Econans is a software developer that provides self-service facilities for simulation and automated advice on personal finances.
The company is now shifting up a gear with the launch of the market’s first advice robot for household finances, paralleled by a new equity issue that has attracted considerable interest from both current and new investors. The solution, which can be efficiently integrated into the banking sector’s business environment, allows banks to offer their clients personal, proactive and automated tips of high quality and scalability. First off the mark with the innovative advice robot is Landshypotek Bank, which has been using the Econans Foreteller simulation tool since 2020.
All current Econans shareholders, including Almi Invest, are participating in a new equity issue totalling just over 15 million kronor, with the new funds earmarked for European market expansion and continued product development. This injection of fresh equity also gives Econans several strong new owners, including NJORD Ventures, Provider Capital and Addnode founders Jonas Geijer and Staffan Hanstorp.
One of the investors is former Swedbank president Michael Wolf:
“Being able to offer digital and personal automation marks a major step forward. Using Econan’s services, banks can digitalise more quickly and create more client-focused products. I’m immensely proud of and enthusiastic about what we will be able to do for private individuals and the banking sector at global level,” comments Michael Wolf.
The launch of the Econans advice robot is the result of a comprehensive business-based, technically advanced and legislatively complex development process. The robotic advice service is structured around algorithms that offer personal and proactive tips based on the user’s unique prerequisites, taking into account the demands imposed by both external and internal financial regulatory bodies. Many of the advice tips were developed in consultation with bank customer service specialists.
Econans is the leading actor in Sweden for forecasting, simulation and automated advice on personal finances. The company licences its products to banks that use the services to help their clients with personal-finance decisions and to increase the conversion rate (from “prospect” to “customer”) in areas such as mortgages.