By Oliver Smith on Tuesday 5 October 2021
Closing the round extension that Augmentum Fintech started last month.
After initially raising just shy of $10m from Augmentum Fintech last month, Swedish credit refinancer Anyfin has today closed its Series B round extension at a total of $52m.
The funding—provided by new investors FinTech Collective, Augmentum and Quadrille Capital and existing investors—has been earmarked for an ambitious expansion project.
At the moment, Anyfin focuses on helping Swedish, Finnish, and German consumers consolidate and refinance existing credit at better rates. The cash will help it establish a Berlin office to expand its reach in the German market.
“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,” said Anyfin CEO and co-founder Mikael Hussain.
Once German expansion is complete, Anyfin plans to grow across Northern Europe and launch a savings account in its app alongside the existing credit refinancing option.
Hussain explained his thinking and today’s investment is a sign that: “the financial industry is due for a massive realignment, in which consumers’ financial wellbeing comes first.”
Anyfin’s core credit refinancing feature is as simple as consumers selecting their existing lender, uploading a picture of their latest statement, and then seeing whether Anyfin can offer a lower interest repayment plan.
Since launching in 2017, the alternative lender says it has saved people some $30m by cutting interest rates on credit by 50 per cent on average.
Co-founders Hussain, Sven Perkmann (CTO) and Filip Polhem (COO) all previously worked for some of Sweden’s biggest tech exports, Spotify, Klarna and iZettle, respectively.