AI money management plattform BetterWealth has reported they have raised almost € 1 million (10 million SEK) from business angel Nils-Robert Persson, who has a past as CEO at fintech company Cinnober.

The aim is now to grow the service in Sweden, before expanding further.

“We want to establish us on the Swedish Market. We currently have close to 1000 users, and the aim is to grow further and to establish a strong brand in Europe” says Henrik Jönsson, co-founder.

Their tool enables savers to quickly set up a diversified investment portfolio, which they adjust automatically using AI and machine learning. AI enables the company to accurately predict risk and to make timely adjustment to their customers’ portfolios for higher risk adjusted returns.

The business model is to charge an annual fee of 0,75 percent for everyone with a total investment of 1.5 million SEK or less. For larger sums the firm charges a smaller fee.

The founders have a background in investments and AI. The startups was founded by David Jönsson and Martin Tegnér, one a former analyst at Danske Capital and the other a researcher within machine learning at Oxford University, teamed up with Andreas Pålsson, previous CTO at brisk.io. Since 2018 the team also includes Henrik Jönsson who has a past working as a quant and risk analyst at Blackrock.

BetterWealth has previously raised money from NFT Ventures and Collector Ventures. They have raised a total of over € 2 million this far.