Swedish startup Scayl, a debt financing platform based in Stockholm, has raised €100 million to tackle a lending gap in the fintech sector.
Scayl, described as a “fintech for fintech lenders,” plans to deploy the funds immediately to assist fintech lenders. Founded in 2023, the company has recently emerged from stealth mode, with its funding supported by a network of banks.
The startup reports interest from over 100 fintech lenders, with demand exceeding €1 billion. “There is a €400 billion 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.”