The Danish fintech company Subaio has signed an investment and partnership agreement with Nordea – the largest Nordics retail bank.
The agreement will allow Nordea to merge the Subaio product into the current digital platforms of Nordea.
“We focus on creating a bank that is more accessible to our users, easy to deal with and strongly committed to the societies in which we operate. We’re therefore pleased that we can now offer our users a smart digital solution like Subaio.”, says Mads Skovlund, Deputy Head of Personal Banking at Nordea in Denmark.
With the product for subscription management from Subaio, Nordea will allow their clients to have an instant overview of subscriptions and recurring billings. This will make it easier for users to see who is charging them.
In fact, all users will get notified when charges for new services occur. This way, they will be able to stay on top of their spending.
Another great feature is that the users will be able to cancel their subscription in seconds through the bank app. This means that there will be no need for users to wait in line, call Customer Service, or fill out complicated forms.
As of September 2018, the clients of Nordea in Denmark will be able to use the service from Subaio. The product will provide them with a more simple insight into their increasing use of subscriptions. Finally users will be able to easily track spending on music-, movie- and TV-streaming, as well as software, mobile and broadband etc.
The investment and the partnership with Nordea will let Subaio to spread the subscription management product. In fact, it set to soon grow to 1,5 million banking users in Denmark. When Nordea in Denmark on-boards well, the product will launch in Nordea Sweden, Norway and Finland.
Including the newly signed Nordea partnership agreement, the product by Subaio will serve more than 10 million users in the Nordics in total.
“It is a honor that Nordea – the leading retail bank in the Nordics – has decided to invest in Subaio. This investment allows us to increase our strategic focus on European market. It enables us to scale our offers and help banks to make the life of their users easier.”, says Thomas K. Laursen, co-founder and CEO of Subaio.