Based out of Stockholm, Dreams is a fintech startup which offers a consumer-based app to empower users to live sustainably through improved savings, better use of income, smart investments, paying off debts and financial coaching on top of that. The platform offers savings and investment services to retail clients, primarily focused on serving millennials. Available on both web as well as a mobile app, this platform is live in Norway and Sweden.
Strategic partnership with Silverlake Symmetri!
In a latest development, the Swedish fintech has announced a strategic partnership with Singapore-based Silverlake Symmetri, a wholly-owned subsidiary of Silverlake Axis Ltd (SAL), which provides software solutions and services to the Banking, Insurance, Retail, Government, Payment, and Logistics industries.
How will the partnership work?
With this new partnership, the company also marks the official launch of Dreams as a B2B platform. Through the integration within a bank’s own digital tools of the Dreams Platform – which is rooted in scientific principles and enhanced by gamification – customers can set and achieve money-saving goals through clever, automated saving features, in addition to nudges and hacks.
The partnership is set to grant millions of potential consumers access to financial products which will help keep their finances on track. Consumer demand for more flexible, personal finance tools has been growing rapidly in recent years, and punctuated now by the current global economic uncertainty.
In an exclusive interview with Silicon Canals, Henrik Rosvall, CEO and co-founder of Dreams, says: “Through this partnership, Silverlake becomes the exclusive distribution partner of the Dreams Platform in Asia, Africa, and the Middle-East. It will be an integrated offer where the Dreams Platform will be embedded in the Silverlake System offering and made available to its customers in these regions.”
“Dreams have already helped hundreds of thousands of people in Scandinavia become better at saving, investing, paying off debts, and feel better about their money, which is something we’re really proud of. For us, this is a fantastic opportunity to do this on an even greater scale and grant millions of bank customers beyond Europe access to the benefits of our platform,” he added.
Further, Rosvall comments: “This partnership with Silverlake Symmetri launches our enterprise solution, for the first time bringing Dreams’ benefits in inspiring millennial saving and money management to the banks. It represents an extremely cost-efficient shortcut to engaging with a younger target group globally as well as establishing Dreams unique approach amidst increasingly strong fintech competition. Our European user base, of which 70% is younger than 35 years old, save €150 more with us every month than they did with their traditional home banks: proof that a customer-centric, behaviour-based approach to savings works. The same trend will be experienced by those banks which choose to implement our versatile enterprise solution. This is a clear opportunity for them to create a futureproof position against both incumbents and new fintech challengers. With deep industry knowledge, an impressive product offering, and a track record in digital innovation, Silverlake Symmetri is the partner we have been looking for to bring rejuvenation and change to markets outside Europe as well.”
Also commenting on the new developments, Jonas Lind, CEO of Silverlake Symmetri, says: “We are delighted to partner with Dreams. Our partnership is founded on a strong, shared focus to help the financial services industry to future-proof their brand and offering in an increasingly competitive industry that is being disrupted by new quick moving players. This is an era that will bring not only challenges but also enormous opportunities for those who move quickly. The Dreams SDK-based technical solution is simple and allows for a very quick time to market. We have every confidence that by integrating our products, we will bring about a powerful solution that our clients can gain from.”
Silverlake Axis Ltd (“SAL”) provides software solutions and services to the Banking, Insurance, Retail, Government, Payment and Logistics industries. Founded in 1989, SAL has an impeccable track record of successful delivery of innovative and transformative solutions to its enterprise customers and their ecosystems. The Group has more than 380 enterprise customers in over 80 countries across Asia, Europe, Middle East, Africa and the Americas.
Dreams: Helped over 450,000 users!
Powered by cognitive and behavioural science to enable users to achieve dream goals and feel better about their money, Dreams has already helped over 450,000 users save over €300M to date.
In Sweden, Dreams have already achieved a 15% market share, and alongside the global launch of the new B2B platform, the consumer product’s expansion is currently underway across multiple European markets.
Business plans in 2020!
Founded in 2014 by Henrik Rosvall, Joel Broms Brosjö, Johan Hemminger, and Johan StahleSo far, the Swedish neo-bank has raised €26.5 million to date from institutional investors and family offices including AXA-IM, Storebrand, and Ålandsbanken.
According to Henrik Rosvall, the Neo-bank will focus on developing financial wellbeing platforms for our direct and indirect users, together with strategic partners such as Silverlake and across multiple markets.
Discussing further business plans for this year, Rosvall reveals, “We will continue to work on the European expansion of our much-loved Dreams consumer app, with Germany as the next market on our roadmap. We are currently undergoing market testing in the UK as well, and with our MIFID II securities licence from the Swedish Financial Supervisory Authority (FSA) now successfully passported to the UK, the plan is to launch Dreams in the UK in 2021.”
The impact of COVID-19 outbreak!
Due to lockdown, people are using the digital platform for their financial needs, and the neo-banks including Dreams are supporting their customers as they would do normally to meet the requirements of consumers.
“Just like for most businesses the pandemic has had an impact on the way we run our daily operations and we have all been working remotely, on recommendation from the Swedish government. However, this hasn’t had any negative impact on our business as we were already well set-up to work from home. As for our offering, I’d say the pandemic has made our work even more important than ever before. The pandemic has led to growing concerns amongst the general public about how their personal finances may be impacted and we are working hard to ensure the continued financial wellbeing of our users,” Rosvall tells Silicon Canals.
Furthermore, he also witnessed significant behavioural changes within the app. “Users currently putting more money aside for paying off debts and what I’d call our ‘financial resilience’ categories within the app, such as ‘Savings’, including buffer, saving for your children, and pension, as well as ‘Home’, which covers purchases for the domestic environment. These behaviours indicate a greater need for restoring control under the uncertain times brought about by the pandemic, and it is our job to help facilitate these changing needs to the best of our ability.”
Headquartered in Stockholm, Dreams employs a diverse team of 80 employees from 15 different countries, across its Stockholm HQ, and additional offices in Oslo and Berlin. However, the COVID outbreak doesn’t stop Dreams from hiring talented and ambitious people.
Commenting on hiring during the pandemic, Rosvall concludes: “We’re currently hiring for our product team, but are always on the lookout for talented and ambitious people and welcome spontaneous applications from anyone who wants to be a part of our journey.”
While financial institutions have lagged behind when it comes to engaging millennials, with Dreams a new wave of credit options packaged to attract young consumers to ‘buy now pay later’ has bred a spending culture leaving a whole generation living paycheck-to-paycheck.
Main image credits: Dreams
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