SEK

What SEK does

SEK (AB Svensk Exportkredit), founded in 1962 and wholly owned by the Swedish State since 2003, is Sweden's statutory export credit corporation headquartered in Stockholm. It provides financing solutions to Swedish exporters, their subcontractors, and international buyers of Swedish goods and services, with a lending portfolio of approximately Skr 263 billion across roughly 60 countries as of year-end 2025. The institution carries sovereign-equivalent credit ratings (S&P AA+, Moody's Aa1) and operates in tandem with EKN (Swedish Export Credit Agency), which guarantees 95% of loan principal, forming the Swedish export credit system.

SEK's core products comprise export credits (at fixed/CIRR and variable rates), working capital financing for companies with turnover exceeding Skr 500 million, and project financing for large infrastructure and export contracts where Swedish firms act as subcontractors, suppliers, or sponsors. It supplements these with green, social, and sustainability-linked loans, and has introduced an Export and Development Financing product targeting transactions in low- and middle-income countries. SEK funds its lending through benchmark bond issuances in multiple currencies (USD, EUR, GBP, AUD), arranged with joint lead managers including Citi, Deutsche Bank, HSBC, SEB, and TD Securities.

The business model is spread-based: net interest income of Skr 2,719 million in 2025 (approximately 1.0% net margin on the Skr 263B portfolio) plus arrangement and guarantee fees. Distribution is direct enterprise sales via sector-aligned Senior Client Executives, supplemented by the Team Sweden network of 19 government organizations. The customer base is composed of large Swedish exporters across energy, automotive, telecom, defense, pulp/paper, and construction, alongside foreign buyers and government infrastructure projects (Tanzania SGR, Ghana Hospitals, Uganda transmission). Total capital ratio stood at 23.0% as of Q1 2026, well above the Swedish FSA minimum, while full-year 2025 ROE compressed to 4.9% from 7.1% in 2024.

Name

SEK

Legal name

AB Svensk Exportkredit

Website

https://sek.se

Company type

Private

Founded year

1962

Operating status

Operating

Headcount range

251–500 employees

Short description

SEK (Svensk Exportkredit) is Sweden's state-owned export credit corporation, providing export credits, working capital, project finance, and sustainability-linked loans to large Swedish exporters and international buyers of Swedish goods and services across approximately 60 countries.

Ownership category

akta.pro rank

Product category

Export Credit Financing

akta.pro primary industry

Pre-Export & Export Finance (Working Capital, Packing Credit) (FSABAHAG)

akta.pro secondary industries

Supply Chain Finance (Approved Payables / Reverse Factoring) (FSABAHAC), Trade Finance, Export Credit & Risk Mitigation (BPADAMAG), Export Promotion & Market Access Support (BPADAMAC)

Keywords

• Export credit financing
• Working capital loans
• Project financing
• Sustainable finance
• Trade finance

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: SEK generates primary revenue through interest income from its lending portfolio. The lending portfolio stood at Skr 263 billion at year-end 2025. Net interest income for 2025 was Skr 2,719 million. The company offers competitive financing solutions including export credits with fixed and variable rates, working capital financing, and project financing.
2. Guarantee and Credit Facilities: SEK participates in credit and guarantee commitment fees, syndicated lending arrangements, and green/sustainability-linked financing facilities. Revenue includes arrangement fees from major financing deals such as the Mölnlycke Health Care USD 400 million facility and Latour Skr 2 billion financing.
3. Green Bond Issuances: SEK issues green bonds under sustainable bond frameworks to fund green projects. Total green bond issuances amount to USD 4.5 billion, contributing to estimated annual reduction of approximately 5 million tonnes of CO2 emissions.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

SEK (Svensk Exportkredit) is Sweden's state-owned export credit corporation providing competitive financing solutions to Swedish exporters, their foreign buyers, and subcontractors. Core offerings include export credits (fixed and variable rates), working capital loans, project financing, green/social/sustainability-linked loans, and export and development financing. The company operates within the Swedish export credit system alongside EKN guarantees.

Product overview

SEK (Svensk Exportkredit) operates as Sweden's export credit corporation, offering a unified suite of financing solutions designed to strengthen Swedish companies' competitiveness in global markets. The core offerings include Export Credits (both fixed-CIRR and variable rate options), Working Capital loans, and Project Financing for infrastructure and large-scale export contracts. SEK complements these with Sustainable Finance products including Green Bonds and Sustainability-Linked Loans, and provides Export and Development Financing for transactions in developing markets. The company works in conjunction with EKN (the Swedish Export Credit Agency) as part of Sweden's government-backed export credit system, with a lending portfolio of approximately SEK 265 billion across roughly 60 countries.

Differentiator

Problem solved

Functional benefit

Products and services

• Export Credits Provides export credits at both fixed (CIRR state-supported) and variable interest rates to enable Swedish exporters to offer competitive financing to international customers purchasing Swedish goods and services.
• Working Capital Provides short and long-term loans for working capital needs including new capital investments, facility expansion, production increases, acquisitions, and financial base broadening. Available for exporters and their suppliers with turnover exceeding Skr 500 million.
• Project Financing Supports projects where Swedish exporting companies act as subcontractors, suppliers, or sponsors, providing senior loans, leasing, renting, or participation in bonds for infrastructure and large-scale export contracts.
• Green, Social and Sustainability-Linked Loans Offers sustainable financing solutions including green bonds, social loans, and sustainability-linked loans where interest rates or terms are tied to achieving specific ESG metrics, contributing to environmental and social objectives.
• Export and Development Financing Enables Swedish companies to conduct export transactions that contribute to sustainable development in low- and middle-income countries, supporting infrastructure and development projects abroad.

Quantifiable outcome

• SEK has issued USD 4.5 billion in green bonds contributing to approximately 5 million tonnes annual CO2 reduction
• +2 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• EKN (Swedish Export Credit Agency)coreStrategic or Co-development PartnerEKN provides guarantees covering 95% of export credit loans, while SEK provides financing. Together they form the Swedish export credit system, with EKN taking repayment risk and SEK refinancing long-term credits. Both are founding members of the UN-convened Net-Zero Export Credit Agencies Alliance (NZECA).
• Business SwedencoreStrategic or Co-development PartnerPart of Team Sweden network. Business Sweden helps Swedish companies increase global sales and assists international companies finding opportunities in Sweden. Works with SEK to provide integrated value proposition combining market expertise with competitive financing.
• AlmisupportingChannel Partner/ Reseller/ DistributorProvides loans and advisory services to small and medium-sized companies seeking to expand. Also invests venture capital in early-stage companies with high growth potential. Part of Team Sweden.
• SwedfundsupportingStrategic or Co-development PartnerGovernment's development financier aiming to support sustainable investments improving living conditions. May finance feasibility studies in countries requiring investment and interested in Swedish solutions. Part of Team Sweden.
• SidasupportingStrategic or Co-development PartnerSweden's development cooperation agency working to reduce global poverty through resources and knowledge. Part of Team Sweden coordination for international development projects.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Euler Hermes (Allianz Trade): Germany's export credit agency and the world's largest trade credit insurer. Operates the German equivalent of SEK's export credit system, providing guarantees and buyer credit financing to German exporters — directly comparable in mandate, product mix, and state backing.
• COFACE: French export credit agency and trade credit insurer managing the French state guarantee scheme. Provides export finance, buyer credit, and trade credit insurance comparable to SEK's export credits and EKN-wrapped lending.
• UK Export Finance (UKEF): UK's export credit agency offering buyer credit, bond support, and working capital to British exporters. Functions as the UK analogue to SEK within the Team UK / DBT ecosystem, with comparable product suite and state-backed mission.
• Export-Import Bank of the United States (US Ex-Im Bank): US federal export credit agency providing loans, guarantees, and insurance to support American exports. Direct analogue to SEK in mandate, sovereign backing, and project finance capability, though operating at much larger scale.
• SACE (now part of Gruppo CDP): Italian export credit agency integrated with CDP Group, offering export finance, guarantees, and sustainability-linked products to Italian exporters. Comparable in product breadth, state ownership, and green bond issuance strategy.
• Export Development Canada (EDC): Canadian Crown corporation providing export financing, guarantees, and insurance to Canadian exporters and foreign buyers. Closest peer to SEK in organizational form (state-owned financial institution), product offering, and sustainability-linked financing leadership.
• EKN (Swedish Export Credits Guarantee Board): Sweden's export credit guarantee agency, SEK's core partner in the Swedish export credit system. EKN provides the 95% guarantee wrap while SEK finances; together they form an inseparable bilateral peer-comparison pair within Team Sweden.
• Atradius (Spanish-Dutch): Dutch-headquartered trade credit insurer managing Spain and Netherlands export credit schemes. Overlaps with SEK's buyer credit and trade risk mitigation product set for European exporters.
• JBIC (Japan Bank for International Cooperation): Japanese policy bank combining export finance and international development lending. Comparable to SEK's combined export credit + development financing mandate and AA-equivalent sovereign credit profile.
• BPI France Export: French public investment bank providing export credit, guarantee, and working capital solutions to French SMEs and large corporates. Mirrors SEK's role within Team France and operates similar bank-arranged, state-guaranteed structures.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sek-svensk-exportkredit
• Xx.com/sek_export

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds1 record

Investors

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

M&A

Investments19 records

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

Frequently asked questions about SEK