P.F.C. (Personal Finance Co.), a so-called “neobank” founded in Sweden, has raised €5 million in funding. Backing the young company is Nordea, the largest bank in the Nordics region.
In other words, chalk this up as another example of an incumbent bank placing financial and strategic bets on a fintech upstart, even if it doesn’t always end as the parties involved planned.
Nordea is present in 20 countries, including having a stronghold in Denmark, Finland, Norway and Sweden. Also targeting the Nordics, P.F.C. is tiny in comparison. The neobank says it hopes to get to 100,000 users by the end of the year.
Described as a personal finance app and accompanying debit card, P.F.C. is regulated under a payments institution license rather than being a fully licensed bank. It’s the same lighter touch model that Revolut and a plethora of other banking apps chose, before in some instances applying for a bank license so they can begin doing more risky regulated activities: namely lending out deposits in the form of overdrafts and loans… Continue reading about P.F.C. here.
Go directly to P.F.C. online banking.