Fintech​ ​company​ ​Anyfin​ ​launches​ ​service​ ​to​ ​lower consumer​

October 14, 2017Anyfin AB

Fintech​ ​company​ ​Anyfin​ ​launches​ ​service​ ​to​ ​lower consumer​

STOCKHOLM, Sweden—Anyfin, a digital lender who promises to simplify the process of refinancing consumer debt to the act of snapping a picture, announced the official launch of their service today. the process of refinancing consumer debt to the act of snapping a picture, announced the official launch of their service today.

“When communicating with friends and family, we’ve evolved from email, to text, to pictures,” said co-founder and CEO Mikael Hussain, “but banks have failed to keep up with today’s consumer. Why should getting a cheaper loan be any more difficult than posting a selfie?” to text, to pictures,” said co-founder and CEO Mikael Hussain, “but banks have failed to keep up with today’s consumer. Why should getting a cheaper loan be any more difficult than posting a selfie?”

The service, which allows consumers to apply for refinancing by taking a picture of their credit card bill, personal loan statement or purchase invoice, is targeted initially at customers in Sweden, where each adult carries an average of EUR 2500 in unsecured debt at rates that can run in excess of 25%. This despite the fact that Swedish consumer rank amongst the highest in credit quality across Europe. a picture of their credit card bill, personal loan statement or purchase invoice, is targeted initially at customers in Sweden, where each adult carries an average of EUR 2500 in unsecured debt at rates that can run in excess of 25%. This despite the fact that Swedish consumer rank amongst the highest in credit quality across Europe.

Anyfin seeks to solve these problems by leveraging multiple technologies. Using artificial intelligence for underwriting and customer assessment, the team says it can price consumers more accurately according to their individual credit risk. Meanwhile, the fully digital application process is not only far more convenient for the customer, but lowers the cost of operations--a savings which can be passed on to the consumer. technologies. Using artificial intelligence for underwriting and customer assessment, the team says it can price consumers more accurately according to their individual credit risk. Meanwhile, the fully digital application process is not only far more convenient for the customer, but lowers the cost of operations--a savings which can be passed on to the consumer.

“Our approach means we charge no upfront fees, offer better terms and are simpler to use than anyone else,” Hussain says. “What’s not to like?” are simpler to use than anyone else,” Hussain says. “What’s not to like?”

Initial reaction has validated the team’s hypothesis on pent up demand and opportunity in the market. and opportunity in the market.

“We were pleasantly surprised by the consumer response of our silent beta, despite having done zero outbound marketing,” Hussain shares. “And we were able to help our approved borrowers lower their rates by more than two-thirds, despite a cautious risk approach—so consumers are clearly overcharged.” beta, despite having done zero outbound marketing,” Hussain shares. “And we were able to help our approved borrowers lower their rates by more than two-thirds, despite a cautious risk approach—so consumers are clearly overcharged.”

Hussain and co-founder Sven Perkman were both previously with Klarna, a Sequoia Capital-backed Fintech unicorn which has built its $2B+ valuation by making it easy for consumers to take small loans for e-commerce purchases, where they held leading roles in credit risk and engineering, respectively. They are joined by Filip Polhem, who was with iZettle, Europe’s leading alternative point of sale payments provider (similar to Square in the US). a Sequoia Capital-backed Fintech unicorn which has built its $2B+ valuation by making it easy for consumers to take small loans for e-commerce purchases, where they held leading roles in credit risk and engineering, respectively. They are joined by Filip Polhem, who was with iZettle, Europe’s leading alternative point of sale payments provider (similar to Square in the US).

“It’s always tricky operating in the consumer lending space, particularly where you’re simplifying borrowing,” says Polhem, whose work at iZettle focused on helping merchants accept cards for payment, rather than lending to individuals. “But with Anyfin, we’re not encouraging anyone to take on extra debt, we’re just helping them to get a better price on the debt they already have—arguably the price they deserve.” particularly where you’re simplifying borrowing,” says Polhem, whose work at iZettle focused on helping merchants accept cards for payment, rather than lending to individuals. “But with Anyfin, we’re not encouraging anyone to take on extra debt, we’re just helping them to get a better price on the debt they already have—arguably the price they deserve.”

Press contact

Johanna Eklund

johanna.eklund@anyfin.com

+46704184837

Land

Sweden (English)

Anyfin AB, Drottninggatan 92, 111 36 Stockholm. Org. number: 559094-8005 © 2022 Anyfin AB is a consumer credit institution and is under the supervision of Finansinspektionen. All rights reserved.

Representative example

If a loan of SEK 13,000 is transferred to Anyfin, the savings will be SEK 1,652. The variable interest rate falls from 18.88% to 9.88%, and the administrative fee falls from SEK 19 to SEK 0. The new monthly cost will then be SEK 599 with a 24-month repayment period; consequently, the new effective interest rate is 10.34% and the total amount paid is SEK 14,380. Anyfin makes offers exclusively in situations where Anyfin can lower an individual’s interest rate. Anyfin will never increase an individual’s total costs by extending their repayment period.

The maximum amount that can be refinanced with Anyfin is SEK 300,000. The term can be a minimum of 1 month and a maximum of 120 months, depending on the current term. The nominal interest rate can vary from minimum 3.95% and maximum 19.90%. The effective interest rate can be minimum 4.02% and maximum 22.01%.