Betalo signs agreement with Nordea

Stefan Salomonsson - CEO, Betalo.

Stockholm-based FinTech company Betalo has signed an agreement with Nordea. The collaboration means that Nordea’s customers will be offered to use Betalo’s mobile payments services.

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

“We are proud that Nordea chooses to collaborate with us, but this is also validation that we have built a solid and relevant platform for user-friendly banking services. The ability to offer our services to Nordea’s 10 million private customers gives us enormous potential, especially when we expand to other Nordic countries,” says Stefan Salomonsson, CEO at Betalo.

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

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

The collaboration is supportive of the current trend of large 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 the experience for their customers. Working together, we are able to bring rapid innovation and the ability to develop innovative banking services to the market,” says Stefan Salomonsson.

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

We build strong and close relationships through our engagement with customers and society. Whenever people strive to reach their goals and realise their dreams, we are there to provide relevant financial solutions. We are the largest bank in the Nordic region and among the ten largest financial groups in Europe in terms of total market capitalisation with around 11 million customers, 31,500 employees and 600 branch office locations. The Nordea share is listed on the Nasdaq Stockholm, Nasdaq Helsinki and Nasdaq Copenhagen exchanges.