Wirecard, the global innovation leader in digital financial technology, together with the Swedish FinTech P.F.C. - Personal Finance Co., formerly Betalo, have introduced a new digital banking proposition aimed at hundreds of thousands of Swedish consumers.
The cooperation between Wirecard and P.F.C., which was founded in May 2012 and belonged to the 50 fastest-growing Swedish technology companies in 2017, has enabled P.F.C to launch Sweden’s first neobank, a digital, mobile-first financial service for Swedish customers. The two companies have announced a Mastercard debit program, which is combined with a highly personalized app to help people manage their personal finances.
Sweden is at the forefront of the transformation towards a cashless society with only 13 percent of payments being made using cash, according to Sweden’s central bank. Digital payments via cards or apps are so widely accepted that many Swedish people no longer carry cash. Thanks to the ever-expanding capabilities of mobile devices, combined with the banking industry’s wholesale transition to digital, the market has seen cashless payment applications increase.
Eli Daniel Keren, founder and CEO of P.F.C., commented, “Today, people expect financial services to be personal, transparent and simple. We want to do just that with P.F.C. We rely on strong partners like Wirecard to bring our products to market. In the long run, the solution that P.F.C. and Wirecard provide enables people to gain financial health, and that’s no small feat.”
Julian Weste, Vice President Sales, Financial Institutions and FinTech Europe, at Wirecard, added, “The fully digital Mastercard debit card program issued by Wirecard helps users of P.F.C. to keep tabs on their everyday financial life. In addition, the mobile wallet solution will be enhanced to a real multi-currency card program in the near future. Together with P.F.C. we guarantee an innovative and comfortable way of financial management and are looking forward to further digitalizing processes globally.”
Wirecard and P.F.C. offer a complete digital solution for personal finance, which can be downloaded via Android and iOS. The app enables users to make purchases, set a personal budget, track expenses and create savings goals. Moreover, P.F.C. is a licensed Payment Institution in Sweden according to Payment Services Act (2010: 751) and is under the supervision of the country’s Financial Supervisory Authority (FI).