Despite the rapid progress in technology, it is still confusing and tough for a majority of people to manage their personal finances due to the lack of transparency in the process. To resolve this, a Swedish neobank PFC (Personal Finance Company) was started. It offers similar services as Berlin-based N26 and also fintech major Revolut.
PFC defines that a neobank is a digital bank operating with a storefront and controlled via a mobile app. It operates with the mission to simplify everyday financial management and make it more transparent with the use of technology.
Secured €5M funding
Now, PFC has announced that it has raised €5 million in a funding round led by Nordic banking titan Nordea. It operates across 20 countries across the world including Finland, Sweden, Denmark, Russia, Latvia and more. The Swedish fintech startup wants to use the investment to reach 100,000 users by the end of this year.
Ewan MacLeod, chief digital officer at Nordea said, “We are delighted to have PFC in our portfolio as it provides a personalised digital solution for customers. We see the investment as a great opportunity for us to team up and support PFC in their growth.”
Mobile-first personal finance app
PFC was founded in 2012 as Betalo and developing financial product and services with the use of technology. Initially, it was launched without an application for banking licence, which lets it lend money and offer overdrafts. Now, PFC has a mobile-first personal finance app to help customers attain financial well-being. The neobank offers personalised experience suiting individual requirements.
Services offered
PFC lets users instantly top up their cards with the help of Swedish mobile payment technology Swish. PFC is a money app and free Mastercard. The app is compatible with both Android and iOS devices. It lets users order a contactless card within the app and the card will reach them in 3 to 5 business days. It is free and there is no need to clear a credit check.
Ensures financial well-being
Whenever there is a purchase made using the card, users will get a push notification. So, users can manage their money by setting a budget and tracking all the purchases made. The purchases will be categorised for easy understanding. It is possible to activate and freeze the card, order a new card and change the PIN within the app.
A diverse team
The team at PFC comprises people from different cultures and regions but with the intention of creating the future of banking in the Nordics. The team comprises members from various national origins including Germany, Brazil, Ireland, Italy, China, Croatia, Romania, Ukraine and the US. And, they are bullish to keep growing.
How about competition
PFC has always been compared with Revolut and N26 but it operates on a much smaller scale. Similar to these fintech firms, the Swedish neobank also debuted without an app for banking licence that will facilitate lending out money and offer overdrafts. It is bullish to grow and expand its operations and compete against other neobanks.
Stay tuned to Silicon Canals for more updates in the tech startup world.
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