From a technology perspective, P.F.C. was never tied down by legacy systems or software. The team chose a modern cloud-based microservices architecture, enabling scalability, cost efficiency and speed to execute. They spent five months building the entire back-end system on their own, without involving any external technology partner. Accordingly, they could freely design their architecture, leveraging all the substantial benefits of cloud elasticity, before defining, and deciding on, which partner might eventually fit.
P.F.C. (Personal Finance Co.) is challenging traditional financial service providers with a more personalised and innovative service, using modern technology and a more human approach.
Cloud banking platform
Founded on the idea of creating payment services that are both simple and inexpensive as well as transparent to those who use them, P.F.C. has been a customer-centric company since its inception. The team behind the Stockholm-based startup initially interviewed each one of its end users, with the aim to better understand their wants, needs and pain points.
Eventually, P.F.C. began adding technology partners. Mambu was chosen as the core banking provider, due to its platform’s scalability, comprehensive API documentation, and customer-centricity. The composable nature of Mambu’s pure SaaS banking platform fits P.F.C.’s microservices architecture perfectly, and allows the team at PF.C. to innovate on their back-end and customer-facing systems. In total, the integration took six weeks and P.F.C. could successfully go from idea to customer acquisition within nine months.
Interview with P.F.C.’s CEO Kevin Albrecht and CFO Stefan Salomonsson, at the company’s headquarters in Stockholm, Sweden.
Today, P.F.C. is a mobile-first service that combines a Mastercard debit programme with a personalised app and is available on both Android and iOS. Licensed in Sweden as a payment institution (rather than a fully licensed bank), P.F.C.’s mission is to simplify the financial life of their customers, by providing them with personalised tools to help them get smart about managing their money.
The solution allows users to make purchases, split bills and track expenses easily. Users top up their card instantly using Swish, a mobile payment technology provided by a group of Swedish banks. They can also set savings goals, and there’s a smart budget feature, too. In addition, users can change their PIN, freeze and unfreeze their card or order a new one, directly from within the P.F.C. app.
P.F.C. recently launched a children’s spending card and will soon begin to deploy additional features for investments and, possibly, insurances. Mambu’s rapid deployment capability supports the agility of P.F.C.’s product development, and enables the mobile-first fintech to test and launch these new features much faster than they otherwise would.