Betalo Signs Agreement With Nordea

by PaymentsJournal 0

Stockholm, 28 March, 2017 – Stockholm-based FinTechcompany Betalo has signed an agreement with Nordea. The collaboration meansthat Nordea’s customers will be offered to use Betalo’s mobile paymentsservices.

Betalo’s mobile app offers the possibility to use a card tosend money abroad, transfer to Swedish bank accounts, and make bill payments.The collaboration will have Nordea marketing Betalo’s services to their 1.8million private customers and Betalo will integrate Nordea cards into theirmobile application.

– We are proud that Nordea chooses to collaborate with us,but this is also validation that we have built a solid and relevant platformfor user-friendly banking services. The ability to offer our services toNordea’s 10 million private customers gives us enormous potential, especiallywhen we expand to other Nordic countries, says Stefan Salomonsson, CEO atBetalo.

Going forward, the companies seek to offer Nordea’s Nordiccustomers a user-friendly way to make cross border payments.

– Betalo is an interesting FinTech start-up that understandsboth the user perspective as well as the complexity in building financialservices. Together, we will be able to look at future digital banking services,especially when considering the opportunities that PSD2 offers,” says ErikZingmark, Co-head of Transaction Banking at Nordea.

The collaboration is supportive of the current trend oflarge banks joining forces with small players within FinTech.

– Betalo has always focused on working together with banks.Nordea has a large customer base and an incredible willingness to improve theexperience for their customers. Working together, we are able to bring rapidinnovation and the ability to develop innovative banking services to themarket, says Stefan Salomonsson.

About Betalo

Betalo was founded in 2012 and offers private customers andsmall businesses the ability to send money, abroad and within Sweden, in amobile app for iOS and Android. Betalo has raised SEK 23M in outsideinvestment, and plans a larger financing during the spring of 2017. Theadditional funds will enable further product development and Nordic expansion.Today Betalo has 40,000 users that have transferred more than SEK 1B. Read moreon betalo.com.

About Nordea

We build strong and close relationships through ourengagement with customers and society. Whenever people strive to reach theirgoals and realise their dreams, we are there to provide relevant financialsolutions. We are the largest bank in the Nordic region and among the tenlargest financial groups in Europe in terms of total market capitalisation witharound 11 million customers, 31,500 employees and 600 branch office locations.The Nordea share is listed on the Nasdaq Stockholm, Nasdaq Helsinki and NasdaqCopenhagen exchanges. Read more about us on nordea.com.