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Stockholm-based Scayl, a debt financing platform, introduced its emergence from stealth on Wednesday. It has raised €100M to supply lenders with entry to versatile and clear funding buildings.
The startup was based in 2023 by Medjit Yalmaz (CEO), Patrik Blomdahl (COO), and Jatin Goyal (CTO), together with a workforce of ex-VC (Swedbank), ex-Non-public Credit score (Credo Capital Companions), ex-Fintech lender (Anyfin), ex-hedge fund (IPM), and ex-banking (SEB) professionals.
The founders established Scaly after witnessing the challenges Fintech lenders confronted when elevating debt.
“Once I labored as a debt investor, I’d ship out time period sheets to Fintech lenders requiring warrants comparable to upwards of 10 per cent of companies. I noticed first-hand the countless hidden charges and 6-12 month timelines it took to barter and construction debt earlier than founders received the capital they wanted. The method wasn’t very pleasant, but it surely continues to be market commonplace,” says Midget.
What does Scayl do?
Dubbed a “Fintech for Fintech Lenders,” the Swedish firm supplies Fintechs which might be creating credit score merchandise with clear funding buildings.
This permits them to fund their mortgage books with extra flexibility and ten occasions sooner than in the event that they had been negotiating straight with banks and credit score funds.
“With Scayl, we listened to what Fintech lenders stated they wanted and constructed a platform that permits us to supply them with debt capital extra effectively, at decrease prices, and on founder-friendly phrases – we consider ourselves as a Fintech for Fintech lenders. We exist to permit them to concentrate on what they do greatest – offering European SMEs and customers with modern monetary merchandise,” continues Medjit.
By making a funding product and know-how platform constructed completely for Fintech lenders, Scayl is hyper-focused on addressing the dearth of versatile and cost-efficient debt financing at the moment out there to those corporations.
Scayl has come out of stealth throughout a difficult time for Fintech lenders in Europe as a consequence of a troublesome macroeconomic setting, increased base charges, and rising danger of defaults.
“There’s a 400 billion euro funding hole in Europe alone, and it will likely be Fintechs, not banks, making the most of the chance. By supporting these Fintechs and serving to them fill this hole, we anticipate to facilitate the expansion of many unicorns for years to return, and we’re extraordinarily excited by that,” feedback Medjit.
Scayl permits fintech lenders to attach with banks and different credit score establishments simply. It receives funding from these establishments whereas additionally feeding and retrieving all essential knowledge to evaluate debtors and facilitate the funding of loans.
The corporate has developed know-how that allows real-time monitoring of 10,000x extra knowledge factors and makes use of AI-enabled danger modelling.
This know-how helps Scayl to hyperlink a rising variety of Fintech lenders with financing companions focused on SME and shopper credit score publicity.
Primarily based on the workforce’s current community of banks and Fintechs, the corporate already has curiosity from practically 100 lenders throughout Europe with a complete demand of greater than €1B.
The corporate has additionally secured a partnership with a northern European financial institution to start out offering funding for Fintech lenders. Scayl can be making these funds out there to lenders by way of its platform.
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