P.F.C. - Personal Finance Co. secures $5.6M in strategic investment from Nordea Bank.
PFC, a Stockholm, Sweden-based company providing payment services via a mobile application and an accompanying debit card, announced that it secured EUR 5M ($5.6M) in capital investment.
The money was provided by existing owner Nordea Bank, which had previously infused a SEK 45M ($5.4M) capital round back in 2017. The funding will be used help the company reach to 100,000 users by the end of the year, moving into other Nordic markets and developing saving and credit products.
PFC, founded in 2011 as Betalo and led by CEO Eli Daniel Keren, started as a mobile paymeny application operator, that helps users to make invoice payments or to send money within Sweden or abroad. Today PFC combines a Mastercard with a personal finance app that lets users set budgets, see spending categories, freeze and order cards, and chat with customer service reps.