly in terms of cities covered and vehicles available. Indeed, the acquisition of Spin allows Tier Mobility to access partnerships in two additional countries where it can offer its services, Canada and the United States. The young Berlin-based company is thus expanding its global presence.
By partnering with Spin, which has a fleet of nearly 50,000 vehicles, Tier now has 300,000 vehicles in 520 cities worldwide. Its main competitors in the market are Bird, which has a repertoire of 350 cities covered, and Lime, which has more than 200. Tier has succeeded in its gamble and has taken a certain lead over its opponents, thus securing its place as a leader in micromobility.
Privileged partner of cities
Together, Tier and Spin are committed to becoming the best possible micromobility partner for cities to build safer and more sustainable mobility solutions, to implement technology that ensures a more serene and secure experience for users. In a further innovation for Tier, it will increase the interchangeable batteries in Spin bikes and scooters from 50% to 100%.