Nordic bank SEB invests 10m SEK in fintech outfit Leasify

Leading Nordic corporate bank SEB has announced that it is investing 10 million Swedish Kronor in fintech firm Leasify through its Ventures unit.

Leasify is raising 15 million kronor, of which 10 million is coming from SEB and 5 million from existing investors. It aims to use the money for developing the service and increase growth. Initial focus will be on the Swedish market.

"We are proud and pleased that SEB Ventures, NFT Ventures and Daniel Andersson have chosen to invest in the company. The investment will create synergies to continue the trip as the most modern digital services control and procurement of leases and rental agreements. The funds enable the continued digitization of processes, systems and customer acquisition for best scalability”, said Richard Jonsson, CEO of Leasify (loosely translated).

Founded in 2014, Leasify has developed a digital platform that helps small- and medium-sized companies analyse, manage and procure their leasing agreements.

The fintech company began its commercial phase in late 2015 and currently has nearly 1,000 businesses connected to its platform. Leasify’s platform enables businesses to upload their agreements and obtain a complete picture of everything from leasing of coffee machines to office equipment and vehicle fleets. Using Leasify’s solution, they can also analyse what they pay for their contracts compared with other companies, and list prices.

Additionally, companies connected to the platform will receive notifications when contracts expire and can then via the platform procure new leasing and financing services. This is done by comparing similar offers provided by 40 suppliers, banks and financing companies that are currently connected to Leasify’s platform.

"This solution simplifies and creates transparency in a market that companies perceive as tricky and complex," Filip Petersson, Investment Manager at SEB Ventures, said.

Businesses do not pay anything to use the service. Instead, Leasify receives a commission from suppliers when a contract is signed, the release said.

“This is a win-win situation for all parties. Companies get easier procurement and lower costs, suppliers have a new sales channel and Leasify can develop their business by digitising a market that is currently characterised by manual labour and low transparency,” Petersson said.