SEB is entering into a strategic partnership with fintech company Roaring, a leading data service provider in the Nordic region that enables companies to streamline and automate business processes. As part of the partnership, SEB Venture Capital is also making a strategic investment in Roaring.
The partnership and investment follow a period of testing and implementation of Roaring’s technology into SEB’s innovation studio SEBx, a strategic initiative focused on exploring new technologies and future customer offerings. Roaring is today powering parts of the onboarding and monitoring processes for SEBx’s first product UNQUO, a financial service developed to make life as a solopreneur easier.
“We have been working with Roaring to explore new ways of building innovative processes supporting a better customer experience," says Christoffer Malmer, Head of SEBx. “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 will also explore opportunities arising from the strategic partnership with Roaring within other parts of the bank, through its new unit Exploratory & Partnerships.
With a technology enabling advanced customer data management, Roaring is serving some of the most established brands within the banking, finance and insurance industries. Roaring, based in Stockholm, has a presence in the Nordic markets and is growing rapidly with new customer engagements.
As part of the partnership, SEB Venture Capital is also making a strategic investment in Roaring. The company is valued at SEK 293 million, and the investment will make SEB one of the company’s larger institutional investors.
“Our investment in Roaring is a natural progression of our relationship - we like the team and the technology,” says Fredrik Ljungblad, Investment Manager at SEB Venture Capital. “We are looking forward to contribute to Roaring’s growth agenda.”
With the ambition to set a new standard in customer data management, Roaring is looking to use the capital to expand its customer relationships in the Nordics while continuing to expand to additional European markets.
“We are delighted to deepen our relationship with SEB,” says Pål Ljungberger, CEO of Roaring. “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. 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.”