NOBA Bank Group
NOBA Bank Group is a publicly listed Swedish specialist bank serving over 2 million customers across eight European markets through four brands — Nordax Bank, Bank Norwegian, Svensk Hypotekspension, and DBT — offering mortgages, personal loans, credit cards, SME lending, and equity-release products.
- Company typePublic
- Founded2003
- HeadquartersStockholm, Sweden
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
What NOBA Bank Group does
NOBA Bank Group AB (publ) is a Stockholm-based specialist retail bank listed on Nasdaq Stockholm (ticker: NOBA) since 26 September 2025, founded in 2003 as Nordax by credit-risk professionals. The group operates as a multi-brand platform across four wholly-owned subsidiaries: Nordax Bank (specialist mortgages and consumer loans for customers who do not fit traditional bank criteria, such as non-standard employment), Bank Norwegian (digital banking and credit cards, described as one of the most popular credit cards in the Nordics), Svensk Hypotekspension (equity-release / senior loans for customers aged 60+, the first such provider in Sweden), and DBT Capital (SME lending platform offering SEK 3–35 million long-term business loans to Swedish limited companies, acquired in February 2026 for SEK 397 million). NOBA serves over two million customers across eight markets (Sweden, Norway, Denmark, Finland, Germany, Spain) with approximately 700 full-time employees.
The bank’s revenue is overwhelmingly net-interest-income-driven, generated by a loan portfolio that reached SEK 139.2 billion in Q1 2026 with a target of SEK 250 billion by 2030. Product mix spans first-lien mortgages, unsecured personal loans, credit cards (fee and interchange), SME loans, equity-release mortgages, and a green-loan suite covering energy-class A/B properties, electric vehicles, and home-energy upgrades. Technology stack is digital-first across all brands; DBT contributes a real-time data-analysis platform that underpins SME underwriting speed, and an AI-powered customer-service chatbot was launched in June 2025. Funding is diversified across deposits, a SEK 10 billion MTN programme, an SEK 750 million AT1 issuance in 2024 and a further SEK 750 million in June 2026, Senior Preferred bonds, and a SEK 3 billion commercial paper programme established in February 2026. NOBA is rated BBB (positive outlook) by Nordic Credit Rating and held an SREP P2G of 0% from the SFSA in April 2025.
The business model combines a customer-centric specialist-lending proposition with capital-markets diversification and disciplined risk management. Customer satisfaction of 93.2% (target >88%), eNPS of 52, and eight consecutive quarters of credit-quality improvement (cost of risk down to 2.7% from 3.3%) support a profitable growth narrative, with Q1 2026 operating income of approximately SEK 2.94 billion (7.6% YoY growth) and adjusted core operating profit of SEK 1.4 billion (21% YoY growth), translating to a Q1 2026 core ROTE of 23.4% against a medium-term target of approximately 30%. Recent strategic intent, anchored by the September 2025 IPO raising SEK 7.6 billion and the February 2026 DBT acquisition, is to scale the loan book toward SEK 250 billion by 2030 through a combination of organic growth in existing retail verticals and inorganic entry into Nordic SME lending.
NOBA Bank Group firmographics
Firmographics- Name
- NOBA Bank Group
- Legal name
- NOBA Bank Group AB (publ)
- Website
- https://noba.bank
- Company type
- Public
- Founded year
- 2003
- Operating status
- Ipo
- Headcount range
- 501–1,000 employees
- Short description
- NOBA Bank Group is a publicly listed Swedish specialist bank serving over 2 million customers across eight European markets through four brands — Nordax Bank, Bank Norwegian, Svensk Hypotekspension, and DBT — offering mortgages, personal loans, credit cards, SME lending, and equity-release products.
- Ownership category
- akta.pro rank
NOBA Bank Group industry classification
Industry- Product category
- Specialist Banking
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)
- akta.pro secondary industries
- Underbanked/Financial Inclusion Neobanks (FSABAFAJ), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)
Keywords
Where NOBA Bank Group is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices1 record
Markets served
NOBA Bank Group business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Others, Marketing or Sales, Infrastructure
Revenue model
- Net Interest Income: NOBA generates revenue primarily through net interest income from its lending portfolio, which includes mortgages, personal loans, credit cards, SME loans, and senior/equity release loans. The loan portfolio exceeded SEK 130 billion as of recent reporting.
- Interest on Additional Tier 1 Bonds: NOBA issued Additional Tier 1 bonds as part of its capital structure. The AT1 notes are perpetual with a first call date five years after issuance and pay a coupon of three months STIBOR + 3.75% (for June 2026 issuance) or 9.25% (for March 2024 issuance).
- Credit Card Services: NOBA offers one of the most popular credit cards in the Nordics, generating fee and interchange revenue alongside interest income.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | DBT Capital SME Business Loans: SEK 3-35 million to Swedish limited companies |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
NOBA Bank Group product offering
Product offeringCore offering
NOBA Bank Group is a European specialist lender that, through four brands (Nordax Bank, Bank Norwegian, Svensk Hypotekspension and DBT), originates and services mortgages, unsecured personal loans, credit cards, savings/deposits, equity release mortgages for customers aged 60+, and SME business loans. Activities span eight markets (Sweden, Norway, Denmark, Finland, Germany and Spain, among others) and are funded through deposits, an MTN programme, Additional Tier 1 capital and senior preferred bonds.
Product overview
NOBA Bank Group is a leading European specialist bank operating as a multi-brand platform through four core brands: Nordax Bank (mortgages and consumer lending), Bank Norwegian (digital banking and credit cards), Svensk Hypotekspension (senior equity release loans), and DBT (SME business lending, acquired 2026). The group serves over 2 million customers across 8 markets with 6 products, including green loan offerings for sustainable financing. The portfolio exceeds SEK 130 billion, targeting SEK 250 billion by 2030.
Differentiator
Problem solved
Functional benefit
Brands
- Nordax Bank: Specialist bank offering mortgages and private loans for consumers who don't fit traditional bank criteria. Active in Sweden, Norway, Finland, and Germany.
- Bank Norwegian
- Svensk Hypotekspension
- DBT
Products and services
- Nordax Bank — Mortgages and Personal Loans Mortgages, unsecured personal loans, and loan consolidation offered under the Nordax Bank brand for consumers who do not fit traditional bank criteria, including those without permanent employment. Active in Sweden, Norway, Finland and Germany.
- Bank Norwegian — Credit Cards and Consumer Loans Digital-first consumer banking brand offering one of the most popular credit cards in the Nordics, alongside unsecured consumer loans and savings/deposits. Active in Norway, Sweden, Finland, Denmark, Germany and Spain; became a branch of Nordax Bank in 2022.
- Svensk Hypotekspension — Senior Loans / Equity Release Mortgages Senior loans (equity release mortgages) enabling customers aged 60 and above to remain in their homes while unlocking funds from their properties, including green equity release options for energy-efficient upgrades such as heat pumps and solar panels. Active in Sweden; first in Sweden to offer such products.
- DBT Capital — SME Business Loans Long-term business loans of SEK 3-35 million to Swedish limited companies across all industries, underwritten using a real-time data analytics platform and European Investment Fund-backed credit expertise. Targeted at SMEs underserved by traditional banks.
- SME Business Loans (SEK 3-35 million) Core SME lending product of DBT Capital under NOBA: long-term senior loans of SEK 3-35 million priced by individual credit assessment and originated for Swedish limited companies in all industries.
- AI Customer Service Chatbot First external version of NOBA's AI chatbot, available around the clock to customers in a secure, authenticated environment to support service enquiries across the group's brands.
Quantifiable outcome
- 21% year-over-year increase in adjusted core operating profit to SEK 1.4 billion in Q1 2026
- +4 more outcomes
Companies that use NOBA Bank Group
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles2 records
NOBA Bank Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
NOBA Bank Group partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- DBT Capital ABcoreNOBA completed acquisition of DBT Capital AB on February 2, 2026 for SEK 397 million. DBT is a player in the Swedish market for lending to small and medium-sized enterprises (SMEs), offering long-term business loans of SEK 3-35 million. The acquisition established a new SME vertical and eliminated DBT's funding constraints by integrating with NOBA's scalable funding platform.
Scale indicators9 records
Recent moves9 records
Expansion highlights6 records
NOBA Bank Group competitors and assessment
Company assessmentBroad incumbents
- Klarna: Swedish-founded BNPL and consumer payments giant with Nordic consumer credit exposure. Comparable customer base and scale of unsecured consumer credit origination, but distinct product focus (BNPL at checkout) and significantly larger scale.
Direct peers
- Northmill Bank: Swedish challenger bank offering personal loans, credit cards, and savings accounts in the Nordics and several European markets. Comparable as a specialist Nordic digital bank with a similar unsecured lending focus and cross-border expansion strategy.
- Komplett Bank: Norwegian consumer bank offering credit cards and unsecured personal loans, originally spun out of the Komplett e-commerce group. Comparable as a Nordic digital consumer lender focused on everyday credit products for non-prime segments.
- Instabank: Norwegian mobile-only challenger bank offering personal loans, credit cards, and savings products. Directly comparable as a digital-native Nordic specialist lender with a similar product set and focus on underbanked consumer segments.
- Resurs Holding (Resurs Bank): Swedish specialist consumer finance bank offering personal loans, credit cards, and retail financing across the Nordics, publicly listed in Stockholm. Most direct comparable in product mix (unsecured personal loans) and customer segmentation (non-prime consumers), operating in overlapping Nordic geographies.
- Entercard: Joint-venture credit card issuer between Swedbank and Nordax's traditional competitor DnB, issuing credit cards in the Nordics. Directly comparable product overlap with NOBA's Bank Norwegian credit card business, the most popular card offering in the region.
- TF Bank: Swedish-domiciled specialist consumer bank providing deposits, personal loans, and credit cards across the Nordics and select European markets. Directly comparable business model as a digital-led consumer lender with multi-market footprint and similar customer focus.
Emerging players
- iwoca: UK-based fintech lender providing small business loans (typically £5k-£1m), expanding into Germany and Poland. Comparable to NOBA's DBT Capital SME vertical for serving underserved small businesses with technology-enabled underwriting, though operating in different geographies.
- Qliro AB: Swedish fintech bank serving e-commerce merchants and consumers with payments, consumer credit, and deposits. Overlaps with NOBA's consumer lending franchise and credit card business but anchored to merchant checkout rather than direct-to-consumer.
Others
- Hoist Finance: Stockholm-listed specialist in non-performing loan (NPL) portfolio acquisitions and servicing. Adjacent rather than directly competitive - relevant as a benchmark for credit-risk pricing in the Nordic consumer lending market NOBA operates in.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
NOBA Bank Group social profiles
Digital presenceNOBA Bank Group compliance and trust
Trust signalCompliance4 records
NOBA Bank Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
NOBA Bank Group leadership team
Management profileNumber of profiles
Profiles15 records
NOBA Bank Group subsidiaries and ownership
Company hierarchySubsidiaries4 records
NOBA Bank Group funding detail
Funding detailFunding overview
Funding rounds4 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NOBA Bank Group M&A and investment
M&A and investmentM&A2 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NOBA Bank Group
What does NOBA Bank Group do?
NOBA Bank Group is a European specialist lender that, through four brands (Nordax Bank, Bank Norwegian, Svensk Hypotekspension and DBT), originates and services mortgages, unsecured personal loans, credit cards, savings/deposits, equity release mortgages for customers aged 60+, and SME business loans. Activities span eight markets (Sweden, Norway, Denmark, Finland, Germany and Spain, among others) and are funded through deposits, an MTN programme, Additional Tier 1 capital and senior preferred bonds.
Is NOBA Bank Group a public or private company?
NOBA Bank Group is a public company. It is classified as public and is currently ipo.
When was NOBA Bank Group founded?
NOBA Bank Group was founded in 2003. It employs 501 to 1,000 people.
Where is NOBA Bank Group based?
NOBA Bank Group is headquartered in Stockholm, Sweden, in the Europe region.
How does NOBA Bank Group make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are interest on Additional Tier 1 Bonds and credit Card Services.
Who are NOBA Bank Group's main competitors?
Klarna is listed as a broad incumbent. Direct peers are Northmill Bank, Komplett Bank, Instabank, Resurs Holding (Resurs Bank), Entercard and TF Bank. Emerging players are iwoca and Qliro AB. Hoist Finance is listed as an others.
Does NOBA Bank Group have an API?
No public API is recorded for NOBA Bank Group.
What industry is NOBA Bank Group in?
NOBA Bank Group's product category is Specialist Banking. Its primary akta.pro industry code is FSAKAAAL, Bank & Credit Union Personal Loans (Unsecured Installment), with a secondary code of FSABAFAJ, Underbanked/Financial Inclusion Neobanks. Its NAICS code is 5221 and its SIC code is 6022.