Oslo-based Astat, a challenger banking service for small and medium-sized businesses, said it closed a pre-seed investment round of 4.5 million Norwegian crowns ($529,000) as it aims to launch in April.
Astat said its card service will be 100% mobile, using Google Pay and Apple Pay for payments and virtual cards for online purchases.
Astat said it offers a new way to target Norway’s smaller SMBs to benefit business owners everyday lives and bring ease of use and accessibly and excellent customer service and support to business owners and entrepreneurs when they need it most.
“Small and medium-sized businesses in Norway are underserved by the traditional banks in ease of use, transparency and customer service. We’ve streamlined the old bank’s business model so that our Norwegian customer’s get more,” said Axel Hunter, founder and CEO of Astat.
“By paying these services forward, we believe that we can achieve higher success for new businesses and innovators in Norway by giving them the support that they need in the crucial early stages of business. As a father and business owner, I identify with the customer myself. An Astat account will contribute to a better work life balance by minimising time spent on business administration so that our customers can be more effective at work and more present at home.”