25 February 2018
visit www.nextgenbanking.co.uk/

Nordea sets up fintech fund; invests in Betalo

30 November 2017  |  8911 views  |  0 cash

Nordea has become the latest bank to set up a venture fund to invest in fintech startups and gain a headstart in the race towards digitalisation.

The bank has not revealed the size of the fund but says that it will focus on Nordic firms with "scalable business models and unique solutions".

Casper von Koskull, Group CEO, Nordea, says: "We want to play an active role in developing new technologies for the financial sector from early on. It’s not just about providing capital, but also about engaging with start-ups and sharing our expertise."

Nordea, in common with all major banks, has been looking to make investments in fintech firms for some time, recently putting money into Swedish PFM startup Tink.

The new fund will see it follow the likes of Santander, Credit Suisse, BBVA, ING and others in formalising the process.

For its first investment since setting up the new fund, Nordea has taken a sizeable stake in mobile money outfit Betalo, joining existing shareholders in a Skr45 million raise. This follows a deal struck with the five-year old firm in March for Nordea to offer Betalo's mobile money service to the bank's 1.8 million private customers. The app offers consumers and small businesses the possibility to use a card to send money abroad, transfer to Swedish bank accounts, and make bill payments.

Erik Zingmark, head of transaction banking at Nordea says: "We want to be able to offer our customers simple and smart digital banking services, and Betalo is exactly in the sweet spot here."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nordea brings e-invoicing to Facebook Messenger

Nordea brings e-invoicing to Facebook Messenger

29 November 2017  |  8950 views  |  0 comments | 14 tweets | 18 linkedin
Nordea joins EUR14 million funding round in PFM startup Tink

Nordea joins EUR14 million funding round in PFM startup Tink

24 October 2017  |  12020 views  |  0 comments | 7 tweets | 9 linkedin
Nordea begins API pilots

Nordea begins API pilots

04 July 2017  |  12529 views  |  0 comments | 16 tweets | 17 linkedin
Nordea strikes mobile money deal with fintech startup Betalo

Nordea strikes mobile money deal with fintech startup Betalo

28 March 2017  |  11099 views  |  0 comments | 18 tweets | 15 linkedin
Nordea collaborates with local startup on smart savings app

Nordea collaborates with local startup on smart savings app

17 February 2017  |  6632 views  |  0 comments | 3 tweets | 2 linkedin
Nordea scouts for fintech startups

Nordea scouts for fintech startups

13 May 2016  |  9006 views  |  0 comments | 11 tweets | 6 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.swift.com/your-needs/instant-paymentsVisit http://info.nice.comvisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
12160 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10494 views 4 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
8884 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8331 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7947 views comments | 10 tweets | 14 linkedin

Featured job

Competitive base + commission
London, UK

Find your next job