Swedish credit refinancer Anyfin has raised $52m from Series B round to fund its expansion in Europe.
The funding round was led by FinTech Collective, and has seen participation from existing investors Accel, EQT Ventures, Northzone, and Global Founders Capital.
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Two new investors joined the funding round – France-based Quadrille Capital and UK-based Augmentum FinTech.
The firm was set up in 2017 by its CEO Mikael Hussain, CTO Sven Perkmann and COO Filip Polhem.
The startup will introduce new savings account in its apps in Sweden, Finland and Germany.
It already provides credit refinancing service for consumers in these three markets.
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By GlobalDataProceeds from the funding round will help it to set up a Berlin office to expand its reach in Germany.
Anyfin CEO and co-founder Mikael Hussain said: “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.”
Following its German expansion, the firm intends to expand across northern part of Europe.
Hussain added: “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.”
In September, the firm raised almost $10m from Augmemtum Fintech.
Anyfin’s credit refinancing feature is claimed to be easy as its consumers need to choose their existing lender, upload an image of their latest statement, and check if Anyfin can provide a lower interest repayment plan.
According to the firm, it has enabled its users save around $30m by reducing interest rates on credit by 50% on average.
