On Wednesday, Danske Bank announced it has invested millions in and has become the co-owner of the Danish fintech firm, Spiir. Founded in 2011 by Rune Mai and Gudmundur Hreidarsson, Spiir provides customers a platform for their personal finances. Its purpose is to make personal budgets both fun and easy to understand. Speaking about the investment, Danske Bank reported:
“More than 200,000 Danes today receive help from Spiir to manage their budget, monitor their spending and find less expensive alternatives for their fixed expenses. With the investment, we now have access to Spiir’s technical platform, which includes data retrieval from other Nordic banks to the benefit of our customers. The investment in Spiir supplements our work to meet the requirements of the new Payment Services Directive II (PSD2), which obligates banks to make customers’ bank data available to third parties. It is also a step towards opening up more for partnerships and making it simpler and more efficient for our customers to manage their day-to-day finances.”
“With Danske Bank to back us, we now have the opportunity to accelerate the development of both Spiir and Nordic API Gateway. The partnership represents a benefit for consumers because they can use their data where it makes sense, but also for businesses, where one can, for example, imagine liquidity management or accounting solutions that automatically perform reconciliations with a bank.”
Danske Bank then reported that the investment in Spiir firstly means that it will become easier for them to view their accounts with other banks. Spiir’s app notably can help consumers keep track of their spending and optimize their personal finances. The bank added that in the long term this new partnership and Spiir’s technical platform also open up for completely new opportunities, such as help to manage bills, more automated budget control or help to save up.