Stockholm-based fintech startup Dreams raises €9 million to help millenials fulfill their financial ‘dreams’

dreams-office

Stockholm-based fintech startup Dreams has raised €9 million in a late seed round. The investor pool includes AXA Investment Managers (AXA IM), the Norwegian insurance company Storebrand, Finnish Ålandsbanken and a group of private investors.

Dreams helps its users fulfill their financial goals through a user-friendly mobile app using behavioural science.

Launched in 2016, Dreams’ key commercial offering is a digital product platform for financial services, with a focus on financial well-being. The platform is particularly focused on serving millennials.

Dreams helps its users to fulfill their financial ‘dreams’ through its user-friendly mobile app. What differentiates Dreams from other fintech apps is its deep application of behavioural science in its methodology and user experience.

In order to provide a balance of maximum security combined with maximum performance, Dreams has partnered with the asset manager AXA IM.

Continued all-time low interest rates throughout Europe makes this an optimal time to put savings to work, rather than allowing stagnant savings to be depleted by inflation. This goes mostly unnoticed, but it is a considerable problem for those less aware of inflation’s effect.

Dreams offers a solution to this – with a click, the Dreams app helps users save money from themselves, and invest it into world class investment products. With the lowest barrier to entry in the market, Dreams gives consumers access to investment funds, hassle-free.

“When we founded Dreams, we wanted to create a service that would give everyone the opportunity to fulfill their individual dreams, using save hacks to find money they didn’t know they had,” said Henrik Rosvall, CEO and founder of Dreams. “Now we have expanded into an inclusive platform for financial well-being, making it super easy for our users to put their saved money to work.”

Dreams has so far enjoyed success, gaining a market share of 15% of millennials in Swedish and Norwegian markets, according to the startup. Partnering with AXA IM, the expansion into other European countries is now moving forward, with Germany marked as the first market in continental Europe. AXA IM will be the exclusive provider of mutual funds catering to millennials on the Dreams mobile platform.

Dreams is expanding into more countries in Europe. So far, Dreams has been used by over 400,000 Dreamers, who have collectively saved over €250 million, according to the startup. Over 70 people work for Dreams at their headquarters in Stockholm and its other locations Oslo and Berlin.

In 2018, Dreams was named a Rising Star as part of the KPMG Fintech 100 Awards. In 2019 Dreams was named rank three in the Top 10 Hottest Fintech Startups and Companies from the Nordics by Fintech Baltics.

The new investment capital will help Dreams set up a base in Berlin and hire a local team. Dreams will launch its product in Germany later this year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here