Jan. 15, 2019
AXA Investment Managers said it has entered a strategic partnership with Dreams, a Stockholm-based mobile savings and investment platform, and has acquired a 10 percent stake in the firm for $5.7 million, according to the company.
AXA IM said it will become the exclusive provider of mutual funds targeted at millennials on the platform, which will launch in European markets, including Germany, France, Belgium, Italy, the Netherlands and Spain. In addition, Joseph Pinto, the global chief operating officer, at AXA IM, will join the Dreams board, according to a company announcement.
"We are delighted to partner with Dreams, as this partnership is a key milestone in our digital strategy to open up new digital distribution channels, starting with one targeting millennials - who are already today’s investors," Pinto said in the announcement.
The investment represents the first for the company in a mobile investment or payment platform, according to a spokesperson. The companies plan to establish an innovation lab to study the savings and investment habits of these consumers.
Henrik Rosvall, chief executive of Dreams, said the company has about 360,000 users, representing about 14 percent of the target 20-40-year-old age group in Sweden. The company, founded in 2013, has offered its mobile savings and investment app in Sweden since 2016 and expanded into Norway in 2018.
He said that Dreams customers save on average about 135 euros ($154) every month more on average than traditional bank customers, demonstrating that his company’s model is working.
Topics: Mobile Apps, Mobile Banking, Region: EMEA
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