Norwegian asset manager Fronteer Solutions raises NOK 11M

Fronteer Solutions, on Oslo, Norway-based asset management company announced raising NOK 11 million ($1.35M) in a new share issue supported bu existing investor Investinor.

Fronteer Solutions plans to launch a new global equity fund managed using algorithms, computing power and artificial intelligence. Factor Fund Harvest will be launched for the residential market.

Atle Christiansen, CEO Fronteer Solutions:
- Our vision is to make smart savings and investment opportunities available to everyone in an easy and safe manner and at a reasonable price. The last three years have a multidisciplinary team working on the development and testing of technology and methodology. There is a time and resource intensive process to develop world-leading financial products. It had not been possible without the great supporters and investors who believe in us

Both in Norway and internationally a lot has happened in the financial technology, also known as "FINTECH" in recent years. Global investments in FINTECH increased from $ 930 million in 2008 to 19 billion dollars in 2015.

Jon Øyvind Eriksen, investment director Investinor:
- The financial sector is in full upheaval. Internationally FINTECH one of the very hottest growth areas. The market is overdue for an actor who Fronteer, and we believe in the vision, methodology and people behind. It's exciting that a Norwegian actor leads that challenges in this market

Fronteer recently received a license from the FSA and launching soon factor fund for private investors.