Danish startup raised €4M in seed round for its new version of BNPL

Anyday’s smooth BNPL check-out process offers users the ability to pay for purchases in four-installments. That sounds familiar, but the special sauce is that users pay absolutely no interest. Consumers pay just the normal price of the item over time, while the merchants pay a modest fee- just like any other payment solution, but with a huge increase in shoppers converting into paying customers. 

As of today, Anyday has 1,000 merchants and more than 20,000 customers across Denmark, but the expansion boost is yet to come — with this funding round, Anyday will expand across the Nordics!

“We had a hockey stick increase in underlying sales in the fourth quarter of ‘21, and we believe to have the technology and business model that will be part of drawing the future structure of split payment, where end consumers never pay interests or additional fees. The onboarding of Inventure gives us a really good starting point to introduce Anyday on the Scandinavian market,” says Jonas Overgaard, CEO and founder of Anyday.

BNPL 2.0

If you look at the BNPL landscape in Europe, you might think there are one or two giant players and the market is totally captured. 

However, the current BNPL 1.0 players built their empire on high fees to consumers. Their entire business model relies on it, and these giants can’t adapt when a more flexible and fair solution like Anyday comes around. Inventure sees Anyday taking over Europe fast. 

While BNPL has been around for a long time (going back to the days of layaway), the VC firm sees it still in the very early days of growth. Looking at the pure numbers, global e–commerce BNPL transactions account for only ~2.1%, while >30% is still transacted by credit cards. That’s a big gap considering credit card issuance is currently declining big time!

Speaking broadly, there’s been a generational shift by Millennials and Gen Z away from traditional credit and towards flexible, simple and transparent solutions, as well as from unethical ways to pay attached to large APR.

One more important factor for Anyday is that they’ve built strong relationships with financial institutions. On the back end, Anyday has found an appealing solution to make debt scalable, which enables them to grow faster without the need of raising debt.

The excitement

• Disruption of existing BNPL business models by implementing a consumer-centric and fair offering.
• The massive growth of the e-commerce market – Global ecommerce space is valued at ~€4.4tn, whereof only ~2% are globally transacted by BNPL services.
• The global trend of more flexible payment solutions and actively participating on the decline of credit cards, through the ongoing generational shift.
• Established a scalable debt model.

The Team

The Anyday team was build around Viabill dropout Jonas Overgaard. Jonas impressed us throughout the whole conversations by his “hustler” mentality and industry expertise. 

Together, the team possesses the technical domain expertise, a deep process understanding, and the relationships across the industry necessary to establish the next BNPL giant in Europe. 

What’s next?

Next on the Agenda for Anyday is the expansion to the remaining Nordics, in addition its services is to be introduced for payment at in-stores in two ways: as a virtual credit card and an app with the payment technology, so that consumers are presented with the option to split the payment, when they pay in in-stores.

“We want to become an omni-channel service for our merchant partners not limited to webshops only, but also as a payment alternative at in-stores to give the merchants the opportunity to offer more payment solutions. The onboarding process for webshops works well, and we are looking forward to introducing our concept to the in-stores ,” says Jonas Overgaard.

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