SaaS financial services platform Bricknode has secured a SEK 5m ($470,000) loan to support its establishment of a licenced brokerage subsidiary.
With this loan, Bricknode will be able to establish a licenced brokerage subsidiary including the required regulatory and operational capital.
Plans to establish the licenced brokerage subsidiary were announced in May 2022. It stated the move would allow it to carry out brokerage services for customers that lack their own regulatory permissions.
At the time, Bricknode founder and CEO Stefan Willebrand said, “Investing is a big market right now and firms seeking to capitalise typically face lengthy development projects and regulatory challenges.
“By applying for a brokerage licence, we’re moving a step closer to being able to offer our own regulatory umbrella to clients and making it even easier for them to launch investment solutions.”
It hopes to have the service operational by Q1 2023.
The loan has a term of one year and an interest rate of 1.5% per month.
Bricknode recently set out a series of measures that will accelerate its route to profitability. As part of this, Bricknode is reducing fixed and variable costs by approximately 40% and exploring financing related to acting on the opportunity to register a regulated securities firm.
The company will continue to focus on sales and marketing efforts and has created an extensive product platform and recently completed a core technology upgrade to sustain its growth.
Bricknode is a B2B-focused SaaS company that offers scalable, cloud-based software enabling financial companies to launch digital banking products at speed.
The company recently released a new portfolio management software application that is aimed at small family offices and corporate investors. The Investment Manager tool is purpose built to let investors track all their assets and liabilities from a single location, as well as analyse performance and automate accounting.
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