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Nordea to invest in Swedish fintech

Nordea Bank AB (publ) will invest in Swedish financial technology company Betalo AB, the lender said Nov. 30.

The bank will invest "the vast majority of the funds" in a 45 million Swedish kronor fundraising by Betalo, with the remainder coming from existing shareholders.

Betalo provides bill payment and money transfer services.

Nordea said the same day that it had set up a unit called Nordea Ventures to invest in fintech companies. It also said it launched what it called the first Nordic bank service by Facebook Messenger, allowing for the payment of Norwegian bills via a Facebook Messenger e-invoice.

Nets A/S is providing the backbone of the service.

As of Nov. 30, US$1 was equivalent to 8.33 Swedish kronor.