Stockholm-based mobile loan app Bynk ropes in €48M funding to accelerate growth

Stockholm-based mobile loan app Bynk ropes in €48M funding to accelerate growth

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Swedish fintech startup Bynk has raised €48 million in order to expand its offices across Europe. Found in 2016 under the supervision of Financial Supervisory Authority, the Stockholm-based mobile loan app received the latest funding from LMK Industries and Schibsted.

Now, Schibsted has 32% ownership of Bynk. Schibsted is known to own companies such as Prisjakt, Blocket, Lendo, Compricer and Shpock. The latest funding of €48 million will bring Bynk’s total valuation to €190 million.

Using Bynk, a user can effortlessly place a request for loans amounting up to €28,000 to finance anything ranging from car payments to home repairs to even wedding. The users can also manage their loans using the fintech app. The loan period ranges between three years to twelve years, with interest rates ranging between 4.95% and 17.55%.

Where will the funds get utilised?

Regarding the latest funding, Bynk co-founder Dennis Ahlsén stated, “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”.

Aim of the startup

Talking about the future aim of Bynk, CEO Emil Hansson stated, “We will now broaden our product portfolio with cards, peer-to-peer loans, and other new loan products while we will expand in Europe”.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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