Norwegian personal finance company Axo announced Tuesday (Aug. 16) that it has acquired Defero, a digital credit-scoring and financial management platform in the Scandinavian region.
The financial terms of the deal were not disclosed. According to the press release, Defero offers free credit scoring and financial management tailored to each customer’s credit profile and financial needs.
Defero has over 400,000 users across the region and provides consumers with an assessment of their credit score along with a complete view of their credit profile. In addition, consumers can use the platform for budgeting and financial management.
“Catering to consumers’ financial needs is fundamental to Axo’s goal of becoming the premier pan-Nordic platform for personal finance,” said Jostein Christian Dalland, CEO of Axo. “The addition of Defero’s consumer-focused platform and credit analytics capabilities solidifies Axo as the broker-of-choice in the Nordics.”
Additonally, Defero CEO Eigil Arff Tarjem said Axo’s ownership will let his company invest in new products and technology, boost conversion rates and capture a greater market share in both the Nordic region and beyond. Following the completion of the sale, Tarjem will join Axo’s group management team.
Founded in 2008, Axo has offices in Oslo, Copenhagen, Stockholm and Helsinki. Last year, the company acquired LendMe, a digital broker based in Denmark.
The announcement comes one day after the digital financial services platform MoneyLion teamed up with financial literacy company Zogo to offer financial education to more than 3 million MoneyLion customers.
Learn more: MoneyLion, Zogo Partner to Promote Financial Literacy
The collaboration gives MoneyLion users access to Zogo’s “bite-sized education modules” via the MoneyLion app’s Today Feed content, where they can learn about topics that include investing, saving, budgeting, credit scores, applying for loans and entrepreneurship.
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