Matters, a Sweden-based AI-native personal finance platform, has raised USD 5 million in a pre-seed funding round as it emerges from stealth. The round is anchored by Swedish angel investor Jakob Johansson. Other participants are Knut Frängsmyr, former Chief Operating Officer at Klarna; Douglas Stark, Co-Founder of Voi; Johan Bladh, CEO of Röko; Patrik Tran, CEO of Validio; and Per Widerstrom, CEO of Evoke.
Flat-fee banking model with an AI advisor
Matters was founded by Per Österström, who previously founded Sambla Group, a Nordic consumer loan broker. He grew Sambla to more than 400 employees and approximately USD 200 million in revenue before its sale to Nordic Capital in early 2021. Matters is his second fintech venture and aims to rebuild banking around AI and automation.
Customers will pay a flat monthly fee for neobank services, including an AI advisor designed to help them increase savings through more conscious spending. Secondary revenue that a traditional bank would earn from a customer, such as interchange and foreign exchange fees, will be returned to customers through an accumulated cashback solution. According to Österström, banks earn more when consumers manage their money poorly, and Matters intends to take the opposite approach. The company plans to launch its first consumer product in the future weeks.
Funding to support licensing and EU expansion
Matters will use the funding to apply for licences, expand across the EU, grow its team and user base, and potentially make strategic acquisitions. The company has also appointed Lars-Åke Norling, former CEO of Nordnet, a European savings and investment platform, as Chair. While Norling was CEO, Nordnet’s market capitalisation rose tenfold in less than seven years to SEK 80 billion (USD 8.4 billion). Norling said his career in regulated consumer finance gives him confidence that Matters can help consumers with their personal finances.
The launch comes as banking transactions have doubled over the past decade, according to Matters, while half of Gen Z and millennials do not know where their money goes. The company also cited figures showing that 80% of young adults experience regular money stress. Matters plans to use AI to help consumers retain and grow their savings as it prepares to enter the banking market.
