Swedish bank SEB is buying a stake in Leneo, a tech firm that helps companies shift to 'circular business models'. Terms of the deal were not disclosed.
Danish firm Leneo specialises in Asset-as-a-Service, developing a platform that helps manufacturing companies shift from selling machinery, equipment or other products to instead offer them as a service.
This model sees the product and related services offered to customers, which are charged for how they are used and what value they create.
In addition to the investment, SEB and Leneo have agreed to refer customers to each other, although the agreement is not exclusive.
Fredrik Ljungblad, SEB Venture Capital Fintech, says: "End customers want a higher degree of financial flexibility by going from fixed asset ownership, with all that entails, to more the problem-free operations offered by a usage-based model.
"We are convinced that this trend will accelerate and see that Leneo’s platform and expertise in the area are well-suited to be able to cover the segment in a very good way, which makes this investment extra exciting over the long term."