Independents lead portfolio growth in AFE50 2026

Independent asset finance providers outpaced banks and captives in 2025, according to the Asset Finance Europe 50 Report 2026, demonstrating the opportunities available to specialist businesses within Europe’s leasing market.

Combined receivables among independents increased by 5.0% to €29.6 billion, compared with growth of 2.0% for captives and 1.5% for banks.

Published by Finance Connect in association with Asset Finance Policy and sponsored by Alfa, the tenth edition of the AFE50 ranks Europe’s top 50 auto and equipment finance providers.

Growth among independents was led by Novuna, grenke and CHG-Meridian. The results also brought movement within the specialist rankings, with grenke becoming the largest independent provider in the AFE50.

Banks nevertheless continue to account for approximately 80% of total AFE50 receivables. The findings show that scale remains concentrated among banking groups, while independent providers are finding opportunities to expand their portfolios.

The report’s dedicated independent and captive tables allow readers to compare these businesses alongside the main ranking. Its methodology and assumptions also explain how providers with different ownership structures and business models are classified.