Sweden’s first neobank P.F.C. funded for its next growth wave

P.F.C, a fintech company based in Sweden that helps people to gain better control of their personal finances, recently raised an investment of €5 million from Nordea, the largest bank in the Nordics.

“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,” says Eli Daniel Keren, Founder and CEO of P.F.C.

“Technology can no longer set limits for how people can manage their personal finances. We have high speed of innovation and personalization and we reach young people with high expectations on design and user experience,” says Eli Daniel Keren.

“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,” says Ewan Macleod, Chief Digital Officer at Nordea.

Launched at the end of 2018 and built in less than one year, P.F.C. currently serves Swedish users, and has Nordic ambitions in the short term. Long term, P.F.C. aims to enter strategic European markets.

P.F.C. is a personal financial app and a free P.F.C. Mastercard. P.F.C. is the first Sweden-based neobank to launch and aims to have 100 000 users by year end. Users top up their card immediately using Swish, a mobile payment technology provided by a group of Swedish banks.

P.F.C. currently offers several features, such as budget, automatic categorization, 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. 

P.F.C. just launched features that enable friends and partners to share expenses and settle debts. P.F.C. will also develop personalized savings and credit products with transparent pricing.

Founded in 2012 under the name Betalo AB, P.F.C. is a regulated payments institution under the supervision of the Swedish Financial Supervisory Authority. P.F.C. employs nearly 40 individuals with extensive technology, product, and brand expertise.