The Swedish savings platform Savr announces the completion of a SEK 162 million investment round. Among other things, Savr will use the raised capital to develop stock trading in order to become a one-stop shop investment platform. The round was led by Schibsted, who has strong previous experience from several investments in fast-growing fintech companies. The Nordic Angels platform also contributed to the round with their network of angel investors.
“Savr is a highly interesting company that has impressed us in several ways. They have succeeded in combining a clear vision with sharp execution into a product that we believe will help a lot of people with their savings and personal finances. These are exactly the ideas and companies that Schibsted wants to back,” says Pontus Ogebjer, investment manager at Schibsted.
Positioned for growth
Savr launched its fund platform late 2019 and has acquired more than 90 000 customers in just over two years. Savr offers mutual funds at lower fees by refunding retrocessions, also known as kickbacks or fund commissions, to its customers. Since the launch in November 2019, the company has refunded over SEK 17.5 million kickbacks to its customers.
“With the additional capital and Schibsted’s competence, we are poised to continue
revolutionising the Swedish savings market. Our goal is to become the market leader for long-term savings, so now we are investing heavily into building a full investment platform. We recently launched an offer for occupational pensions and stock trading will be our next big milestone,” says Savr’s CEO Daniel Aarenstrup.
The funding round is also backed by the Nordic Angels platform with several high- profile investors, such as tech investor Ash Pournouri and PayPal co-founder Ken Howery.
“Savr has demonstrated that they have what it takes to become the next Swedish tech success with global potential. Nordic Angels aims to identify and back the next generation of leading companies, and along with our network of some of the world’s most prominent business angels, we have chosen to invest in Savr and closely follow their trajectory,” says Andreas Grape, CEO of Nordic Angels.
Savr has now raised over SEK 250 million in venture capital since its inception. SEB Corporate Finance Growth acted as financial advisor to Savr in the transaction.
For more information, please contact:
Pontus Ogebjer, Investment manager, Schibsted
Phone: +46 70-525 21 47