Eversheds Sutherland has advised the Swedish FinTech company Betalo in connection with their raising of capital and initiation of a partnership with Nordea.

Betalo has developed an app for private individuals and companies to pay bills with debit and credit cards and send money within Sweden or abroad at significantly lower prices than traditional banks and exchange offices.

Betalo has raised a total of SEK 45 million to accelerate growth and speed up the development of new products. Nordea Ventures accounts for the majority of the funds raised and will, after their investment, be one of the principal shareholders in Betalo.

Eversheds Sutherland's team consisted of Ludvig Blomqvist and Dennis Lundquist.