Axo, a personal finance product distributor, has bought digital credit-scoring and financial management platform Defero.

Norway-based Axo did not disclose the financial value of the deal.

The acquired firm was founded in 2018 and operates in the Nordic region.

Defero, which is said to have amassed over 400,000 customers, aids consumers in making informed financial decisions via its platform, which adapts to each consumer’s credit profile and financial needs.

The platform enables users to get a credit score assessment and view their credit profile along with financial options to make changes to it.  

Defero also provides them with a platform for budgeting and financial management.

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As per the terms of the agreement, Defero CEO will join Axo’s group management team.

Axo CEO Jostein Christian Dalland said: “The addition of Defero’s consumer-focused platform and credit analytics capabilities solidifies Axo as the broker-of-choice in the Nordics.

“Building on our 2021 acquisition of tech-enabled loan broker LendMe – which has fuelled our expansion into new markets and adjacent product verticals – adding Defero’s highly personalised tools to our platform will better equip consumers with the information they need to achieve their financial goals.”

Axo, which is a portfolio company of private equity firm Corsair, agreed to buy LendMe in June 2021.

Defero CEO Eigil Arff Tarjem said: “Thanks to the incredible work of our entire team, we have built Defero into a leading specialist in consumer credit and financial management.

“Under Axo’s ownership, we will be able to invest in new products and technologies, improve conversion rates by implementing an end-to-end customer journey within our platform, and capture a greater share of the market throughout the Nordic region and beyond.”