Fintech firm Betalo, Nordea enter mobile money deal

Financial services company Nordea has stuck a deal with Stockholm-based fintech startup Betalo, in order to offer mobile money services to Nordea’s over 1.5 million private customers, Finextra reported.

With the partnership, Nordea will market Betalo’s services to its large customer base; on the other hand, Betalo will integrate Nordea cards into its mobile application.

“Betalo is an interesting fintech start-up that understands both the user perspective as well as the complexity in building financial services. Together, we will be able to look at future digital banking services, especially when considering the opportunities that PSD2 offers,” Erik Zingmark, co-head of transaction banking at Nordea, stated, as reported by Finextra.

The fintech company Betalo has raised 3 million in Swedish Krona in an outside investment and has planned a larger financing during the spring of 2017. It claims 40,000 users for its iOS and Android app, transferring more than 1 billion in Swedish Krona since inception.

Betalo was founded in 2012 and its mobile app provides its customers and other small businesses the possibility to utilize the card to send money overseas, transfer to Swedish bank accounts, and make bill payments.