​Swedish fintech P.F.C. launches automatic savings

The Swedish fintech P.F.C. is launching savings features with a brand new feature the company calls automagic savings. P.F.C. recently announced growth numbers, with more than 60 000 users less than one year after launch.

“We are a part of our users’ everyday lives as they use P.F.C. for everyday spending. With automagic savings, we aim to lower the threshold for savings and make it easy for our users to grow their money,” says Eli Daniel Keren, Co-founder and CEO of P.F.C.

“We essentially want our users to say ‘Oops, I saved,’” says Eli Daniel Keren.

P.F.C. now offers its users savings features in its money management app. Users can create savings goals and save manually into a separate savings pot that cannot be accessed with the P.F.C. Mastercard.

The second step of P.F.C.’s savings features is automagic savings. With this feature, users can save money every time they make a purchase with the P.F.C. Mastercard. Users can choose a sum of money that is automatically separated towards a savings goal every time the user makes a purchase with the P.F.C. Mastercard.

P.F.C. launched at the end of 2018 and recently announced its growth numbers. The Swedish fintech has a user base of more than 60 000 users less than one year after launch, and are currently adding 10 000 new users per month.

P.F.C. is a personal financial app and a free P.F.C. Mastercard. P.F.C. offers features such as cost-splitting, budgeting, 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 extra fees for purchases abroad and free ATM withdrawals (up to 3000 SEK per month), P.F.C. also targets travelers.

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