SpareBank 1 BV and Auka enter into strategic cooperation

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NORWAY, Wednesday 21st November, 2018: SpareBank 1 BV has invested 15m NOK (just over €1.5m) into Auka. The companies have entered into a partnership with the common goal of creating even better solutions for customers locally.

Discussing their reasons for investment, Managing Director of SpareBank 1 BV, Rune Fjeldstad, says that this investment is part of a wider focus the bank has on the development of new customer-focused services.“It’s important we offer smart digital services that make our customers lives easier. We need technology expertise to get involved in the new banking reality. Auka is far ahead for development on fintech.”

“Our strategic cooperation with Auka helps us to develop new mobile services in our local market. We know each other well from previous cooperation and know what Daniel (Döderlein, the CEO and founder of Auka) and Auka is about,” says Fjeldstad.

For Döderlein, this new investment from an old partner represents a new shift in the Nordic banking sector to go beyond what’s already been delivered.

“Banking services are changing enormously – even beyond the massive bank-driven mobile payments adoption seen here in the Nordics. This major shift is, of course, technology-driven – this is where fintechs, like Auka, are best placed to make the lives of banks and their partners easier,” says Döderlein.

This investment also kicks off a pre-series B fundraise by the mobile payments company.

“Our pre-series B fundraise goal is €7m. This money will be used to help launch Settle, our new mobile payments product, in the EU. The fact that SpareBank 1 BV signal we’re a good investment – having backed us for the second time – is beneficial reassurance to other potential investors that we’re a competent company who deliver good returns,” says Döderlein.

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