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Anyfin rides BNPL debt wave with $52 million capital injection

Anyfin rides BNPL debt wave with $52 million capital injection

Aiyfin, a Stockholm-based startup that enables consumers to refinance their existing loans, has raised $52 million of fresh funding to fuel the growth of its business across Europe.

The capital will be used by Anyfin to set up a new Berlin office -- its first outside of Sweden -- and strengthen its local team. In addition, Anyfin plans to launch a new app-based saving service for consumers across Germany, Sweden, and Finland.

Leading the new financing is existing New York-based investor FinTech Collective. Existing investors Accel, EQT Ventures, Northzone, and Global Founders Capital (GFC) also participated in the round. Two new investors joined the syndicate: Quadrille Capital in France, and Augmentum FinTech in the UK. This takes the total equity capital raised to $101m. In addition, the company has raised over $500m of debt capital from a diverse group of undisclosed lenders.

The increased investment in Germany will include rolling out service offerings currently available in Sweden, such as an interest-free cash advance, a budgeting tool, and a way to block shopping with credit.

Mikael Hussain, CEO and co-founder of Anyfin, says “We see the German market, which within the next couple of months will become our biggest market, as a place to show just how much we can help consumers escape the burden of debt and turn the tables on credit institutions that aren’t serving them. This investment represents growing momentum around the idea that the financial industry is due for a massive realignment, in which consumers’ financial wellbeing comes first.”

Using loan data with publicly available consumer data and AI, Anyfin’s proprietary platform enables consumers to refinance their existing installments, credit cards and personal loans within seconds. Consumers can select their current loan provider from a dropdown menu, snap a picture of their statement or upload it. For successful applicants, Anyfin’s offer can be accepted with one tap, at which point the existing loan is settled directly with the original lender and the individual’s outstanding balance moves over to Anyfin with the improved terms.

Gareth Jones, co-founder and managing partner of FinTech Collective, states: “With global e-commerce booming during the pandemic, growing by +39% YoY in Q1 2021 and the explosion of European buy now, pay later solutions, Anyfin’s opportunity to help fix mis-priced credit across Europe is now a step change larger than when we first gained conviction on the opportunity at Anyfin’s Series A.”

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