Personal loan was launched in Sweden at the end of last year. A mobile bank that has long been in Denmark and that with Tuva Palm’s help began to be marketed in the Swedish market. In August, it became official that, in addition to their current debit card, they would invest in mortgages and credit cards.
When Pilaski Yam retired as technical manager at Nordnet, it was not entirely unexpected that she would become more involved in the Personal loan, someone she also did during the fall. She had been on the Board of Directors for the company for two years and also invested in the company herself. A Danish fintech company that, with a smooth mobile bank, mainly targets the younger target group.
Although the company has now offered pre-paid cards in Sweden for almost 12 months, it was only a first step. This summer, about 25,000 cards were sent to Swedish users. A card that in many points can be compared against the revolving card and the card from PFC This by not having any annual fee, withdrawal fee or currency surcharge. When the company, in the summer, got a banking license in Denmark, completely new opportunities were opened. In Sweden, branches can soon offer banking services.
Mortgages and credit cards
In 2019, the first step is expected to be taken with a bank account, smaller private loans and credit cards. Mortgages are also on the list of upcoming services, but it will take a little longer before the bank can offer the loan form. By offering “a full range of banking services and tools to help clients manage their personal finances,” Personal loan aims to get customers over to their financial services.
What will the credit card offer?
So far, there is no information on the benefits that come with the credit card. But by looking at how the debit card is designed, one can guess what the credit card will be like.
Young people and young adults are clearly target groups
Compared to Revolut, which has a similar business model, Personal loan has a much clearer approach to young adults. As the website looks today, there is no doubt who the target group is. Among other things, the app will help users put money away for the “insta-worthy vacation”.
Design in focus
The card that Personal loan has today is “a nicely specially designed card that you actually want to use up”. It’s an attribute – not just a debit card. Will the credit card come in the same style?
The app, services and debit card are free today. The price is “A big fat zero” and the credit card is also likely to be free. In addition, the debit card has no currency surcharge as well as free withdrawals within the EU and a few other countries. How many credit card fees are left to see, but Personal loan should not focus on free solutions.
Bonus & discounts?
Today, no direct benefits or discounts are given with the mobile bank or its debit card. However, with most credit cards at least a couple of unique benefits or offers are given. Given that Personal loan so clearly caters to young people, the benefits should also in some way meet young people’s needs. Will there be discounts at E-stores as re: member or above all flexible payment solutions as with Klarna? Regardless, another company with a banking license is fighting for customers.