Bynk raises SEK 59M from new and existing investors.
Bynk, a Stockholm, Sweden-based startup providing a mobile banking application, has raised SEK 59M ($7M) in a new equity financing round. The money comes from existing shareholders, LMK and Schibsted, as well as from new undisclosed investors.
Bynk, founded in 2016 by Dennis Ahlsén, has developed a banking loan service allowing customers to lower their interest rates several times a year without filling out some paperwork. The company continuously collects data on customer financial movements and assesses the credit risk with the help of digital technology. A couple of months after launching the product, in April 2017, the company received almost 10,000 loan applications.
Prior to this transaction, in 2016, Bynk raised SEK 36M ($4M).