Norwegian startup Spiff launched on Wednesday a mobile savings service for women, saying it was the first such offering in the men-focused investment world.
“Banks and financial institutions have never made products that speak to people. We want to change saving habits in the word, we want to help people save”, founder and CEO Carl-Nicolai Wessmann, told ArcticStartup in an interview.
The offering will be a ‘simple and fun savings service’ which will focus on products like low-cost index funds. The management of funds will be outsourced to old financial groups, with Spiff acting as the easy-to-use front office.
Spiff raised seed round of around $500,000 last year from investors in Norway, Spain, France, Denmark and the United States.
“Europe is the first big market for us after we test in Norway. As soon as we have the product which works without bugs we will take to the next big market: France or Spain, we are still considering which one”, Wessmann said.
After launching alpha version of the app on Wednesday it plans next to launch closed beta in Norway and then raise next financing round.
The ambition level is set high: Spiff aspires to be the world’s leading saving service for the mobile generation.
“Old-fashioned banks invest so much money in fintech these days. They understand they need to change. So the old-fashioned banks will be Spiff’s natural competitors. There will be a big fight between startups like Spiff and incumbents for who can actually speak to consumers”.