Paris-headquartered Axa Investment Managers has acquired a 10% stake in a Swedish startup to help it target a younger cohort of European investors. It is the latest example of an asset manager turning to technology to sell funds to a retail audience.

Axa IM, which oversees €740bn in assets, has teamed up with Dreams, a Stockholm-based fintech. It has developed a mobile savings app that has already attracted 300,000 users aged between 20 and 40 in the Nordic markets. Its users save €135 a month on average, and 69% are women.