Swedish neobank Personal Finance Co (PFC) has gone live on Mambu’s software-as-a-service (SaaS) banking engine 10 months after launch, reports Alex Hamilton of Fintech Futures (Finovate’s sister publication.)
PFC offers a personal finance app with an accompanying debit card. Customer are encouraged to reach their financial goals through “automation and data-driven insights.”
The bank plans to launch personalized savings and credit products in the near future and aims to accrue 100,000 users by the end of the year. It operates under a payments institution license, rather than a full banking license.
PFC is backed by Nordea, the largest bank in the Nordics region of Europe, itself going through a core banking transformation with Temenos. It invested €5 million in PFC in July.
Eli Daniel Keren, founder and CEO of PFC, said the neobank selected Mambu as the two firms shared common traits in flexibility and scalability.
He added: “In just nine months we were able to deploy a feature-rich mobile-first neobank and can now focus on international expansion and innovations to enhance the customer experience and deliver more value.”
Eelco-Jan Boonstra, managing director of Mambu EMEA, noted that the partnership will open up unique opportunities for both firms.
“Progressive digital banks have found a new way of doing business and tend to attract young, information-hungry customers that are comfortable with technology. When it comes to user experience, this target audience has high expectations, and also continuously changing needs,” said Boonstra.
“Powered by Mambu, PFC is able to meet these needs, at the same time accelerating the development of new products and features, quickly becoming a one-stop-shop for personal finance.”
Founded in 2011, Mambu made its Finovate debut at FinovateAsia 2013 in Singapore. The company is also an alum of our developers conference, leading a discussion and presentation titled Smart Consumer Lending: Platform and Scoring Architecture at FinDEVrNewYork 2016.
With more than $45 million in funding (€42 million) from investors including Bessemer Venture Partners, Acton Capital Partners, and CommerzVentures, Mambu is headquartered in Berlin, Germany. In recent months, company has forged partnerships with companies like Swiss online lender bob Finance, U.K.-based neobank B-North, and software development provider ABC TECH Group.