Bofink

Bofink is a Swedish mortgage credit institute that provides home loans to young professionals by using a proprietary credit assessment model.

Launched in 2017 initially as a mortgage health check app, the company pivoted its business model. The founders, Joachim Ronneback and Petter Aronsson, who both hold Master of Science degrees in Industrial Economics from the Royal Institute of Technology, shifted the company's focus from being a mortgage intermediary to a direct lender. This strategic change occurred after it became apparent that the intermediation service was not financially viable, and the company secured a license from the Swedish Financial Supervisory Authority (Finansinspektionen) in December 2019 to operate as a mortgage credit institution.

Bofink's core business revolves around a unique credit model based on machine learning and neural networks. This technology forecasts the future salary development of applicants, enabling the company to lend to recent graduates and young professionals who might not qualify for mortgages with traditional banks. For example, the company can offer mortgages in Stockholm to individuals with a starting monthly salary of SEK 29,000, whereas conventional banks often require SEK 39,000. This approach has allowed Bofink to target a market segment it calls "future prime." The company's business-to-business offerings include "Mortgage as a Service," a white-label mortgage platform for other brands.

Keywords: mortgage lending, machine learning, credit assessment, fintech, real estate finance, proptech, future income, young professionals, mortgage credit institute, neural network, salary forecasting, Swedish market, direct lending, financial inclusion, housing market, B2B mortgage solutions, white-label mortgage, Mortgage as a Service