Swedish challenger bank PFC goes live on Mambu technology

via FinTech Futures 

Swedish neobank Personal Finance Co (PFC) has gone live on Mambu’s software-as-a-service (SaaS) banking engine 10 months after launch.

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 personalised 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 licence, rather than a full banking licence.

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, says the neobank selected Mambu as the two firms shared common traits in flexibility and scalability.

He adds: “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, notes 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,” says 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.”