Matters, a Swedish AI-native personal finance platform, has emerged from stealth with a $5 million pre-seed funding round.
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Led by Per Österström, who previously founded consumer loan broker Sambla Group, Matters has secured its funding from Swedish angel investor Jakob Johansson alongside former Klarna COO Knut Frängsmyr and other angels.
The startup plans to charge users a flat monthly fee for neobank services, with an AI advisor designed to help increase savings through more conscious spending and help customers reach their financial goals.
Secondary revenue streams that a traditional bank would receive from a customer, such as interchange revenues and FX fees, are returned to customers via an accumulated cashback offering.
The investment will be used to apply for licences, expand across the EU market, add to an existing 14-person strong team, and potentially make strategic acquisitions. Lars-Åke Norling - former CEO of savings and investment platform Nordnet - has already been brought in as chair.
Says Österström: “Banks earn more when consumers manage their money worse. At Matters, we’re purposely travelling in the opposite direction. Our goal is to build a bank that actively makes financial wellbeing available to anyone, not just those who already enjoy it."