Swedish Startup Space

Dreams launches app to help millennials save money

Written by on April 11, 2016
Editors Note: This post is part of a series called Latest news, presented by .

Dreams is a Swedish app designed for a generation who thinks traditional banking services are just sooo boring.

The company was founded in 2013 by former Avanza CMO Henrik Rosvall. Today, Monday, the service goes live in Sweden.

“Financial planning is about two things. You can either make more money or you can change your behavior to lower your costs. We aim our service to people who want to change their old behavior to reach their dreams”, Rosvall says.

Here’s how the app works: Users log in using Mobilt bank-id (a Swedish app provided by banks for online authentication) and enter their account information.

That lets users send money from their regular bank account to a Dreams-account, using a direct debit method (Swedish Autogiro).

After that, users can create a dream – something like “Diving in the Great Barrier Reef” or “Climbing Mont Blanc”. Users are encouraged to specify how much the dream would cost to fulfill.

The app then presents suggestions of what Dreams call save hacks – savings efforts you can do in your daily life.

“We try to show you how doing just a little bit every day can save you a lot of money. Bringing a lunch box to work everyday instead of going to a restaurant can save you enough money to go to Thailand with your family once a year”, says Rosvall.

The Dreams account is formerly placed in Ålandsbanken, a bank that handles the financial infrastructure behind the Dreams user experience.

Rosvall says that Dreams will launch two additional services during 2016: A current account and a mutual funds product.

“We make money from interest, collaborations with partners and other services. Our innovation is that we can create simple but very engaging banking services with a user friendly experience”, Rosvall says.

The company raised a seed round from “friends and family” in November. Rosvall says he is planning to raise more capital later this year.

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