Debt financing platform Scayl has raised $108 million to lend to other European FinTech lenders.

Billing itself as a “Fintech for Fintech Lenders,” Scayl said it helps clients fund their loan books with more speed and flexibility than working with banks or credit funds, the Swedish company said in a news release.

“When I worked as a debt investor, I would send out term sheets to Fintech lenders requiring warrants corresponding to upwards of 10% of businesses. I saw first-hand the endless hidden fees and 6-12 month timelines it took to negotiate and structure debt before founders got the capital they needed. The process wasn’t very friendly, but it continues to be market standard”, ,” said Medjit Yalmaz, Scayl’s co-founder and CEO.

The company said its platform lets FinTech lenders connect seamlessly, with Scayl maintaining integrations to and getting funding from banks and other credit institutions.

“There is a 400 billion euro funding gap in Europe alone, and it will be Fintechs, not banks, taking advantage of the opportunity,” Yalmaz said. “By supporting these Fintechs and helping them fill this gap we expect to facilitate the growth of many unicorns for years to come, and we’re extremely excited by that.”

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