According to Scayl, which describes itself as a “fintech for fintech lenders”, the money will be immediately made available to fintech lenders.

Scayl was founded in 2023 and has just emerged from stealth mode. The funding was raised by a network of banks backing the fintech.

The fintech claims to have interest from more than 100 fintech lenders with demand exceeding €1bn.

“There is a €400bn funding gap in Europe alone, and it will be fintechs, not banks, taking advantage of the opportunity,” said Medjit Yalmaz, CEO and co-founder of Scayl.

“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.”