P.F.C. (Private Finance Co.), a so-called “neobank” based in Sweden, has raised €5 million in funding. Backing the younger firm is Nordea, the biggest financial institution within the Nordics area.
In different phrases, chalk this up as one other instance of an incumbent financial institution putting monetary and strategic bets on a fintech upstart, even when it doesn’t all the time finish because the events concerned deliberate.
Nordea is current in 20 nations, together with having a stronghold in Denmark, Finland, Norway and Sweden. Additionally focusing on the Nordics, P.F.C. is tiny as compared. The neobank says it hopes to get to 100,000 customers by the tip of the yr.
Described as a private finance app and accompanying debit card, P.F.C. is regulated beneath a funds establishment license moderately than being a fully-licensed financial institution. It’s the identical lighter contact mannequin that Revolut and a plethora of different banking apps select, earlier than in some situations making use of for a financial institution license to allow them to start doing extra dangerous regulated actions: particularly lending out deposits within the type of overdrafts and loans.
P.F.C.’s options embrace having the ability to immediately prime up your account/card utilizing Swish (a cellular fee expertise supplied by a bunch of Swedish banks), the power to set a weekly funds, and computerized transaction categorisation.
As well as, you possibly can freeze, unfreeze, change your pin and order a brand new card straight throughout the P.F.C. app. You even have the choice to obtain a push notification after every buy along with your up to date steadiness.
It’s a journey card, too: P.F.C. says there are not any further charges for purchases and ATM withdrawals overseas.
Different soon-to-launch options embrace the power for associates and companions to share bills and settle money owed, and personalised financial savings and credit score merchandise with “transparent pricing”.
“There’s an opportunity in the market for companies that personalize financial services,” says Eli Daniel Keren, founder and CEO of P.F.C., in an announcement. “We provide a personal, transparent and simple banking experience for our customers”.
Provides Ewan Macleod, Chief Digital Officer at Nordea: “We are delighted to have P.F.C. in our portfolio as it provides a personalized digital solution for customers. We see the investment as a great opportunity for us to team up and support P.F.C. in their growth”.