Stockholm-based fintech startup Bynk, a mobile loan app, has just received €48 million in equity funding from Schibsted and LMK Industri after launching just 18 months ago in 2017. The new investment brings Bynk’s total valuation to €190 million, and Schibsted now owns 32% of the fintech startup.
With Bynk, users can easily request loans of up to €28,000 to finance car payments, home repairs, or weddings, and manage their loans through the app. The loan period is usually between 3 and 12 years, with interest rates falling between 4.95% and 17.55%.
“We are growing fast and building a European mobile bank, and the money we have taken in will be used to build our brand and release new products,” said Bynks co-founder Dennis Ahlsén.
“We will now broaden our product portfolio with cards, peer-to-peer loans, and other new loan products while we will expand in Europe,” added CEO Emil Hansson.
“We saw early on Bynk’s potential, which it is now proving with full force, because there is clearly market demand for its product,” said Raoul Grünthal of Schibsted. “It is precisely these companies that we want to invest in and participate in and develop through Schibsted.”