Stockholm-based fintech startup Matters has secured $5 million in pre-seed funding to build an AI-native consumer bank focused on improving financial wellbeing with innovative features like AI advisers and cashback on fees.
- AI-powered bank to charge flat monthly fees with cashback on typical bank fees
- Led by founder Per Österström, backed by notable Nordic investors
- Plans to seek licenses and expand across the EU, facing competition from neobanks like Revolut
What happened
Matters, a Stockholm-based startup developing an AI-native consumer bank, announced it has raised $5 million in a pre-seed funding round led by Swedish angel investor Jakob Johansson. The company was founded in April 2026 by Per Österström, who previously founded Nordic loan brokerage platform Sambla, which he sold to Nordic Capital in 2021.
Alongside the funding news, Matters appointed Lars-Åke Norling, former CEO of Swedish savings and investment platform Nordnet, as chair. The startup aims to offer banking services with a flat monthly fee, enhanced by an AI adviser that assists customers in managing their spending and savings more effectively. Typical bank fees, including currency exchange and card charges, will be returned to customers as cashback.
Why it matters
Matters seeks to disrupt traditional banking models that often profit when consumers mismanage their finances. By introducing AI tools that promote healthier financial habits and returning fees back to customers, the startup aims to provide greater financial wellbeing accessibility to the broader public.
This approach positions Matters uniquely in the increasingly crowded European neobank market, where players like Revolut already operate across multiple countries. The use of AI and transparent pricing could appeal to consumers seeking smarter, fairer banking alternatives.
What to watch next
Matters will soon launch its first consumer product and plans to use the new funding to apply for banking licenses and grow its team from 14 employees. The startup has not yet disclosed which countries it will target initially, nor which specific licenses it will pursue.
The company’s expansion across the European Union, potential acquisitions, and ability to compete with established neobanks like Revolut will be key indicators of its future success in the highly regulated and competitive digital banking sector.