In 2012, Swedish neobank PFC (Personal Finance Company) was founded with the aim to make personal finance more transparent and simple with the use of technology.
The company defines a ‘neobank’ on its blog as a “digital bank without a storefront, usually only controlled by a mobile app”.
Like Revolut and N26, PFC began without an application for a banking licence (which would allow it to lend out money and offer overdrafts). It’s not clear if that’s the direction that PFC eventually plans to go in.
PFC allows users to instantly top up their cards; however, it does this through Swedish mobile payment technology Swish. It also shares the digital banking app commonality of serving as a travel card, and does not charge users for purchases and ATM withdrawals abroad.
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