Swedish lender Froda has raised €20m which it will use to drive European expansion.
The Series B round was led by first-time investor Incore Invest, with existing investors also contributing.
Its existing backers include Karl-Johan Persson, the billionaire businessman and chairman of H&M and Victor Jacobsson, a Klarna co-founder.
Founded in 2015, Froda is a direct and embedded lender.
It currently operates in its domestic Sweden along with several European markets including Norway, Denmark, Finland, Germany, the UK and Ireland.
In 2023, Froda carried out a €10m fundraise, valuing it around €170m.
Froda, which targets the SME market, said it will use the equity funding round to help onboard new embedded finance partners and expand into new European markets.
Froda has a registered Swedish credit institution licence, which it passports across the EU. It offers embedded lending by partnering up with fintechs and payment firms through a single API.
Olle Lundin, co-founder and CEO at Froda, said: “With Incore Invest’s backing, we can accelerate our growth and scale our partnerships to continue supporting SMEs with the financing they need.
“Our goal has always been to make financing easier, fairer and more accessible, and the additional funding allows us to double down on that mission,”
This latest investment in Froda is one of the first strategic moves from Incore Invest, which recently launched its second fund, Incore Invest II.
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