Online lending platform Anyfin has collected €4.8m in its Series A funding round led by Accel and Northzone.
Other contributions to the investment came from Global Founders Capital and angel investors which included finance executives and international FinTech entrepreneurs.
Sweden-based Anyfin is a digital lending platform that uses AI and consumer data to help refinance a consumer’s existing loan within seconds and from just a picture of their loan statement. The platform works by a user sending a picture of their statement through SMS, email or Facebook Messenger, Anyfin can then settle the loan and refinance it at a better price by removing hidden fees and high interest rates.
Founded in 2017, the company’s services are currently available in Sweden.
Equity from the round will be used to support the company’s growth through building its balance sheet, user acquisitions, hiring staff, partnerships and developing its technology.
Anyfin CEO and co-founder Mikael Hussain said, “In the Nordics and across continental Europe, consumers are paying way too much for finance – often in excess of 25% annually on part payments and credit cards, even those with good credit scores.
“We want to build a financial services company that’s truly on the side of the consumer. Anyfin makes it as simple as possible to refinance a loan, setting a new standard for fairness and transparency and giving consumers the rate they deserve.”
Northzone closed a European FinTech investment vehicle on $335m in 2016, to support early-stage opportunities across the region.
This investment marks, Accel’s third FinTech investment this year. Earlier in the year, the firm took part in the $100m Series B of technology developer XerbiaLabs, and the $71m Series C round of mobile payments platform YapStone.
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