Quantfolio gets investment from Skandiabanken, which takes 40% of the company.

Quantfolio AS, a Bergen, Norway-based fintech startup providing AI-based financial portfolio solutions, announced entering into an investment agreement with Skandiabanken, the largest internet bank from Scandinavia.

As such, the Norwegian bank takes 39.9% of the shares and strengthens its efforts to facilitate its user-friendly digital saving options for the private market.

Quantfolio, led by CEO Helge Hannisdal, has developed a robot which uses machine learning software for selecting the best savings products through a quantitative approach. By applying AI and algorithms on historical financial data, banks can implement dynamic portfolios which regularly chooses the best products for their customers.

Prior to this investment, Quantfolio had an exclusive partnership with Skandiabanken in Norway.