Subaio announces raising strategic investment from Nordea.
Subaio, an Aalborg, Denmark-based company providing a software solution for consumers helping with handling subscriptions, announced closing a strategic deal with Nordea, the largest retail bank in the Nordics.
This deal involves both an undisclosed investment in the company and a partnership agreement, that will enable Nordea to integrate the Subaio solution into Nordea's existing digital platforms.
Subaio, founded as SubHub in 2016 by CEO Thomas K. Laursen and CTO Brian Jørgensen, developed a software as a service solution sold to banks interested to make it easier for people to manage their subscriptions. The company launched its service with Spar Nord, which also made a financial commitment in the company.
As of September 2018, Nordeas customers in Denmark will be able to use the service from Subaio, providing them a simple insight into their increasing use of subscriptions to music-, movie- and tv-streaming, software, mobile and broadband etc.
The investment and the partnership with Nordea will enable Subaio to expand the subscription management solution to 1,5 million consumer banking customers in Denmark. When Nordea Denmark is well onboarded, the solution will be implemented in Nordea Sweden, Norway and Finland.
Including the newly signed Nordea partnership agreement, the Subaio solution will be serving more than 10 million users in the Nordics in total.