Swedish ‘neobank’ P.F.C. picks up €5M backing from Nordic banking giant Nordea – TechCrunch

(Personal Finance Co.), a so-called “neobank” founded in Sweden, has raised €5 million in funding. Backing the young company is Nordea, the largest bank in the Nordics region. In other words, chalk this up as another example of an incumbent bank placing financial and strategic be…

Swedish ‘neobank’ P.F.C. picks up €5M backing from Nordic banking giant Nordea – TechCrunch

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It’s the same lighter touch model that Revolut and a plethora of other banking apps choose, before in some instances applying for a bank license so they can begin doing more risky regulated activities: namely lending out deposits in the form of overdrafts and loans. P. F. C. ’s features include being able to instantly top up your account/card using Swish (a mobile payment technology provided by a group of Swedish banks), the ability to set a weekly budget, and automatic transaction categorisation.

Other soon-to-launch features include the ability for friends and partners to share expenses and settle debts, and personalised savings and credit products 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 a statement. “We provide a personal, transparent and simple banking experience for our customers”.

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