Settle will be discontinued

Settle Group has decided to discontinue the mobile payment service named Settle.
This means you will no longer be able to send or receive money using our app once we reach the last day of business, assumed to be Friday 28th of June 2024 23:59 GMT +2 (CEST). You are encouraged to withdraw (payout) your funds to your bank account as soon as possible, and no later than before the date and time expressed above.

Frequently asked questions

Will I get all my money?

Yes, Settle Group will perform payouts for all customers, and all client funds are safeguarded. We will run automated payouts as before up until the closing of the service, and if any funds are unsettled at that time we will perform manual payouts to close all balances subject to law, regulation and our terms of service.

 

Why discontinue?

Because we did not succeed in reaching critical mass, so we are losing rather than making money.

We believe all payments will eventually go mobile, but we do not believe in fragmentation. We started our journey back in 2010 and what we created helped form a national standard for mobile payments in Norway. With massive distribution and investments from banks it was doable, a standard was made. We did not manage to replicate this success across all of Europe. Today there are many apps and services that compete to become your next favorite money app. We believe in competition, but right now there is no clear path towards a standard, there is no interoperability and the global and regional players are battling it out, burning through capital with massive annual losses. This is not sustainable. Investors, customers and the market will lose as many services will die and only a few will make it. We thank you for your participation and support in trying to build the next generation payment network of Europe.

 

Will it come back?

We are in talks about selling Settle and hence it may be brought back. If you have ideas, feel free to reach out.