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When Fronteer Solutions was created in 2012, no bank wanted this service, but Sparebank 1 SR-Bank Finstart Nordic becomes the owner.
Fronteer Solutions now has a total investment of NOK 35 million, most of which comes from David Baum of Sparebank 1 SR-Bank Finstart Nordic, writes Dagens Næringsliv. Money invests in the form of a problem. The entrepreneur behind the robotic service says that it can make a big difference to a business.
– We replace the manager with a machine. Research shows that machines make better investments than people and that we can recreate active management at a lower cost, "says Atle Christiansen, entrepreneur and general manager of Fronteer Solutions, Dagens Næringsliv.
Christiansen has already participated in the Point Carbon mill, sold to Thomson Reuters for NOK 1.1 billion in 2010.
The 30 million Baum paid to Fronteer Solutions comes from the 300 million Sparebank 1 SR-Bank fund, dedicated to investments in financial technology companies. Until now, the return of the company is lagging behind – with a loss of 12.8 million euros and a turnover of one million in 2017, due to low fees. Total assets now stand at 220 million. Christiansen thinks that there will be better times with a further decline in the stock market.
One Norwegian stock
Now it is planned to launch Fronteer Solutions in Sweden and spend more time developing.
"Internationalization is something that makes it interesting.There are not many examples of Norwegian fintech who did this," said Baum in Finstart Nordic at Dagens Næringsliv.
In other robots, robots often load multiple commands at the same time, and milliseconds can be crucial. Until now, Fronteer Solutions has its Harvest fund, a single Norwegian stock, Telenor. It was selected mechanically after the investment manager chose the factors and examined the systems based on insight.
Christiansen argues that the philosophy is to invest in "safe and boring" companies, which report below-average returns in times of prosperity, but which are also expected to recover in times of economic slowdown.
"We would have looked terribly stupid just before the financial crisis and as the smartest boy in the class the next day," he told Dagens Næringsliv.
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