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Matters exits stealth with $5m to build AI-native bank

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Matters exits stealth with $5m to build AI-native bank

Matters, a Stockholm-headquartered personal finance platform built around artificial intelligence, has come out of stealth after securing $5m in pre-seed capital to develop a consumer bank that rewards customers rather than profiting from their financial missteps.

Swedish angel investor Jakob Johansson anchored the round. He was joined by a group of fellow angels including Knut Frängsmyr, who previously served as chief operating officer at Klarna, Voi co-founder Douglas Stark, Röko CEO Johan Bladh, Validio CEO Patrik Tran and Evoke CEO Per Widerstrom.

The startup is headed by Per Österström, who previously built Sambla Group into the largest consumer loan broker in the Nordics. Under his leadership, that business grew to more than 400 employees and generated roughly $200m in revenue before Nordic Capital acquired it in early 2021. Matters marks his second FinTech venture, created with the aim of reshaping banking through automation and intelligent technology.

Alongside the funding news, Matters has appointed Lars-Åke Norling as chair. Norling previously led Nordnet, a European savings and investment platform, as CEO. Over a period of under seven years in that role, Nordnet’s market value grew tenfold to SEK 80bn. His background in regulated consumer finance is expected to support Matters as it moves into banking.

Under the Matters model, users will be charged a fixed monthly subscription for neobank services that include an AI Advisor, designed to encourage more mindful spending and help customers build savings towards their goals. Income streams that conventional banks typically keep for themselves, such as interchange and foreign exchange fees, will instead be passed back to users through an accumulated cashback mechanism.


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