Sweden’s Skandiabanken has agreed to purchase a 39.9 per cent stake in local AI and machine learning firm Quantfolio in order to strengthen the digital bank’s private savings division by offering robo-advisory services.

The investment, which means the bank now becomes the largest shareholder in Quantfolio, represents a significant step in the bank’s ongoing work to further strengthen and facilitate user-friendly digital saving options for the private market.

Christoffer Hernæs, chief digital officer of Skandiabanken, said: “We believe the next FinTech revolution will take place in the digital savings and asset management market, and we wish to strengthen our position in this market with this move. The acquisition of the shares is the first step towards providing our customers with simple and automated saving advice tailor made for each individual, through a user-friendly robo-advisory service.

As a challenger bank, we wish to open up and innovate together with a wide range of strategic partners, within both the FinTech community and elsewhere. This is just the beginning.”

Jan Åge Skaathun, chief strategy officer of Quantfolio, added: “Skandiabanken is an innovative and forward thinking bank with great vision as to how technology can revolutionise a stagnant savings industry and provide their customers with a brand new, dynamic and cost efficient savings platform. Quantfolio is proud to be partaking in realising this vision.”

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