Axo, a personal finance firm based in Norway, revealed on Tuesday, August 16, that it has purchased Defero, a Scandinavian digital platform for credit scoring and money management.
The deal’s financial details weren’t made public. Defero offers free credit scoring and financial management that is customized to each customer’s credit profile and budgetary requirements, according to the press release.
Defero offers customers an evaluation of their credit score along with an exhaustive look at their credit record and has more than 400,000 members in the area. Customers may also use the site to manage their finances and set budgets.
Axo’s CEO, Jostein Christian Dalland, stated that meeting customers’ financial requirements is essential to the company’s mission of being the leading pan-Nordic platform for personal finance. The consumer-focused platform and credit analytics tools from Defero have made Axo the preferred broker in the Nordic region.
Axo’s ownership will also enable Defero CEO Eigil Arff Tarjem’s organization to invest in new goods and technologies, increase conversion rates, and increase market share both inside the Nordic area and abroad, he added. Tarjem will become a member of the group management team at Axo when the deal is complete.
Axo, which was established in 2008, has locations in Oslo, Copenhagen, Stockholm, and Helsinki. The business last year bought LendMe, a Danish-based online broker.
The news comes one day after MoneyLion, a digital platform for financial services, partnered with Zogo, a provider of financial literacy services, to provide more than 3 million MoneyLion consumers with financial education.
Through the partnership, users of MoneyLion will have access to “bite-sized education modules” from Zogo through the Today Feed section of the MoneyLion app, where they can learn about topics including entrepreneurship, credit ratings, investing, saving, and budgeting.
