Nordiska shares
Unlisted company
Bankaktiebolaget Nordiska (publ) is a Swedish bank with a Swedish banking licence that offers financial products and services to both businesses and individuals. The company was founded in 2008 and operated as a credit market company under the name Nordiska Kreditmarknadsaktiebolaget (publ) for many years before the Swedish Financial Supervisory Authority granted it a banking licence in 2024, following which the company name was changed to Bankaktiebolaget Nordiska in January 2025. The business is divided into four business areas and operates from its head office in Stockholm, with lending in Sweden, Norway, Denmark, Finland and the Netherlands, as well as deposits in Sweden and Germany.
Embedded Finance and Consumer Finance
Within Embedded Finance, Nordiska provides infrastructure and financing to companies seeking to offer credit or payment solutions to individuals or businesses, either under the partner's brand or through Nordiska. The Consumer Finance business area comprises consumer lending – primarily unsecured loans and credit cards – mainly in the Finnish and Swedish markets, and has been built up both organically and through acquisitions of consumer credit portfolios.
Real Estate and Leasing
Within Real Estate, secured loans backed by Swedish properties are offered to businesses, while the Leasing business area is operated through the subsidiary Umeå Release Finans AB (Release) and provides businesses with leasing solutions for equipment and investment assets. Net interest income from lending constitutes the bank's primary revenue stream and is supplemented by net commission income from card, payment and insurance services, as well as net gains from financial transactions.
Financing and growth
Lending is financed primarily through deposits from the public, which are covered by the state deposit guarantee scheme, while the capital base is supplemented by equity and subordinated debt in the form of Tier 2 bonds. The growth strategy combines organic growth within existing business areas with selective acquisitions of companies and credit portfolios, including consumer credit portfolios from Handelsbanken and Ecster in Finland, as well as portfolios from Alisa Pankki, alongside the integration of the subsidiary Rocker AB into the bank.
Business model characteristics
Swedish banking licence under FI supervision
Four complementary business areas
Net interest income supplemented by net commission income
Financing and markets
Deposits, equity, Tier 2 debt
Lending in five countries, deposits in two
Organic growth and selective acquisitions
Financial performance
Published 6 October 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Burn rate
- 105MSEK/mo
- Equity ratio
- 7.5%
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| EBITDA | 218(+21.3 %) | 180(+16.2 %) | 155 | – |
| EBIT | 189(+21 %) | 156(+8.4 %) | 144 | – |
| Net income | 139(+8.8 %) | 128(+10.8 %) | 115 | – |
| Equity | 1,067(+12.7 %) | 946(+32.9 %) | 712(+13.6 %) | 627(+34.4 %) |
| Total liabilities | – | 11,732(+24.2 %) | 9,450(+16.8 %) | 8,087(-10.2 %) |
| Operating cash flow | – | -1,267(-405.2 %) | 415 | -1,825 |
| Equity ratio | – | 7.5%(+0.5 pp) | 7%(-0.2 pp) | 7.2%(+2.3 pp) |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 110k | SEK 1bn |
Questions about Nordiska
Is Nordiska listed on a stock exchange?
No, Nordiska is a public limited company, but it is not listed on a stock exchange. The company has not conducted an IPO, and its shares are therefore not traded on a regulated stock exchange, but through the unlisted market.
What does Nordiska do?
Nordiska is a Swedish bank that offers financial products and services to companies and individuals under a Swedish banking licence. Its offering includes lending, Embedded Finance and deposits covered by the government deposit guarantee.
Can I buy shares in Nordiska?
Yes, it is possible to buy shares in Nordiska through private share trading, provided that there are sellers. Through Eqvor, you can place a buy order and be matched with sellers in the private market.
How do I sell shares in Nordiska?
If you own shares in Nordiska, you can place a sell order through Eqvor and be matched with buyers. Once the transaction has been completed, the shares are transferred in accordance with the company’s Euroclear-connected custody structure.
Is Nordiska affiliated with Euroclear?
Yes, Nordiska is affiliated with Euroclear. This means that the shares are handled within the Swedish securities system and can be delivered to a custody account at any bank or investment firm once the transaction has been completed.
Can I hold Nordiska shares with Avanza or Nordnet?
Yes, since Nordiska is affiliated with Euroclear, the shares can normally be held in a securities account with, for example, Avanza or Nordnet, provided that the bank or online broker supports the custody of unlisted shares.
Does Nordiska have any right-of-first-refusal or pre-emption clauses?
No, according to the available information, Nordiska is not subject to any right-of-first-refusal or pre-emption clauses. This means that share transfers do not normally need to be offered to existing shareholders before being sold to an external buyer.
At what price is the Nordiska share traded?
Since Nordiska is not listed on a stock exchange, there is no official share price on a regulated marketplace. Instead, the price is determined by supply and demand between buyers and sellers in the private market.
When will Nordiska be listed on the stock exchange?
There is currently no publicly announced timetable for a stock exchange listing of Nordiska. We therefore do not know when Nordiska may be listed or whether the company will conduct an IPO.
What are the risks of investing in Nordiska?
Investing in Nordiska involves risk, just like other investments in unlisted shares. As a bank, the company’s value development is affected by credit risks, interest rates, regulatory requirements, capital adequacy, economic conditions, competition, and developments in lending, deposits, and embedded finance. Trading in unlisted shares also normally entails lower liquidity than trading in listed shares.
Where can I find Nordiska's annual report?
Nordiska's annual report is available under Investor Relations and Financial Reports. The company's annual reports and other financial reports are available there for download.
Has Nordiska carried out any share issues?
Yes, Nordiska has carried out capital raises and previous new share issues. Nordiska's Capital raised is stated as SEK 259.5 million, which shows how much capital the company has raised through previous financing.
How much capital has Nordiska raised in total?
Nordiska’s Capital raised is stated as SEK 259.5 million. An equity raise is a term for raising capital, but in Swedish, terms such as funding round, financing or new share issue are most commonly used.
Has Nordiska reported a profit or a loss?
Nordiska reports a positive result in the latest available information. Under Key figures, EBITDA is stated as TSEK 217,737 and net profit as TSEK 138,898. The company’s earnings trend is also shown in the Results per year graph.