Odevo, which is challenging the property and housing management industry in many ways, not least with its proprietary tech platform, announces the acquisition of fintech company Monu. Monu’s platform enables companies to offer banking services to their customers without having to be a bank themselves. With Monu as part of the Group, Odevo is now taking the step to offer its customers, i.e. property owners and homeowner associations, banking services within saving and lending.

In collaboration with the Odevo companies, Monu has already launched a unique savings account service that gives customers a market-leading interest rate on their surplus liquidity. More than 3 billion SEK has been moved to these savings accounts, which has generated more than 5 million SEK in interest to the customers in under six months. Now Odevo is acquiring Monu, with plans to introduce more services, both in Sweden and internationally.

Sweden’s homeowner associations have 35 billion SEK in surplus liquidity and annually lose more than 150 million SEK in potential interest because their money is often in banks that do not pay them interest. These associations also have 550 billion SEK in loans, and since the pricing of loans with the banks is rarely transparent, customers often receive an interest rate that is not based on the association’s actual financial situation. As a result, the associations are losing more than 2 billion SEK annually in excess interest payments.

“We believe that our customers are not getting a high enough interest rate on their savings accounts, and paying too much interest on their loans. We have all the necessary data to see, for example, that the interest rate on loans linked to an association’s financial status and maintenance needs is not correlated with the interest rate they pay. That’s why we want to help our customers get the conditions they deserve in an easy way. With the acquisition of Monu, we can now offer almost 7,000 homeowner associations in Sweden a market-leading interest rate, something that is conspicuously missing at traditional banks,” says Daniel Larsson, CEO of Odevo.

Monu collaborates with select banks that integrate with its platform, where terms are negotiated for the customers. In the case of savings accounts, the process is automated: the customer’s excess liquidity is automatically transferred to a savings account with a favorable interest rate, and the cash remains available to the customer at all times.

“We created Monu because we saw a great need to make it easier and safer to access attractive financial products. Monu’s platform makes it easy for companies to offer financial products to their customers with the best terms in an embedded way, without having to be a bank themselves. Customers, like a homeowner’s association, can gain access to attractive banking services directly through their trustee. They do not have to go through the time-consuming process of procuring these services externally via a number of different players. It also avoids manually moving their excess liquidity,” says Monu co-founder Lars Rutegård.

The companies that make up Odevo have almost 10,000 customers (property owners) in Sweden, Finland and the United Kingdom, which corresponds to half a million homes. With the addition of Monu, the Group will be able to offer financial services both in Sweden and internationally.

“We have an ambition to fundamentally change the industry and develop groundbreaking solutions that ultimately simplify and improve the lives of property owners and residents around the world,” says Daniel Larsson.

All three Monu founders will remain with the company. Lars Rutegård is now part of Odevo’s Group Management as Head of Financial Services.

For further information contact:

Daniel Larsson, CEO, Odevo
tel: +46 736404211
mail: daniel.larsson@odevo.com

Lars Rutegård, Head of Financial Services, Odevo
tel: +46 702 50 90 40
mail: lars.rutegard@odevo.com

About Odevo

Private housing is the world’s largest asset class and usually the largest investment a private individual will make during their lifetime. Nevertheless, it is an industry that is far behind in terms of both digital development and customer focus, not least in the financial area.

Odevo was launched in March 2022 and is a fast-growing international player that is challenging the property management industry, not least through its proprietary technology platform.

The Odevo Group consists of a total of approximately 1,400 employees and has an annual turnover of just over 1.5 billion SEK. The average growth between 2019 and 2021 was 135% per year, about 15% of which was organic in 2021. Odevo plans to continue its strong growth, both organically and by attracting more companies from both Europe and other continents to join.

About Monu

Monu’s platform makes it easy to provide attractive financial products through, for example, integration and corporation with selected banks that offer attractive terms for customers. The platform in turn gives banks the opportunity to reach out with their products faster and with a smoother customer experience.

Monu was founded in 2020 by Lars Rutegård, Pasquale di Nicola and Fredrik Dahlström. Lars has been a CEO and business leader in a number of industries. Pasquale has previously been a partner at EY with an extensive experience from the financial industry, as expert in bank regulations and advisor to leading Nordic and European banks. Fredrik has a broad platform development knowledge and experience from companies like Spotify, Videoplaza and Neonet.