Nordea is investing in payments start-up Betalo.

Betalo is raising SEK 45m ($5.4m) to accelerate its growth and accelerate the development of new products.

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Nordea accounts for the vast majority of the funds with the remainder coming from existing Betalo shareholders.

The deal augments Betalo’s deal with Nordea in March this year to offer its mobile money service to Nordea’s 1.8 million retail banking customers.

“Delivering the benefits of digitalisation is a cornerstone of Nordea’s strategy; this is another step towards realising this ambition. We want to be able to offer our customers simple and smart digital banking services, and Betalo is exactly in the sweet spot here,” says Erik Zingmark, Head of Transaction banking at Nordea.

The investment in Betalo follows the recent announcement of the establishment of Nordea Ventures, set up to make investments in fintech companies in line with the bank’s ambition of building a truly digital bank.

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To support and accelerate innovation and strengthen its offering to customers, Nordea Ventures will focus heavily on investments where it sees mutual strategic value.

“We have worked hard to prove that we can build complex, high-quality financial services, and with this investment we can build on the vision of becoming a mobile bank. Equally important is that with Nordea we get the Nordic region’s strongest strategic partner, and in an area like fintech, knowledge and market experience is crucial,” says Eli Keren, CEO of Betalo.

“It’s no secret that the banking world is changing, and rapidly taking user-friendly products to market will be crucial. The collaboration is a perfect match as it combines Betalo’s innovation speed with Nordea’s experience and customer base,” Erik Zingmark adds. Founded in 2012, Betalo’s mobile app enables customers to send money abroad, transfer funds to Swedish bank accounts and make bill payments.