MEDICI Now! Startup Stories highlights the companies that are shaping the new financial technology industry. For this story, the LTP Team had the pleasure of interviewing Stefan Salomonsson, the CEO of Betalo AB, a company that offers everyday payment services in an easy-to-use mobile app.
LTP: Stefan, please tell us about yourself.
Stefan Salomonsson: I am Stefan Salomonsson, CEO of Betalo. After spending seven years with Ernst & Young on the Transaction Advisory side in Stockholm and New York, I was really intrigued by working for a smaller company and building up an organization. Over the past two years, we have increased revenues significantly, grown the organization from 3 to 18 employees and launched several new products. It has been a fantastic journey but we are only just getting started. The next two years will be even more exciting!
LTP: Give us a paragraph pitch for your company.
Stefan Salomonsson: Betalo’s vision is to provide a digital banking experience that empowers the users in their everyday financial lives, and we want to do this by bringing Swedish values to finance. Transparency & reasonable pricing are at the core of our business and our products should reflect that.
Today, we’re providing our users with innovative payments services, and the solid technology platform that we’ve built will allow us to broaden our product portfolio towards other banking services, such as savings, investments, and credit.
LTP: In a sentence or two, what problems are you solving today?
Stefan Salomonsson: We are simplifying people’s everyday financial lives by providing them with payments services that are simple to use. Spending and sending money abroad is expensive, inconvenient and often includes many hidden fees. We aim to change that.
LTP: Who are you selling to?
Stefan Salomonsson: We offer our products to consumers, but they are also widely used by SMEs. Betalo has 40,000 end users and we are in partnership with several major banks such as Nordea, Ecster, Ikano Bank and Santander Bank.
LTP: How does Betalo differentiate from competitors?
Stefan Salomonsson: Our focus is on solid and sustainable growth, through partnerships with major banks and other financial players. Retail banking customers often times experience products that have limited features, poor usability, and pricing that is either unclear or too high. Betalo works with banks to innovate around digital banking products, and going forward we’re looking to expand our product portfolio. PSD2 will open up for many exciting opportunities that we want to take full advantage of.
LTP: In your opinion, what does the future of mobile banking look like?
Stefan Salomonsson: In all parts of life, the consumer has grown used to first class digital experiences, but the digital banking experience is still lagging behind substantially. If you look at the millennial generation they require something completely different than what is offered today. In two to three years, consumers will be financially empowered through simple, seamless and personalized services.
Betalo’s vision is to build products that simplify the financial lives of our customers, and we want to do this by bringing Swedish values to finance. Transparency and reasonable pricing are at the core of our business and our products should reflect that. The future of mobile banking looks very bright and we at Betalo will be part of shaping it.
LTP: Your next milestone?
Stefan Salomonsson: We are currently closing a financing round, which will put Betalo in a position to continue to execute on our vision of modernizing the users’ banking experience. We have built a truly solid platform – both in terms of technology but also in terms of strong partnerships, that will allow us to expand both financially and technically by building new and exciting banking products for the mobile user.
LTP: Thank you, Stefan!
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