Betalo extends partnership with Nordea, gets them onboard as investors for SEK 45M.

Betalo, a Stockholm, Sweden-based company providing payment services via a mobile application, announced closing SEK 45M ($5.4M) in a new investment round.

The backers include Nordea Ventures and existing investors, and the deal represents an extension of the partnership Betalo and Nordea inked early in 2017.

The money will be used to accelerate the development of new products. Nordea accounts for the absolute majority of this, the rest comes from existing shareholders.

Betalo, founded in 2011 and led by CEO Eli Keren, developed a mobile app that can be used to make invoice payments or to send money within Sweden or abroad. The company raised about $3M in outside funding prior to this transaction, with the last investment round made at the end of 2016.