The Swedish fintech startup Capcito, which is automating financing to SMEs with a digital platform, has just raised €7 million. Schibsted Growth and pan-European VC Ventech have joined owners SEB Venture Capital and Collector Ventures in support of Capcito’s next stage of growth.
In an increasingly competitive industry, Capcito has gained significant traction in the past 12 months through fast growth and a 500% increase in active clients. Thus far €80 million have been paid out to growing businesses through Capcito’s automated financing platform.
“There is an obvious demand among growing businesses for a costworthy, flexible and digital provider of working capital to small businesses”, says founder Michael Hansen on the firm’s competitive advantage and growth.
“One of the biggest obstacles for companies to develop and grow is access to working capital, and the available alternatives are seldom costworthy or transparent flexible enough. I am convinced this is why we are growing rapidly in an industry which is highly competitive but contains lots of old-fashioned players”, says Hansen.
Capcito’s credit assessment is automated, which means that an available credit amount is calculated instantly – based on real-time data from an invoice- or accounting software. So far 6,000 businesses have connected and are profiting benefitting from access to a pre approved credit facility, factoring and invoice discounting services.
“Capcito can help businesses and entrepreneurs with working capital, in a completely new way. Finally, things are happening within the fintech for b2b space, both in Sweden and internationally. We want to be a part of that transformation”, says Dan Ouchterlony, Investment Manager at Schibsted Growth.
“We believe Capcito is positioned to change the financing marketplace with their concept of automated financing – and that is a journey Ventech wants to be a part of. I look forward to helping Capcito facilitate its international expansion and continue its exponential growth”, says Tero Mennander, General Partner at Ventech Europe.
In connection with the investment, Dan Ouchterlony from Schibsted and Tero Mennander from Ventech will take up seats on Capcito’s board. The fresh capital will be used to acceleratre Capcito’s international expansion and further sharpening of its digital product.
Capcito currently offers three types of financing to SMEs: factoring, invoice discounting and business loans. The unique thing about Capcito is its digital financing platform with automated credit assessments. This means that a dynamic credit limit is calculated instantly when an invoicing- or accounting software is connected with the platform. 6,000 businesses have already connected to Capcito, and thus have access to a credit which is continuously refreshed based on real-time data – and doesn’t cost anything when not used.
Capcito was founded in 2015 by serial entrepreneur and investor Michael Hansen to radically simplify the process of securing growth financing for companies, together with co-founders Mattias Axlind, Henrik Dyberg and Niklas Möller. Investors are Galjaden Invest, SEB Venture Capital, Collector Ventures, Ventech and Schibsted Growth.