Capcito Finance, a Swedish FinTech which automates loans and financing to businesses, has secured SEK 74m ($7.6m) in funding.
The investment was backed by Schibsted Growth, Ventech and previous Capcito backers SEB Venture Capital and Collector Ventures.
Capital from the round will be used to further the development of its platform, expand into new countries, and hire more staff.
Capcito Finance is an online lending platform, which has deployed a total of 800 SEK ($82.6m) in financing since it was launched. Through Capcito, a company can access a business loans of up to SEK 300,000 ($31,000) on terms between 3 and 18 months. Additionally, company can sell invoices or take out loans for their invoices.
When a company links their bank or invoicing to the Capcito platform, it automatically analyses how the business is doing and they will receive an offer for funding.
This funding has come after a strong period of growth for the FinTech, having increased its customers by 500 per cent.
Capcito founder Michael Hansen said, “Financing is one of the biggest challenges for companies that want to grow, and the options available are rarely reasonably priced or flexible. I am convinced that this is why we are growing strongly in a market with stiff competition, with many old-fashioned players.”
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