Mobile loan app Bynk raises €48m for European expansion

Ben Heathcote

In App Deals. February 24, 2019

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.