Skandiabanken becomes largest shareholder in Quantfolio

I asked whether banks are able to put their money where their mouths are when it comes to fintech the other day. That was of course a rhetorical question. Artificial intelliegence will undoubtedly revolutionize wealth and asset management, and we wish to take an active part in this revolution. I am way too involved in this deal to even attempt to provide an unbiased perspective, so here’s the official press release.

Skandiabanken aims to strengthen the private savings division by offering robo-advisory services, simple, and with transparent pricing.

Friday the 17th of March Skandiabanken entered an agreement to purchase 39,9% of the shares in Quantfolio AS. The investment represents an important step in the banks ongoing work to further strengthen and facilitate user-friendly digital saving options for the private market.

‘We believe the next fintech revolution will take place in the digital savings and asset management market, and we wish to strengthen our position in this market with this move. The acquisition of the shares is the first step towards providing our customers with simple and automated saving advice tailor made for each individual, through a user-friendly robo-advisory service.

 As a challenger bank, we wish to open up and innovate together with a wide range of strategic partners, within both the fintech community and elsewhere. This is just the beginning.’ – Christoffer Hernæs CDO Skandiabanken ASA

‘Skandiabanken is an innovative and forward thinking bank with great vision as to how technology can revolutionize a stagnant savings industry and provide their customers with a brand new, dynamic and cost efficient savings platform. Quantfolio is proud to be partaking in realizing this vision’ – says CSO, Jan Åge Skaathun.

 ‘Also in the future we shall be the bank with the most satisfied customers – to achieve that we have to challenge both ourselves and the market, and dare to explore new possibilities. Private savings is an important area for the bank, and going forward we will launch several new products in this segment. Emphasis will be on user friendliness, transparency and competitive pricing.

The first step on the way is to challenge ourselves in a field of business that is changing rapidly, is to enter a partnership with innovative entrepreneurs that dare to look twice on existing business models to maximize customer value. ‘– says Hernæs.

Digital savings and asset management is one of the arenas in which Norwegian fintech companies has a large potential to succeed beyond our national borders, and Skandiabanken aims to  take a part in this. As a major shareholder in Quantfolio we will utilize the competence and know-how that is present in the company as part of our increased focus on long term savings. We will also add required competence and act as a professional financial owner for Quantfolio to succeed both in parthership with Skandiabanken, and as a stand-alone fintech company.

About Skandiabanken ASA
Skandiabanken is Norway’s first digital-only and leading challenger bank. In April 2000, Skandiabanken launched as the first pure digital bank in Norway. Today, the Bank offers a comprehensive range of financial products and services to individuals and households in Norway within payments and card services, deposit-based savings, investment products, long-term loans and short-term loans. The Bank has no branches and all products and services are offered directly through the digital platform, which is available on a broad range of user devices. As of 30 June 2016, Skandiabanken had 388,614 account customers with a balance, and total assets of NOK 71,2 billion. For more information, see www.skandiabanken.no

About Quantfolio:

Fintech company founded in Bergen, Norway. The company has developed a machine learning software for selecting the best savings products through a quantitative approach. By applying AI and algorithms on historical financial data, we offer consulting and development for banks who wish to implement dynamic portfolios which regularly chooses the best products for their customers. In Norway, Quantfolio has an exclusive partnership with Skandiabanken.