Anyfin adds $8 million to Series A

Source: Anyfin

Anyfin, a Stockholm-based startup that enables consumers to refinance their existing consumer loans with a picture, today announces a €8 million investment in an extended Series A round.

Since launch, the company has helped thousands of new customers each month to lower their interest rates on consumer loans by an average of 50 percent. To help serve even more customers, Anyfin has raised an additional €8 million from its existing investors Northzone, Accel, Global Founders Capital, and also welcomes FinTech Collective as a new investor.

Anyfin - founded by former Klarna, iZettle and Spotify employees, has grown from a team of 8 to a team 22 within a year, adding key hires from some of Sweden’s top tech companies; Stelios Gisdakis, previously Spotify and Klarna, as Head of Data Science, Mimmi Grafström, previously iZettle, as Head of Marketing, and Martin Engdahl, previously Payex and Klarna, as Head of Business Development.

Anyfin Founder and CEO Mikael Hussain comments: “Unsecured consumer credits are growing at an increasing rate. Most customers are paying far too much interest on these loans - often in excess of 25 percent annually on part payments and credit cards, even for those with good credit scores. Typically, we’re able to cut the cost of financing by more than half. Even our customers ask us, what’s the catch? But really, we are on a mission to put the power back in the hands of the consumer, making it as simple as possible to refinance a loan and giving consumers the rate they deserve."

Anyfin is a consumer-centric financial services company that offers a great experience to the customer, which could be anyone with a credit card, an unsecured loan or paying off a purchase in instalments. Using AI, modern mobile technology, and leveraging consumer data, Anyfin enables consumers to refinance their existing loans within seconds simply by taking a picture of the loan statement or by logging into their previous loan provider. The consumer sends the picture and Anyfin replies within just a few seconds, with an offer to refinance the loan at a better price. With one tap, the consumer accepts the new offer from Anyfin, and the company takes care of settling the existing loan for them.

“Fixing mispriced consumer credit represents a €24b revenue opportunity in Northern Europe alone. Having seeded five alternative lending businesses in the US and abroad, Anyfin's positioning of reducing credit versus expanding credit for consumers was very compelling. We are extremely excited to be backing the credentialed team at Anyfin and their mission of improving the financial lives of over 700 million Europeans” says Gareth Jones from Fintech Collective.

The new funding will help Anyfin develop the product further and prepare for an international launch to take on Northern Europe. Anyfin has to date raised a total of €13,3 million and is currently available in Sweden.

Christoffer Norman from Northzone has recently joined the board as part of the new investment. He adds: ”Anyfin fulfils fintech’s promise of making finance easier and fairer for consumers. Their intuitive product and experienced team underpin the company’s strong performance since our initial investment. We are excited to support Anyfin in this latest round as they scale to reach more customers and new markets.”
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