Myos has raised $30 million in Series A funding led by Fasanara Capital and Xploration Capital. Tomahawk.VC and a group of new and existing investors also participated in the funding round, according to the company. Berlin-based Myos states that it will use the additional capital to grow its existing customer base in Europe as well as entering international markets while further developing the company’s AI-based online lending platform. To date, Myos has provided merchants with over €30 million in more than 1,000 loans. Frankfurt-based Raisin Bank acts as the banking partner for Myos.
Myos provides working capital for digital merchants noting this sector is frequently considered “unbankable” during their startup phase. Myos eliminates the need for annuities or personal guarantees in financing for online sellers. Myos monitors the price, sales success, and competition of a given product on online marketplaces using AI and data-driven technology to evaluate the risk to then issue loans to merchants.
“We’re a step ahead of traditional lenders because we look at the retail products, not the merchants,” says Nikolaus Hilgenfeldt, co-founder and CEO of Myos. “With Myos, merchants can quickly receive loans of up to a million Euros, without complex business plans or personal guarantees which are often not available in the start-up phase”.
Eugene Timko, Managing Partner at Xploration Capital, says the transparency of online marketplaces creates the possibility of a fundamentally new risk assessment for trade loans.
“With this principle, Myos has succeeded in bringing its product to the market and we see its enormous potential for the e-commerce industry.”
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Source: https://www.crowdfundinsider.com/2021/06/176910-ai-powered-lender-for-merchants-myos-raises-30-million-series-a-round/
