Fintech: Swedish Loan Refinancier, Anyfin, Raises $30M Series B
The fintech claims to have saved users $10 million by lowering interest rates 64% on average.
Anyfin is a fintech that refinances consumers’ loans and is regulated by the Swedish Financial Supervisory Authority. It refinances consumer credit loans up to 200 000 kr, such as unsecured debt, payments, credit cards, installments or other credits. However, Anyfin does not refinance mortgages. The firm raised $30 million in a Series B funding round led by EQT Ventures. (EU-Startups)
Overly expensive consumer loans
Mikael Hussain (CEO), Sven Perkmann (CTO), and Filip Polhem (COO) (pictured above) founded Anyfin in 2018. Its mandate was simple enough: can it lower the customer’s interest rate by offering an alternative to unfairly high interest rates?
Anyfin deployed a team of experts in design, programming, AI, and credit counseling to address the problem.
They developed a proprietary platform for mobile Android and iOS devices which allows consumers to log into their current loan provider and upload or take a shot of their current loan. Anyfin’s AI-enabled platform then evaluates the customer’s loan data along with public consumer data. It then gives the customer a reply – generally an offer to refinance the loan at a cheaper rate of interest. With a click, the customer may set the refinancing in motion and Anyfin will settle the existing loan.
“We want to make it as simple as possible to refinance a loan and give consumers the rate they deserve,” said Mikael Hussain, CEO, and co-founder. “People are reassessing their financial situations in light of the coronavirus outbreak and Anyfin can help them get control of their finances and avoid expensive loans.”
As mentioned previously, Anyfin customers have already saved $10 million in interest costs.
Utilization of the funding
Anyfin plans to use the latest funding for product development, launching new products and for expansion into new markets beyond Sweden and Finland, particularly Northern Europe.
Existing investors Accel, Northzone, and Rocket Internet’s Global Founders Capital (GFC) participated alongside EQT Ventures.
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