Subaio has launched its subscription management service at several Nordic banks, including Bulder Bank, a new challenger bank.
The Subaio product provides users an overview of their subscriptions and the recurring payment schedules. The solution allows users to make changes to their subscriptions or cancel them directly from the company’s app.
Nordea, one of Subaio’s investors, was the first financial institution to start using Subaio. Sparebanken Vest and its new digital platform, Bulder Bank, have also started using Subaio’s subscription management service.
Subaio co-founder Thomas Laursen stated:
“We can see that our product makes a difference for the end user. The first time many of them see the overview of their subscriptions, they are very surprised. Many of them cancel several subscriptions at once in the beginning,”
Laursen added:
“We can see that our solution is in great demand – both among end users and banks. So we’re not done at all. We have several banks in our pipeline, and soon we will also launch outside the Nordic region.”
Established in 2016 in Aalborg, Denmark by Laursen and CTO and co-founder Brian Jørgensen (both previously worked at Spar Nord Bank), Subaio has completed an investment round through which it acquired funding for its operations and also a partnership deal from Nordea in June of last year.
As noted on Subaio’s official website:
“The company strives to assist banks and their customers. [The firm’s] financial management solution helps bank users make more confident and well-informed choices about their subscription spending. [Subaio] creates advanced financial management solutions that not only operate across channels, but are also flexible and customizable for every client.”
Subaio’s website also mentions:
“The largest financial group in the Nordic countries, Nordea, [is one of Subaio’s clients.] [The company] integrates [its] financial technology into their digital operations to create a better user experience. With [its] current implementations [the company is] already on [its] way to serve over 12 million digital banking users.”