Swedish embedded finance platform Froda has secured a €20 million (224M SEK) Series B investment to accelerate its expansion across Europe. The round, led by Incore Invest, includes continued backing from existing investors and arrives during a period of slowed fintech fundraising.
This fresh injection of capital will support Froda in scaling operations, onboarding new embedded finance partners, and entering new European markets. The company’s data-driven approach to SME lending and financing positions it as a standout player in the embedded finance sector—where investor confidence continues to grow despite wider industry funding challenges.
“We’re in the middle of a pivotal growth phase for Froda, and seeing strong demand from both new and existing partners across Europe. With Incore Invest’s backing, we can accelerate our growth and scale our partnerships to continue supporting SMEs with the financing they need. Our goal has always been to make financing easier, fairer and more accessible, and the additional funding allows us to double down on that mission,” says Olle Lundin, co-founder and CEO at Froda.
Froda’s momentum has been undeniable, with 30% year-over-year customer growth (2024), the signing of one new embedded partner per month, and its inclusion in the FT1000: Europe’s Fastest Growing Companies 2025. Froda also recently expanded its partnership with the European Investment Fund (EIF), launching the first pan-European microfinancing guarantee of its kind. This enables Froda to scale its proven Swedish model across Europe, where its SME customers already grow 12x faster than the national average, further cementing its leadership in embedded finance.
Froda’s embedded finance platform integrates directly with banks, neobanks and payment providers, enabling SMEs to access instant financing at the point of need. Recent partnerships with Mimo (UK), Lunar (Nordics) and Kontist (Germany) underscore the growing demand for Froda’s solutions, a timely response to Europe’s €400 billion SME funding gap that Froda is determined to close.
“At Incore Invest, we look for businesses that are not just disrupting markets but fundamentally reshaping them. Froda is a prime example of this. Its strong business strategy, impressive growth trajectory and industry leading partnerships make it a standout investment for us. We are proud to support Froda as they expand across Europe and continue to scale,” says Nicolai Chamizo, founder and CEO at Incore Invest.
This latest investment in Froda is one of the first strategic moves from Incore Invest, which recently launched its second fund, Incore Invest II. The fund is dedicated to accelerating the growth of high-performing fintech, SaaS and embedded finance companies. As part of a broader portfolio strategy, Froda stands as a flagship example of the future of fintech and investment growth within the Nordic region and exemplifies the type of company Incore’s fund is
designed to support.