AI-powered personal finance startup Matters has emerged from stealth with $5 million in pre-seed funding to develop a consumer banking platform focused on helping users manage their spending and increase their savings.
The round was led by Swedish angel investor Jakob Johansson, with participation from Knut Frängsmyr (former COO of Klarna), Douglas Stark (Voi co-founder), Johan Bladh (CEO of Röko), Patrik Tran (CEO of Validio), and Per Widerstrom (CEO of Evoke).
Matters was founded by Per Österström with the aim of building an AI-native consumer bank that combines automation and personalised financial guidance to help customers improve their financial wellbeing.
The company's planned offering combines neobank services with an AI Advisor designed to help users make more informed spending decisions, increase savings and work towards their financial goals. Customers will pay a flat monthly subscription fee, while revenue streams typically retained by banks, such as interchange revenue and foreign exchange fees, will be returned to users through an accumulated cashback system.
Through this model, Matters aims to align its business interests with those of its customers, focusing on customer experience, retention and long-term loyalty.
According to Österström, traditional banking models do not always encourage better financial decisions, while Matters intends to take a different approach by making financial wellbeing more accessible.
Our goal is to build a bank that actively makes financial wellbeing available to anyone, not just those who already enjoy it,
he said, adding that the company expects to launch its first consumer product in the coming weeks.
Alongside the funding announcement, Matters has appointed Lars-Åke Norling as Chair. Norling previously served as CEO of investment and savings platform Nordnet and brings experience in regulated consumer finance and technology as Matters prepares to expand into banking.
The company is entering a market where financial management remains a challenge for many younger consumers. According to figures cited by Matters, half of Gen Z and millennials do not know where their money goes, while 80 per cent of young adults report experiencing regular financial stress. Matters aims to address these challenges through AI-powered financial guidance and automated tools.
The new funding will support the company's plans to apply for licences, expand across the EU, grow its existing team and attract users. Matters is also considering potential strategic acquisitions as part of its development plans.