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Sweden's Scayl raises €100m to address fintech lending gap

Swedish startup Scayl, a debt financing platform based in Stockholm, has raised €100M to address a lending gap in the fintech sector.

According to Scayl, which describes itself as a “fintech for fintech lenders”, the money will be immediately made available to fintech lenders.

Scayl was founded in 2023 and has just emerged from stealth mode. The funding was raised by a network of banks backing the fintech.

The fintech claims to have interest from more than 100 fintech lenders with demand exceeding €1bn.

“There is a €400bn funding gap in Europe alone, and it will be fintechs, not banks, taking advantage of the opportunity,” said Medjit Yalmaz, CEO and co-founder of Scayl.

“By supporting these fintechs and helping them fill this gap we expect to facilitate the growth of many unicorns for years to come, and we’re extremely excited by that.”

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Comments: (3)

Medjit Yalmaz - Scayl - Stockholm 04 April, 2024, 13:26

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Thank you for sharing our announcement. Read more about us at https://www.scayl.finance/

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A Finextra member 04 April, 2024, 13:43

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In principle - yes, it's a large and known gap. Others aim to fill it, too - but to capture any slice of that 400bn two conditions need to be met:

- Rapid decision-making (ideally instant. real-time) with minimum beuraucracy, and

- Competitive rates. Obvious and boring, I know - but so often a stumbling block.

How good is Scayl in these 2 dimensions?

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Medjit Yalmaz - Scayl - Stockholm 04 April, 2024, 14:17

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Thank you for your comment and interesting opinions. I'm the CEO and co-founder of Scayl, let me explain:

1. We work more or less exclusively with fintech lenders who have built either automatic/real-time decision making and loan disbursement technology themselves or utilise some of the excellent SaaS solutions in the market. More or less every fintech have such technology today.

2. We work exclusively with banks, i.e. more or less the cheapest source of funding you can find as a lender (excluding public securitisation). Most fintech lenders (sub €100m loan book) don't have access to that cost of capital because they're simply too small for the banks to deal with, but they can through us.

Finextra's article is a very short summary of our press release, I suggest either checking our website or the other publications which contain additional information.