Nordic banking giant Nordea has invested EUR5 million in P.F.C (Personal Finance Co.), a recently launched Swedish neobank.
Launched late last year, P.F.C combines a Mastercard with a personal finance app that lets users set budgets, see spending categories, freeze and order cards, and chat with customer service reps.
With the backing of the region's biggest bank, the startup aims to hit 100,000 users by the end of the year, moving into other Nordic markets and developing saving and credit products.
Eli Daniel Keren, CEO, P.F.C, says: "There’s an opportunity in the market for companies that personalize financial services. We provide a personal, transparent and simple banking experience for our customers."
Ewan Macleod, chief digital officer, Nordea, adds: "We see the investment as a great opportunity for us to team up and support P.F.C. in their growth."