Matters is developing an AI-powered consumer banking platform to help users manage spending, increase savings and improve financial wellbeing through personalised guidance and a subscription-based model.
Tamara Djurickovic2 hours ago
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.
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