The circular economy (CE) is a concept that has attained a growing interest in the last decade. The CE has not been clearly defined, but we take the view that a CE is a vision of and a framework for rewiring our current linear take-make-dispose economy into a radically more resource productive economy. CE is suggested as one of the major strategies to respond to the substantial environmental and sustainability challenges of our time (Stahel, 2010; EMF, 2012). Circular Business Models (CBMs) in general, and Product as a Service (PaaS) models in particular, have been put forward as one of the enablers for the transition from a linear to a CE. This is because they shift the incentives of the manufacturing firm from profitability through a resource depleting “flow” of products to an “asset” logic, where profitability is aligned with resource conservation or even regeneration. (Stahel, 2010; Tukker, 2015; Bocken et al., 2018; Hopkinson et al., 2018). In a PaaS model, products are not sold and withdrawn from stocks. Instead, they remain as an asset in the balance sheet and direct revenues from product sales are replaced by lower rental revenues spread over a longer time period, thus affecting the cash flow of the company. These shifts will affect the need for financing and capital in the short and long term for the product company.While the CE, CBMs and PaaS have become important research topics, they are still rooted to a great extent in the sustainability field and in the resource perspective. The particular aspects of financing of these models and of how the financial sector is affected and could align with these emerging business changes have not been very well researched. Our hypothesis is that the shift to CBMs must align with a corresponding shift in the financial sector. It is therefore vital that also the financial aspects of the shift catalyse more attention from research and this abstract proposes such a research agenda. The study is based on the combined results from a literature review and a Swedish research project.