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Mobile Payments

Nordea signs partnership with Betalo

Tuesday 2 May 2017 | 10:51 AM CET

Nordea has announced a new partnership with Sweden-based payments startup Betalo for mobile payments offer expansion.

Betalo`s activity has been followed since it was founded five years ago, more than that “there is a good cultural fit between the two companies” explains Nordea.

Betalo’s mobile application enables consumers and small businesses to use their bank cards for domestic and international money transfers as well as to pay bills. Its partnership with Nordea opens the door to the bank’s 1.8 million private customers in Sweden.

Nordea will participate in marketing Betalo’s services, while the startup will integrate the bank’s cards into its mobile app. Nordea claims that there is also ambition to extend the partnership. The companies’ aim is to offer Nordea’s customers in the Nordics an easy way to make cross-border payments.

The startup said that its mobile app has 40,000 users for its Android and iOS apps, and more than GBP 105m has been transferred using the app.

The startup has also partnered with other banks and card issuers in Sweden, including Ikano Bank, Santander Consumer Bank and online-only Lån & Spar Bank.

Nodea’s partnership with Betalo follows a string of fintech collaboration initiatives it has announced in the past year. In February, the bank’s pensions and insurance arm, Nordea Liv, joined forces with Norwegian startup Spiff to launch a mobile app for social saving. And in March, the bank launched the first version of its open banking portal targeted at fintechs and other third-party developers.

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