The business man Peter Gyllenhammar guarantees bank loans for $12 million and invests in Capcito.
In the wake of the 2008 financial crisis, getting a loan has become considerably harder for small businesses. That has spurred the growth of independent finance companies. Capcito is one of the latest additions to that segment.
The idea is to let small businesses take loans with their customers invoices as security. By connecting the loan applications to cloud based accounting services, Capito can make quick credit assessments.
The company’s goal is to quickly establish itself on the market and has raised just short of $600,000 in venture capital from Peter Gyllenhammars real estate company Galjaden. The real estate company has also guaranteed $12 million that Capcito can lend to its customers.
“We should be able to grow that amount quite fast so in a year we’re probably dealing with closer to $120 million”, Michael Hansen, CEO and co-founder of Capcito, says.
Michael Hansen, Mattias Axlind and Henrik Dyberg has worked with the project for about a year. They bootstrapped the project until Peter Gyllenhammar invested in the company. The money will be used primarily for marketing the product.
“We haven’t decided on a definitive schedule yet but the plan is to scale the business in the Nordic countries at first. We want to throttle up internationally of course, but we have to prove ourselves here in Sweden first”, Michael Hansen says.
Peter Gyllenhammar has built his own wealth through investments in both publicly traded and privately held companies. In his company Peter Gyllenhammar AB he has assets worth over $100 million. Peter Gyllenhammar AB is the owner of the real estate company Galjaden.