Monetise has raised a new $600.000 seed round to boost its credit service.
The Stockholm-based fintech startup has created a service that makes it easier for small businesses to borrow money. Unlike banks, Monetise does not require assets to back the loan.
Instead, the company looks at the borrower’s cash flow. The typical customer is a smaller merchant or service provider like a hair salon or an e-commerce site.
“We have developed a financial product where we can make very precise and accurate credit assessments, and at the same time does not require any paperwork or hassle for the customer”, the company’s co-founder Kristina Kockum wrote in an email to Breakit.
Last year, Nicklas Storåkers, former CEO of Avanza, invested in Monetise in a first seed round. Now, documents from Bolagsverket (Companies Registration Office) show that the company has raised another a new round, this time at a $6,7 million valuation.
The new cash injection comes from Mikael Walther, former hedge fund manager at Swedish activist fund Cevian. Mikael Walther is also the new business partner of Klarna co-founder Victor Jacobsson, which we reported on Friday. Breakit has reached out to Michael Walther for a comment.