Nordic bank SEB has entered into a strategic partnership with fintech Roaring, with SEB Venture Capital making a strategic investment in Roaring as part of the partnership.
Roaring, a data service provider in the Nordic region, is valued at SEK 293 million and SEB’s investment makes it one of the fintech’s larger institutional investors.
Stockholm-based Roaring will use the capital to build on its customer relationships in the Nordics, as well as to expand into additional European markets.
Fredrik Ljungblad, investment manager at SEB Venture Capital, called its investment in Roaring “a natural progression of our relationship”, adding that “we like the team and the technology”.
The partnership and investment follow a period of testing and implementation of Roaring’s technology into SEB’s innovation studio SEBx, which it said is a strategic initiative “focused on exploring new technologies and future customer offerings”.
As a result, Roaring is now powering parts of the onboarding and monitoring processes for SEBx’s first product, called UNQUO.
Christoffer Malmer, head of SEBx, said: “Roaring’s technology and modular data services have allowed us to rethink the way we design our customer and business processes.
“With the opportunity to build a bank from the ground up, we are looking to find partners that bring fresh perspectives to a traditional industry. We are excited to partner with Roaring on this journey.”
SEB also plans to “explore opportunities arising from the strategic partnership” with Roaring within other parts of the bank, through its new unit ‘exploratory and partnerships’.
“Knowing that secure, reliable, and compliant data services are a key priority for financial institutions, we are proud to have proven our ability and to have SEB as a customer, partner and now investor,” said Roaring CEO Pål Ljungberger.
“Working closely with our customers is key for our success and knowing that we can develop our products in collaboration with an active partner will strengthen our product offering.”
Image source: SEB