According to the terms of the deal, Finstar also has the option of further increasing its equity.
The company intends to use the funds to accelerate the development of its FinTech products and further develop its services, as well as expand into North European markets.
Led by Tommi Lindfors, Chairman, Euroloan provides services for consumers including a Virtual Credit Card, which offers individual revolving credit limits, as well as pricing and repayment plans for each customer, based on an advanced proprietary scoring engine.
Customers get 24/7 access and instant payment through a fully automated service.
The company’s corporate solutions enable merchants to offer multichannel payment solutions to their customers at online and traditional stores (POS), including invoice, instalment and credit account payment options.
These payment options can be offered under the merchant’s own brand.
Established in 2007, the company also has offices in Stockholm, Sweden and Warsaw, Poland.