SEB Venture Capital, the venture capital arm of the Swedish bank SEB, has invested SEK100m ($9.8m) investment in Swedish automated savings platform Lysa

The investment is part of Lysa’ SEK350m ($32.4m) funding round.

New investor Ramsbury Invest and Lysa’s existing investors, who are funding most of the new investment, also joined the round.

Founded in 2015, Lysa is an automated savings platform, with 100,000 customers and SEK18bn in assets under management.

Lysa will use the proceeds to expand in new European markets.

The firm said it aims to broaden its partnership with Lysa over time and support its European expansion with its international presence and position in market infrastructure.

“The investment in Lysa reflects our continued commitment to support and leverage innovation in the fintech ecosystem through identifying, working with and investing in leading fintech startups,” said Christoffer Malmer who is the head of SEB’s innovation studio SEBx and a member of SEB Venture Capital’s investment committee.

SEB Venture Capital head Johan Wolf said: “Lysa is well-positioned to become a leading fintech in the automated savings sector in Europe. We have seen many Swedish fintechs making it on the international stage and we are looking forward to supporting Lysa as they expand into new markets.”

Lysa CEO and co-founder Patrik Adamson said: “We are happy and proud that SEB has chosen to invest in Lysa and for the trust that our customers and owners are showing us. It takes time to build a great company, and this new round of funding and support will create even better conditions to bring our product to more customers and continue our growth journey.”

In April 2022, Swedish lender SEB formed a banking-as-service (BaaS) with fintech Humla.