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Spotify and Klarna-backer leads €30M funding of this smart finance app from Sweden

Image credits: Anyfin

Anyfin, a Stockholm-based fintech company that aims to improve people’s finances, has closed €30M in a Series C funding round led by existing investor London-based VC Northzone which has backed big startup names including Spotify, Klarna, Trustpilot and Personio. In September last year, Northzone also raised €1B fund to back next-gen European tech startups.

Meanwhile, the round also saw participation from Accel, EQT Ventures, FinTech Collective, Quadrille Capital, Augmentum FinTech and new investor Citi Ventures.

The latest capital will help Anyfin accelerate the growth of its business across Europe, as well as strengthen its product suite in existing Europe markets. The Series C round brings the total equity funding to €106M. However, the company has raised close to €600M in debt and equity. 

Improving financial well-being

A survey by Finansinspektionen revealed that one in five households has difficulty covering their expenses with their regular income for at least one month each year. Simultaneously, Swedish credit debt is growing quickly. 

Mikael Hussain, Anyfin’s CEO and Co-founder, comments, “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 well-being comes first; we are very proud that both new and existing investors see us as a major player in European fintech.” 

Here’s how they do it!

As a result, Mikael Hussain (CEO), Sven Perkmann (Co-founder and Chairman), and Filip Polhem (COO) founded Anyfin in 2017 to improve the financial well-being of Europeans and put them back in control of their finances. The founders combined have over two decades of experience at tech giants like Klarna, Spotify, and iZettle. 

As part of its services, the Swedish startup simplifies the process of refinancing debt and helps users access reasonable interest rates. 

For example, the Swedish company’s proprietary platform enables consumers to refinance existing installments, credit cards, and personal loans within seconds, based on their risk profiles. 

Currently, Anyfin operates in Sweden, Norway, Finland, and Germany. According to the company, their German operations have experienced a 15% average monthly growth rate and a fivefold growth in 2022. Further, over 500,000 downloads have been made to Anyfin’s mobile app in 2022.

Jeppe Zink, Partner at Northzone and Board member at Anyfin, comments, “Overpayment for consumer financial services, fuelled by the opaqueness of the existing financial service industry, is perhaps the most valuable pain point which fintech can solve. Anyfin is addressing this head-on with its refinance proposition. Customers love their service, making it a leader in the financial wellness category.”

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