Sparbanken Syd has announced they are investing in Malmö-based fintech startup Betterwealth, taking a strategic step towards a savings offering with greater opportunities to influence both the customer offer and the company’s continued development.
Betterwealth is a Malmö-based fintech company founded in 2016, building technology for digital savings and investment services. For Sparbanken Syd, which has spent a long time evaluating different options for developing its savings offering, Betterwealth’s technology provides greater flexibility and a shorter path from idea to new customer services. As a first step, the bank is now investing in the company.
“We are very happy to have Sparbanken Syd as an investor. The bank has a clear ambition within savings and a strong tradition of close, long-term customer relationships. For us, it is valuable to have an investor that is close to customers’ everyday lives and can contribute experience and perspectives as we continue to develop our platform and our offering,”
said Hans Nelfelt, chairman of Betterwealth.
The investment gives the bank greater influence over an important part of its future savings offering, rather than simply buying a ready-made solution.
“Savings is an important area for us and our customers. Through the investment in Betterwealth, we get the opportunity to help shape the development of a modern savings offering based on the needs we see among our customers. That gives us entirely different opportunities to develop our offering faster and more flexibly going forward,”
said Johan Sandberg, CEO of Sparbanken Syd.
The deal creates exciting synergies between a bank with long experience and a forward-leaning young startup, according to Betterwealth.
“This is ultimately about customer benefit. We want to offer a digital savings experience that matches customers’ expectations, while gaining greater ability to influence the pace of development and which features are prioritised. Going from only buying a finished solution to also investing in the company gives us a completely different opportunity to be part of the development,”
said Johan Sandberg.
Swedish Tech News reports that Betterwealth has registered around € 3,6 Million (SEK 40 Million) in total equity funding to previously, raised mostly from private investors earlier, as well as NFT Ventures.
