AXA teams up with Dreams for millennial savings
AXA Investment Managers (AXA IM) and Stockholm-based fintech Dreams are entering into a partnership, aiming to give millennials tools to save and invest through the Dreams app.
Through this partnership in Europe, AXA IM will be the provider of mutual funds on the Dreams mobile platform, eventually launching in the German, Belgian, French, Italian, Dutch, and Spanish markets.
“Our digital strategy opens up new digital distribution channels, starting with one targeting millennials – who are already today’s investors,” says Joseph Pinto, global chief operating officer of AXA IM.
“Dreams has proven its worth in the Nordic markets, where we boast 300,000 users or the equivalent of 14% of the total 20-40-year-old target group in Sweden. Research shows that people save €135 more with us every month than they did with their banks,” states Henrik Rosvall, CEO of Dreams.
This deal will include an innovation lab designed to conduct research on millennials’ savings and investment habits.
Dreams offers savings and investment services through the use of artificial intelligence (AI) and cognitive-based finance.
In addition, AXA IM is taking a 10% stake in Dreams’ capital, while Pinto joins the Dreams’ board of directors.