Myos, a Berlin, Germany-based fintech company that provides working capital solutions for online retailers, raised $30M in Series A funding.
The round was led by Fasanara Capital and Xploration Capital, with participation from Tomahawk.VC and a group of new and existing investors.
The company intends to use the funds to grow its existing customer base in Europe, enter the international market and continue developing its AI-based lending platform.
Led by Nikolaus Hilgenfeldt, Co-founder and CEO, Myos provides a working capital solution that supports merchants in their startup phase – where they are usually considered unbankable by other financiers – and in their growth phase – where merchants benefit from maximal flexibility due to its collateral-based dynamic repayment approach.
The company’ AI-based platform monitors the price of the product, its sales success, and the competition on common online marketplaces. It builds a “product potential” score to project the future sales potential and the value of the financed products.
To date, Myos has supported merchants with over €30M in over 1,000 loans. The company currently employs 30 people. Frankfurt-based Raisin Bank acts as banking partner.
FinSMEs
22/06/2021