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Swedish loan refinancing app Anyfin is reportedly looking to expand after raising $30 million.
The funding will allow Anyfin to expand its services and expand into new parts of Europe, Financial Times-backed news site Sifted reported Wednesday (Jan. 18).
The Series C funding round comes at a time when the cost of living crisis in Europe is causing consumers to cut back on their spending and seek new ways to manage their finances. Stockholm-based Anyfin has raised his $52 million Series B round in 2021.
PYMNTS has reached out to Anyfin for comment but has not received a response.
Founded in 2017 by Klarna veterans Mikael Hussain, Sven Perkmann and Filip Polhem, Anyfin claims to offer users better interest rates on loans and debt than other credit providers.
According to Sifted, the company does this by analyzing consumers’ risk profiles in more depth than simply gleaned using credit ratings. Looking at all consumer data, such as loan statements and credit card bills, provides a more accurate picture than credit ratings.
As PYMNTS reported last year, ongoing inflationary pressures in Europe are causing many consumers to cut spending. Like their American peers, they face rising food and fuel costs.
So keeping track of your finances is more important than ever, and a growing number of personal financial management tools and budgeting apps are designed to help struggling consumers keep track of their spending.
In addition to dedicated budgeting tools such as Mint and YNAB, European neobanks are beginning to debut features to help customers understand their finances and stay within budget.
In an interview with PYMNTS, Dutch neobank Bunq CEO Ali Niknam said the challenge facing modern consumers is that electronic spending is more difficult to monitor than cash purchases.
“Digital money doesn’t have the same feel as physical money,” said Niknam. “We’ve been trying to recreate the same type of experience digitally… [money] Be more specific and intuitive. ”
In a related story, PYMNTS reported on Tuesday (January 17) that ATM withdrawals in the UK increased for the first time in 13 years. According to the Building Society Nationwide, which operates a network of more than 1,200 ATMs in the country, cash withdrawals are expected to grow by 19% to 30.2 million in 2022 as consumers rely on cash budgets. reached.
Another UK organization — consumer group Which? — conducted a survey and found that 52% of respondents reported using cash as a payment method, saying it helps them track their spending . And 20% of those who don’t use cash on a daily basis said things would change if England’s cost of living crisis worsened.
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