Anyfin is announcing a €30 million series C raise to expand its digital-led debt refinancing platform which uses algorithm-driven risk assessments to strengthen visibility of the customer's finances.
Stockholm-based Anyfin says trade has boomed following five-fold annual growth in 2022 and the entry of the business into three additional European markets: Norway, Finland and Germany.
Customers save 50% on average loan charges using its platform, Anyfin claims. And, with consumers grappling with the cost living crisis, it foresees an even bigger role for discount personal finance undercutting traditional lenders. The key's likely to be delivering on service — no startup wants trapped in a cycle of negative debt-related media coverage.
This series C funding brings Anyfin's total equity funding to $131 million, though that's on top of €500 million in debt facilities agreed to help Anyfin scale up its loan book.
Northzone, the London VC, led the round with participation from the CVC for banking Citi, Citi Ventures, as well as further participation from EQT, Accel, Fintech Collective, Augmentum FinTech and Quadrille Capital.
With the fresh supply of equity, Anyfin will allocate internal resources to new product features, hopefully accelerating its growth path in its four operating markets.
Commenting on the deal, Anyfin CEO and co-founder Mikael Hussain said: "With the current cost of living crisis putting increasing pressure on household finances, what we do is more valuable than ever for consumers, and this new capital will enable us to continue improving the scope and scale of our offering.
"The investment demonstrates that the financial industry is due for a significant realignment, in which consumers’ financial wellbeing comes first; we are very proud that both new and existing investors alike see us as a major player in European fintech.”
In 2021, Anyfin raised €44.8 million in a round led by FinTech Collective and backed by Northzone together with Accel, EQT, Augmentum FinTech and Global Founders Capital.