By Emily Nicolle on 21st February 2018
Anyfin promises to help users refinance their loans, just by taking a photo.
Stockholm-based fintech Anyfin has closed a €4.8m Series A fundraising round, led by Accel and Northzone. The platform is aiming to redress Sweden’s approximate €20bn in outstanding unsecured consumer debt by enabling users to refinance existing loans by taking a photo of their loan statement.
“In the Nordics and across continental Europe, consumers are paying way too much for finance – often in excess of 25% annually on part payments and credit cards, even those with good credit scores,” said Mikael Hussain, CEO and co-founder of Anyfin, who previously spent seven years at payments fintech Klarna heading up their credit risk and decision science efforts.
Consumers can send Anyfin a photo of their loan statement by various media channels, including SMS, email or Facebook Messenger. Anyfin then uses publicly available consumer data, alongside AI and modern digital technology, to reply with an option for refinancing their loan at a better price. If accepted, the platform will also take care of settling the existing loan for them, ensuring that the terms of the new loan mirror the existing one.
Hussain continued, “Anyfin makes it as simple as possible to refinance a loan, setting a new standard for fairness and transparency and giving consumers the rate they deserve.”
Currently only available in Sweden, Anyfin hopes to use the investment to accelerate the platform’s growth by building its balance sheet, user acquisition, partnerships, staff and product development. Its founders launched Anyfin in November last year, after previously holding leading roles at other Big Tech firms like iZettle and Spotify.
Seth Pierrepont from Accel will join the board as part of the investment. He commented: “We were immediately impressed by the Anyfin founders and their vision to create a financial services brand on the side of the consumer.
“Combining their knowledge in credit risk and expertise in consumer finance products, they have built a powerful yet simple way to offer a better consumer refinancing experience across Europe.”