Stockholm-based Anyfin has announced a €30m Series C fundraising to expand its digital debt refinancing platform, which uses algorithmic risk scores to improve visibility of a client’s finances, reports Tech.eu.

The company says trading is booming following fivefold annual growth through 2022 and the expansion of the business into three additional European markets: Norway, Finland and Germany.

According to Anyfin, customers save 50% on average loan costs using its platform.

The company plans an even bigger role for personal financial services with discounts to undercut traditional lenders. The key is likely to be in service delivery – no start-up wants to fall into the trap of negative media coverage of debt.

This Series C funding brings Anyfin’s total equity funding to $131 million, but that’s in addition to €500 million in debt facilities agreed to help Anyfin grow its loan book.

“With the current cost of living crisis putting increasing pressure on household finances, what we do is more valuable than ever for consumers, and this new capital will enable us to continue improving the scope and scale of our offering.”

Anyfin CEO and co-founder Mikael Hussain said.

He further said that the investment shows that the financial industry is undergoing a significant restructuring where the financial well-being of consumers is paramount.

With this capital, Anyfin will focus its internal resources on new product features, and aims to accelerate growth in its four operating markets.