Norwegian insurance and pension giant Storebrand is acquiring fintech platform Kron for NOK 400m (EUR 40m) in order to advance its digital capabilities.

Kron offers mutual fund investments and digital advisory services and was established five years ago as a spin-off from Nordic wealth advisor Formue. The fintech firm has NOK 7bn (EUR 702m) in assets under management and 67,000 customers. It has also become popular in Norway for customers who have chosen to manage their Individual Pension Accounts themselves, according to a statement.

”Kron has been successful in creating enthusiasm for savings and investments through their digital application for mutual funds and pensions. Kron’s user experience together with Storebrand’s product expertise and strong distribution power is an attractive combination for new and existing customers. This is perfect match,” says Storebrand’s CEO, Odd Arild Grefstad in a comment.

Kron will become Storebrand’s digital platform for savings and retail investments and the fintech firm’s team will continue to develop the app and its services.

“Kron focuses on simplicity, user experience and making good decisions on behalf of its customers. In Storebrand, we look forward to working with the team to continue to develop the solution for existing Kron users and to make it accessible and serve all our retail customers,” says Storebrand’s EVP for Retail Customers Norway, Heidi Skaaret.

The transaction should be finalized in the fourth quarter.

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