Swedish fintech P.F.C. launches innovative credit product

The fast-growing Swedish fintech P.F.C. is launching an innovation within credit that enables users to convert purchases to a part payment retroactively.

“With our new part payment product, we enable our users to first buy a festival ticket or a dream vacation and then choose to split their payments after the fact. With this product, we create a broad offering with savings products, part payments and a free debit card,” says Eli Daniel Keren, Co-founder and CEO of P.F.C.

“Transparent pricing is part of our DNA, which is why we choose to offer interest-free part payments with a fixed monthly fee so that the user can easily understand the offer,” says Eli Daniel Keren.

P.F.C. is an app and a free Mastercard launched at the end of 2018 and now has more than 70 000 users in Sweden. With the help of the P.F.C app, users can manage their everyday finances and keep tabs on their money.

P.F.C. now enables users to convert already made purchases to interest-free part payments with a fixed monthly fee. This means that users can change their mind and convert a purchase into a part payment retroactively. Users can always choose to pay off the full debt, thereby avoiding monthly fees on the remaining part payments and receive notifications when it is time to pay. This part payment product is the first of several credit products in P.F.C's portfolio.

The innovation is part of P.F.C's strategy to offer its users a full-service personal finance app that helps users spend, save and grow their money. In addition to this new credit product, P.F.C. offers features such as savings goals and automatic saving on all purchases with the P.F.C. card, shared purchases with partners or friends, spending insights, and budgeting tools.

Users can also freeze cards, change PINs and order new cards in the app and chat with P.F.C's in-app customer service. P.F.C. does not charge additional foreign exchange fees on purchases abroad and withdrawals are free up to SEK 3000/month.

P.F.C. is a payment institution under the supervision of the Swedish Financial Supervisory Authority and employs approximately 40 employees in Stockholm.