Our story started in 2018 when co-founder David bought a new apartment and started calculating all his personal finances in Excel. At the same time, our other co-founder Tobias worked with real estates in Stockholm. He personally experienced the stress and lack of knowledge about personal finances that many potential buyers felt, causing many of them to give up their housing dreams as a result. David and Tobias put their heads together, and Econans was born.
Econans started from a mission to give people knowledge and tools to create financial security. We saw a need to make personal finances easy to understand.
Challenges in the society
More than 50% of households in Sweden lack the financial and mathematical knowhow to take sound personal financial decisions. In international comparisons, financial knowledge and ability are comparable (1).
In Sweden, one out of four persons cannot cover an unforeseen expense of 10,000 SEK (2). In the US, half the nation’s households live paycheck to paycheck (3).
At the same time, financial stress more than doubles the risk of premature death, causing both mental and physical illness. In a small country like Sweden, over 1 million Swedes (10%) live under financial stress (4).
[1. Financial Supervisory Authority Sweden, 2. SIFO, 3. Harvard University, 4. Karolinska Institute]
Challenges facing the banks
Consumers are becoming more demanding and banks are facing increasing challenges in customer satisfaction and acquisition of new customers. New technologies and new regulations accelerate the scope for innovation, this makes partnership and collaboration the fastest way to market.
Econans is a fintech partner that provides digital services for simulation and automated advice on personal finances. We focus on democratising financial knowledge through the application of technology.
Our services are based on research, statistics and financial regulations, and combined with the user’s personal data, our services offer the user simulations and advice in interactive and self-service solutions.
We use large quantities of data and AI to innovate our services, generating cutting-edge solutions and customer experiences.