Moank raises $11M in capital investment from Credit Opportunity One.
Moank, a Stockholm, Sweden-based company providing consumer financing solutions, completed a SEK 100M ($11M) capital investement round.
Moank, founded in 2015 as spinoff from CMI Group by Gustav Ek and Peter Lange (CEO), offers new consumer financing solutions based on an adaptive credit model that improves the credit profile of its customers and give lenders access to new market segments.
The loans are usually made to individuals through their employers and are repaid as salary deductions. An average loan is about SEK 100k ($11k) with an interest rate of 6 percent.
Moank, which has 10 employees, aims to become a credit market company, with the goal of also being able to borrow from private individuals against a deposit guarantee.