Bynk, the Sweden-based fintech startup and mobile loan app, has secured €48 million in equity funding from Schibsted and LMK Industri. The new investment brings the Stockholm startup’s total valuation to €190 million.
Users of Bynk, which launched 18 months ago in 2017, are able to request loans of up to €28,000 and manage their loans through the app. The loan period ranges between three years to twelve years, with interest rates ranging between 4.95% and 17.55%.
Dennis Ahlsén, co-founder of Bynk, said:
“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.”
Emil Hansson, CEO, added:
“We will now broaden our product portfolio with cards, peer-to-peer loans, and other new loan products while we will expand in Europe.”
After the latest investment deal, Schibsted now owns 30% of Bynk.