Capcito, a Stockholm, Sweden-based fintech company automating financing to SMEs with a digital platform, closed €7m funding round.
Schibsted Growth and Ventech joined SEB Venture Capital and Collector Ventures. In connection with the investment, Dan Ouchterlony from Schibsted and Tero Mennander, General Partner at Ventech Europe, will take up seats on Capcito’s board.
The company intends to use the funds for international expansion and further sharpening of its digital product.
Founded in 2015 by Michael Hansen, Mattias Axlind, Henrik Dyberg and Niklas Möller, Capcito currently offers three types of financing to SMEs: factoring, invoice discounting and business loans.
The credit assessment is automated, which means that an available credit amount is calculated instantly – based on real-time data from an invoice- or accounting software.
So far, 6,000 businesses have connected and are profiting benefitting from access to a pre approved credit facility, factoring and invoice discounting services.
Approximately €80m have been paid out to businesses through the automated financing platform.