Throughout the course of the history of the financial system, the latest innovations have managed to improve the entire system in a way that had not been envisaged and in that regard, Fintech is perhaps the latest example. Over the past five years, the Fintech industry has grown into a multi-billion industry with gifted tech talent working on the latest solutions for the financial industry. It was then perhaps a matter of time before the biggest banks in the world started taking notice and investing small fortunes in those companies.
Many such deals have happened over the past few years, and the latest example is that of Nordic banking giant Nordea’s 5 million Euros investment in Swedish Fintech company P. F. C. Banks are frequently making substantial bets on Fintech companies and while many of them may be speculative in nature; there are some which are highly strategic in nature. Despite having a presence in as many as 20 nations, Nordea’s stomping ground remains in Sweden, Denmark, Norway, and Finland. The Chief Digital Officer at Nordea, Ewan Macleod, said,
We are delighted to have P.F.C. in our portfolio as it provides a personalized digital solution for customers. We see the investment as a great opportunity for us to team up and support P.F.C. in their growth”
Hence, it makes sense for the company to invest in a Swedish Fintech startup. P.F.C is regarded as an app meant for personal finance and is regulated as a payments solution provider. It helps customers in making payments, charting out weekly expenses, and to help in automated transactions, among others. Additionally, the company does not charge its customers extra for its usage abroad. The company is still in a nascent stage and is targeting a customer base of 100,000 by the end of this year. Eli Daniel Karen, who is the Chief Executive Officer and the founder of P. F. C, stated,
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.