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​Sweden’s first neobank P.F.C. releases features for groups and shared finances

Nyhet   •   Sep 17, 2019 15:38 CEST

The new feature set Groups from P.F.C. allows users to create groups with friends and family and keep track of and settle shared expenses.

Late last year, Sweden’s first neobank P.F.C. launched its digital banking services on the Swedish market. The fast growing neobank is now launching a full feature set called Groups, to help friends and partners who share finances, short and long term.

“Our users live lives that require the possibility to share finances without high commitment and with low barriers to entry. With our new feature set Groups, friends can share expenses during a trip and couples can share finances on equal and modern terms," says Eli Daniel Keren, Founder and CEO of P.F.C.

The new feature set Groups allows users to create groups with friends and family and keep track of shared expenses. All members in a Group can add expenses to the shared group and keep track of total expenses and individual debts. Users can easily settle their debt in the group. No calculations needed, and settling is done with a single click.

For couples, Groups allow two individuals to maintain financial independence, while keeping track of and sharing expenses. Users maintain their individual cards with no need for additional cards, and can easily indicate which purchases they wish to share and which purchases they prefer to keep to themselves.

P.F.C. currently offers several features, such as budget, automatic categorization, and top three spending categories. Users can freeze, unfreeze, and order a new card directly in the P.F.C. app and receive a push notification after every purchase that includes the user’s current balance. Similarly, P.F.C. enables users to change pin-code and chat with customer service in the app. With no additional fees for purchases and ATM withdrawals abroad (up to 3000SEK/month), P.F.C. also targets travelers. After Groups, P.F.C. will launch personalized savings and credit products with transparent pricing.

P.F.C. is a payments institution under the supervision of the Swedish Financial Supervisory Authority. P.F.C. employs nearly 40 individuals with extensive technology and product expertise.