P.F.C.
“Can a Nordea-backed Swedish neobank scale a personal finance app + debit card under a lighter payments-institution licence in a Nordic market dominated by incumbents?”
HQSweden
Total raised€5M+ (disclosed)
Latest round€5M from Nordea (2019)
IndustryFintech / Neobank
The story
P.F.C. (Personal Finance Co.) is a Swedish neobank launched as a personal finance app and debit card, regulated under a payments institution license rather than a full banking license (the same lighter-touch model used by Revolut in its early days). In 2019, incumbent bank Nordea took a strategic €5M stake. In 2020, P.F.C. announced a migration to Marqeta's European Digital Banking Solution for card issuing, replacing its incumbent processor.
Last 12 months
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Product timeline
2019
Raised €5M from Nordic banking giant Nordea· funding
2020
Signed with Marqeta to migrate card issuing from incumbent provider, expected go-live 2021· card
Regulated entities
1
regulatory licence held by P.F.C.
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
1 layer disclosed in P.F.C.’s embedded-finance stack
Card issuing
Accounting gap: none