Enity Bank Group

What Enity Bank Group does

Enity Bank Group is a Nordic challenger bank that provides secured specialist mortgages to retail customers underserved by high-street banks, including individuals with non-standard employment, limited or no credit history, prior credit remarks, high unsecured debt needing consolidation, and retirees seeking equity release. Headquartered in Stockholm and listed on Nasdaq Stockholm Main Market since 13 June 2025 under the ticker 'Enity', the group operates three consumer brands — Bluestep Bank (Sweden, Norway, Finland), Bank2 (Norway) and 60plusbanken (Sweden, equity release for 60+ homeowners) — alongside a savings offering in Sweden, Norway and Germany (via the Raisin marketplace). The group had approximately 285 employees and around 34,000 customers as of Q4 2025, with a loan book of 30,611 MSEK at end-FY 2025 growing to 32,090 MSEK by end-Q1 2026.

The platform combines a digital mortgage banking stack with a partially automated underwriting model that processes structured borrower data and supports a 26 bps LTM credit loss ratio. Enity distributes through its own direct digital channels, wholly-owned broker platforms (Uno Finans AS in Norway/Finland, which alone accounts for roughly 69% of Enity sales, and Eiendomsfinans AS in Norway) and a Nordic broker network (Lendo, Sambla, Lanekoll, Ordna Bolån, Leasio). Funding is diversified across retail deposits, a Moody's Aa1-rated covered bond programme (MTCN), a senior unsecured bond programme (MTN) and EUR deposits via Raisin.

Revenue is generated primarily through net interest income from secured specialist mortgages (FY 2025 net interest margin 4.1%, compressing to 3.7% in Q1 2026), supplemented by recurring net commission income from banking and intermediation activities. FY 2025 results showed adjusted operating profit of 593 MSEK (+17% year-on-year), net profit of 319 MSEK (+25% year-on-year) and adjusted return on tangible equity of 19.2%, supported by an improved adjusted cost/income ratio of 48.2%. Growth has been delivered through organic loan book expansion, M&A (Bank2 ASA in 2023–2024, Uno Finans AS and Eiendomsfinans AS in February 2026), a new geographic entry into Finland (2020), and capital markets activity including a SEK 850 million plus NOK 400 million senior unsecured bond issuance in May 2026.

Name

Enity Bank Group

Legal name

Enity Holding AB (publ)

Website

https://www.enity.com/

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

Enity Bank Group is a Nordic challenger bank providing specialist mortgages to underserved retail customers in Sweden, Norway and Finland through three brands, supplemented by owned broker distribution and a Moody's-rated diversified funding base; listed on Nasdaq Stockholm since June 2025.

Ownership category

akta.pro rank

Product category

Specialist Mortgage Banking

NAICS

Depository Credit Intermediation (5221), Finance and Insurance (52)

SIC

Savings Institution, Federally Chartered (6035), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Asset-Based Lending (ABL) (FSANADAD)

akta.pro secondary industry

Direct Lending — Asset-Based Lending (ABL) (FSAHAJAE)

Keywords

• Specialist mortgage lending
• Nordic retail banking
• Equity release mortgages
• Residential mortgage origination
• Retail savings deposits

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Net interest income from mortgage lending: Primary revenue stream generated through interest spread on secured specialist mortgages across Sweden, Norway and Finland (net interest margin of 4.1% in FY 2025). Funded by retail deposits, covered bonds and senior unsecured bonds.
2. Net commission income: Recurring commission and fee income from banking and intermediation activities (defined within total operating income alongside net interest income).
3. Capital markets funding programme: Funding (and associated capital markets fee income) raised via Enity Bank Group's MTN (senior unsecured) and MTCN (covered bond) programmes, complemented by EUR retail deposits on Raisin.
4. Retail savings / deposit taking: Funding-side revenue generated through high-yield savings accounts offered in Sweden, Norway and Germany, supporting the lending operations.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

Enity Bank Group is a Nordic specialist mortgage banking group that provides secured residential mortgages, remortgages and equity release products to customers excluded by high-street banks across Sweden, Norway and Finland through the Bluestep Bank, Bank2 and 60plusbanken brands. The group funds its lending through retail savings accounts in Sweden, Norway and Germany, covered bonds (MTCN programme) and senior unsecured bonds (MTN programme), and distributes through owned broker platforms (Uno Finans, Eiendomsfinans) and external Nordic brokers.

Product overview

Enity is a platform-plus-modules architecture for inclusive Nordic mortgage banking. At the holding-company level, Enity Holding AB (publ) (Nasdaq Stockholm: Enity) owns Enity Bank Group AB (publ), the regulated banking subsidiary. The bank operates through three core mortgage brands — Bluestep Bank (cross-border first and second charge mortgages in Sweden, Norway and Finland), Bank2 (Norwegian mortgage refinancing for non-prime customers), and 60plusbanken (Swedish equity release for 60+ homeowners) — plus two acquired distribution-channel mortgage brokers, Uno Finans AS (Norway/Finland, wholly-owned February 2026) and Eiendomsfinans AS (Norway, acquired February 2026). The group also offers savings accounts at competitive rates in Sweden, Norway and Germany and funds itself through a diversified base of retail deposits, covered bonds (MTCN programme) and senior unsecured bonds (MTN programme) rated by Moody's.

Differentiator

Problem solved

Functional benefit

Brands

• Bluestep Bank: Challenger mortgage bank and modern alternative to high-street banks, with operations in Sweden, Norway and Finland (operates country-specific sites bluestep.se, bluestep.no, bluestep.fi).
• Bank2
• 60plusbanken

Products and services

• Bluestep Bank mortgages Pan-Nordic specialist mortgage bank offering first and second charge mortgages and remortgages to individuals with non-standard employment, credit remarks, thin credit history or heavy unsecured debt who are excluded by high-street banks, across Sweden, Norway and Finland.
• Bank2 mortgages Norwegian mortgage brand offering refinancing solutions for customers unable to obtain mortgage loans from high-street banks, with focus on improving personal finances through debt consolidation.
• 60plusbanken equity release Swedish equity release mortgage product for homeowners aged 60 and above, allowing them to unlock capital tied up in their home without having to move.
• Enity retail savings accounts High-yield retail savings accounts offered in Sweden, Norway and (via Raisin) Germany, providing the funding base for Enity's mortgage lending operations.
• Green mortgage (Sweden) Sustainability-linked mortgage product offered in Sweden under the Bluestep Bank brand that creates incentives for borrowers to make sustainable decisions; integrated into the lending platform.

Quantifiable outcome

• Adjusted return on tangible equity of 19.2% in FY 2025, approaching the ~20% Group target
• +6 more outcomes

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature3 records

Partnerships

15 partnerships are on record, tiered flagship, core and minor.

• Uno Finans ASflagshipChannel Partner/ Reseller/ Distributor · 23 February 2026Norwegian/Finno loan broker that became a wholly-owned subsidiary of Enity Bank Group AB on 23 February 2026 after Enity Holding acquired the remaining 51.4% stake for a total transaction value of 578 MSEK. Uno Finans is a key strategic distribution channel accounting for approximately 69% of Enity sales. Founded in 2019 and 49.6%-owned by Enity since 2020, with 2025 revenues of 289 MNOK and an operating profit of 98 MNOK.
• Eiendomsfinans AScoreChannel Partner/ Reseller/ Distributor · 1 February 2026Norwegian mortgage broker acquired by Enity in February 2026, adding to Enity's owned broker distribution alongside Uno Finans AS. Board member Rolf Stub serves as Chair of Eiendomsfinans AS and Eiendomsfinans Drift AS.
• Riksförbundet HjärnkollminorGTM or Marketing Partner · 1 January 2024Swedish mental health advocacy organisation partnered with Enity in 2024 to raise awareness about the connection between financial and mental well-being as part of Enity's societal engagement.
• Bank2 ASAflagshipStrategic or Co-development Partner · 1 October 2023Norwegian specialist mortgage lender whose acquisition was announced in October 2023 and completed via a cross-border merger with Bluestep Bank AB in April 2024, strengthening Enity's position in specialised Nordic mortgage lending. Bank2 had previously been founded in 2005.
• RaisincoreTechnology or Integration · 1 July 2023Pan-European savings and deposits marketplace via which Enity (then Bluestep Bank) broadened its funding base with EUR deposits in July 2023, supporting cross-border deposit gathering into the German market.
• LendocoreChannel Partner/ Reseller/ DistributorLendo is featured as one of Enity's selected Nordic broker partners on the Partners page, helping to extend the reach of Enity's specialist mortgage brands.
• SamblacoreChannel Partner/ Reseller/ DistributorSambla is featured as one of Enity's selected Nordic broker partners on the Partners page, supporting specialist mortgage distribution.
• LanekollcoreChannel Partner/ Reseller/ DistributorLanekoll is featured as one of Enity's selected Nordic broker partners on the Partners page, supporting specialist mortgage distribution.
• Ordna BolåncoreChannel Partner/ Reseller/ DistributorOrdna Bolån is featured as one of Enity's selected Nordic broker partners on the Partners page, supporting specialist mortgage distribution.
• LeasiominorChannel Partner/ Reseller/ DistributorLeasio is featured as one of Enity's selected Nordic broker partners on the Partners page, supporting specialist mortgage distribution.
• Moody'scoreOthersCredit rating agency providing Enity Bank Group's Long Term Issuer Rating (Baa1, Negative), Long Term Deposit Rating (A3, Stable) and Covered Bond Rating (Aa1); the rating relationship supports Enity's diversified capital markets funding model.
• Deloitte ABcoreImplementation/ SI/ Consulting PartnerDeloitte AB serves as Enity's outsourced Internal Audit function (third line of defence), providing independent assurance over risk management, compliance and internal control.
• ABG (ABG Sundal Collier)minorGTM or Marketing PartnerEquity analyst firm covering Enity (Patrik Brattelius, Magnus Andersson) as part of the company's listed analyst coverage post-Nasdaq Stockholm listing.
• NordeaminorGTM or Marketing PartnerEquity analyst firm covering Enity (Emre Ünlü Prinzell) as part of the company's listed analyst coverage post-Nasdaq Stockholm listing.
• SEBminorGTM or Marketing PartnerEquity analyst firm covering Enity (Björn Olsson) as part of the company's listed analyst coverage post-Nasdaq Stockholm listing.

Scale indicators17 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• SBAB Bank: Swedish state-owned residential mortgage specialist listed on Nasdaq Stockholm, competing directly with Bluestep Bank in the Swedish specialist mortgage segment with similar distribution and product focus.
• Nordax Bank (Nordea): Nordic specialist lender focused on non-prime personal loans and mortgages across Sweden, Norway and Finland, now owned by Nordea but operating with a similar specialist / cross-border Nordic model to Enity.
• Ikano Bank: IKEA-family Nordic challenger bank offering mortgages, loans and savings across Sweden, Norway and Finland, with a comparable specialist positioning and similar geographic footprint to Enity.
• Resurs Bank: Nordic challenger bank listed on Nasdaq Stockholm providing retail lending, credit cards and savings across the Nordics, competing for similar retail-banking and deposit customers in overlapping geographies.
• Bank Norwegian (Norwegian Air Shuttle-related brand, now part of the Norwegian fintech ecosystem): Norwegian digital consumer and mortgage bank offering specialist retail lending and savings products directly to Nordic consumers, mirroring Enity's digital-first distribution model.

Broad incumbents

• Hoist Finance: Listed Nordic bank specialising in non-performing and performing consumer loans; shares the same non-prime customer base and is a former employer of multiple Enity executives (CFO, board members).
• Nordea Bank: Largest Nordic universal bank with extensive mortgage operations in Sweden, Norway and Finland; serves as the prime-bank benchmark whose underwriting exclusion Enity explicitly targets.

Emerging players

• Stabelo: Swedish digital mortgage marketplace partnering with multiple Nordic banks, an emerging distribution intermediary that competes with both Enity's broker and direct channels.
• Klarna: Swedish fintech challenger expanding into consumer banking, savings and (via partners) lending; increasingly overlapping with Enity in Nordic retail savings and embedded finance.

Regional players

• Avida Finans: Norwegian digital challenger bank offering consumer loans, mortgages and savings; comparable in customer segment and product mix to Enity's Norwegian operations but Norway-focused.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/enitybankgroup

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries6 records

Funding overview

Funding rounds7 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Enity Bank Group