NOBA Bank Group

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.

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

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

• Specialist banking services
• Consumer lending products
• Mortgage loan origination
• Equity release lending
• SME business loans

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. 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.
2. 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).
3. 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

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core 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

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• DBT Capital ABcoreStrategic or Co-development Partner · 2 February 2026NOBA 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

Broad 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

• LinkedInlinkedin.com/company/nobabankgroup
• Xx.com/NobaBankGroup

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors4 records

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

M&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