25 million euros for fintech Myos

Myos provides loans to small merchants. In a current round of funding, the fintech is receiving €25 million from investors. But the money is partly passed on.

Fintech Myos lends money to small merchants who sell their product through Amazon or Shopify, for example. Now the fintech is raising €25 million, Finance Forward reports. New investors include Xploration Capital and Fasanara Capital, and founder and investor Cédric Waldburger's VC Tomahawk fund is also on board. The sum is a mixture of debt capital and investment in the company, the exact breakdown is not known. The money will also be used to make new loans accordingly, and Myos is also looking to the UK for possible expansion.

The fintech launched in 2018 and now has 30 employees. So far, it has made €30 million in loans. Speaking to Finance Forward, CEO Nikolaus Hilgenfeldt said that this volume should double per year in the future. "Debt capital is not the limiting factor for us, that's where our backers are. We rather have to make the product better known," Hilgenfeldt said about the concept of Myos. According to the company, the default rate is 1.8 percent.