Mangold

What Mangold does

Mangold Fondkommission AB is a Swedish licensed securities broker (Fondkommission) operating under Finansinspektionen supervision since its founding in 2000. The company runs a dual-segment model: (1) Investment Banking — providing Corporate Finance advisory, Mergers & Acquisitions, Issuing Services (rights issues, directed issues, IPOs), Certified Adviser / Mentor / Qualified Adviser services, Market Making, and Liquidity Provision across Nasdaq Stockholm, Nasdaq First North, NGM, and Spotlight; and (2) Private Banking — providing wealth advisory, securities trading, discretionary portfolio management, and pension & insurance solutions to high-net-worth individuals and entrepreneurs. The firm serves approximately 200 corporate clients per year and 15,000+ depot customers, operates roughly 80 employees across Stockholm and Malmö, and was listed on Nasdaq Stockholm Midcap (ticker MANG) in 2022.

Mangold's product surface combines human-led advisory distribution with proprietary digital channels: the self-service Mangold Online platform and the professional Mangold Trader platform (built on Infront's trading technology), connected to Euroclear Sweden for settlement. Revenue is generated through transaction-based commissions (0.035%–0.45% across service tiers), advisory and underwriting fees on capital market transactions, securities-backed lending (10.84% lending rate), recurring portfolio management fees, and income from strategic minority stakes in Finserve Holding (47.4%), Resscapital (25%), KredFin (27.5%), Elaborx Group (37.3%), and Nowonomics (13.8%). In 2025, Mangold raised SEK 1.3 billion for clients across 355 Investment Banking mandates and reported revenue of 196 MSEK with total comprehensive income of 33 MSEK — described as one of the strongest results in company history.

Differentiation rests on a "no custody fee, full fund commission rebate" pricing model for private clients, a hybrid IB + PB structure, and a deep regulatory footprint spanning Finansinspektionen licensing, Euroclear clearing membership, Swedsec licensing, and memberships across all major Swedish marketplaces — positioning Mangold as one of the leading Certified Advisers and liquidity providers in the Swedish smaller-cap segment. The Pandea Global M&A membership provides cross-border deal-flow access in 36 countries, supplemented by an in-house research franchise (Mangold Insight) covering listed SMEs.

Name

Mangold

Legal name

Mangold Fondkommission AB

Website

https://mangold.se

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

51–100 employees

Short description

Mangold Fondkommission AB is a Swedish licensed securities broker and investment bank serving growth companies, SMEs, and high-net-worth individuals through Investment Banking (Corporate Finance, M&A, Issuing, Market Making, Certified Adviser) and Private Banking (wealth advisory, trading, pensions), with ~80 employees and 15,000+ clients.

Ownership category

akta.pro rank

Product category

Investment Banking & Securities Brokerage

NAICS

Portfolio Management and Investment Advice (52394), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), National Commercial Banks (6021)

akta.pro primary industry

Private Banking Advisory & Discretionary Portfolio Management (FSABADAD)

akta.pro secondary industries

Managed Accounts & Model Portfolios (SMA/UMA) (FSAAAAAG), SME Sector/Specialty Banking (Vertical-focused: Healthcare, Agri, Tech, etc.) (FSABABAI), Business Owner & Executive Financial Planning (FSAEAAAO)

Keywords

• Investment banking services
• Securities brokerage
• Wealth management advisory
• Capital markets advisory
• Asset management services

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Investment Banking - Advisory & Transaction Fees: Revenue from Corporate Finance advisory, M&A mandates, issuing services (rights issues, directed issues, IPOs), and Certified Adviser/Qualified Adviser/Mentor ongoing retainer fees. Mangold acts as issuing agent, underwriter, and financial advisor. In 2025, 355 Investment Banking services were provided and SEK 1.3 billion was raised for customers.
2. Securities Brokerage & Trading Commissions: Commission revenue from equity trading (Swedish and foreign stocks, options, futures, funds, structured products, bonds), currency exchange, block trades, and DvP transactions. Commission rates vary by service tier (Personal Service 0.35%, Online 0.035% for Swedish Nasdaq stocks). Minimum commissions apply.
3. Interest Income - Securities Lending & Credit: Interest revenue from securities-backed lending (lending rate 10.84%, overcharge rate lending+10.99%). Mangold also earns deposit interest spread from client cash holdings (deposit rate 2.20% on depot accounts, 0% on ISK).
4. Asset Management & Portfolio Management Fees: Fees for discretionary portfolio management mandates, investment advisory services, and wealth advisory. Mangold offers discretionary mandates as an alternative to traditional fund structures.
5. Strategic Holdings Income: Mangold holds ownership interests in Finserve Holding (47.4%), Resscapital (25%), KredFin (27.5%), Elaborx Group AG (37.3%), and Nowonomics (13.8%), generating income through dividends, carried interest, and value appreciation of holdings.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Mangold Fondkommission AB is a Swedish financial services firm operating through two segments: Investment Banking (Corporate Finance, M&A, Issuing Services, Certified Adviser, Liquidity Provider, Market Making) and Private Banking (wealth advisory, securities trading, discretionary portfolio management, pension and insurance). It serves entrepreneurs, growth companies, listed SMEs, and high-net-worth individuals in Sweden with services delivered via proprietary digital platforms (Mangold Online, Mangold Trader) and dedicated relationship managers. The firm also generates income from strategic minority ownership stakes in complementary financial companies.

Product overview

Mangold Fondkommission AB is a Swedish financial services company operating through two main segments: Investment Banking and Private Banking. The Investment Banking segment encompasses Corporate Finance advisory, Mergers & Acquisitions, Issuing Services, Certified Adviser, Liquidity Provider, Market Making, Mangold Insight (research), and services for unlisted shares trading. The Private Banking segment offers Wealth Advisory, Securities Trading, Pension and Insurance solutions, and Discretionary Portfolio Management. Digital platforms include Mangold Online and Mangold Trader for securities trading. Mangold also offers specialized products like its Interest Portfolio (Ränteportfölj). The company serves entrepreneurs, growth companies, institutions, and high-net-worth individuals, with approximately 80 employees across Stockholm and Malmö offices.

Differentiator

Problem solved

Functional benefit

Brands

• Mangold Insight: Commissioned research service providing stock market analyses for small and medium-sized growth companies.
• Mangold Online
• Mangold Trader

Products and services

• Corporate Finance Advisory services for small and medium-sized companies in capital raising activities including IPOs, rights issues, warrants, bridge loans, and other debt financing, as well as advice on reverse takeovers, incentive programs, and valuations.
• Mergers & Acquisitions M&A advisory services for both private and public company transactions including acquisitions, divestments, and mergers, with the team managing and tailoring the process to each client's needs.
• Issuing Services Issuing agent providing advisory services and project management for corporate events including rights issues, directed issues, acquisitions, bonds, convertible debentures, and Alternative Investment Funds (AIFs).
• Certified Adviser Approved by Nasdaq Stockholm, providing full support for companies listed or planning to list on Nasdaq First North Growth Market, including advisory throughout the listing process and ongoing regulatory compliance.
• Mentor NGM Advisory service for companies listed or planning to list on NGM Nordic SME, guiding and supporting them through the listing process and ensuring compliance with applicable regulations.
• Qualified Adviser Advisory service for companies whose shares are traded on Spotlight Stock Market, ensuring compliance with trading venue rules and requirements.
• Liquidity Provider Improves trading quality in listed companies' shares by ensuring maximum spread between bid and offer prices while guaranteeing minimum volume on both sides of the order book. Mangold acts as liquidity provider for over 50 listed companies.
• Market Making Liquidity guarantee services along with cashless solutions for incentive program exercises, green shoe stabilization, share buy-back programs, and brokerage in unlisted shares.
• Mangold Insight Commissioned research service providing investor perspectives and stock market coverage for small and medium-sized growth companies listed on Spotlight, NGM, Nasdaq First North, and Nasdaq Stockholm.
• Trading in Unlisted Shares Brokerage services for trading in unlisted shares through Mangold's securities brokerage, offering access to private companies whose shares are registered with Euroclear Sweden.
• Wealth Advisory Personalized advisory service for individuals and companies where savings and investments are handled by a trusted advisor, focusing on availability, transparency, and risk-informed asset management.
• Securities Trading Equity brokerage services for all types of securities trading, including securities-backed lending solutions for clients seeking liquidity without divesting existing holdings.
• Pension and Insurance Tailored solutions in pensions, insurance, and long-term savings through personal advisory services for individuals and companies, including occupational pensions and insurance solutions.
• Discretionary Portfolio Management Portfolio mandates where ongoing investment decisions are delegated to Mangold within clearly defined parameters set by the client, offering greater flexibility than traditional fund structures.
• Mangold Ränteportfölj (Interest Portfolio) Risk class 3 interest-bearing portfolio offering steady returns without equity risk, with active risk management and ongoing portfolio management.

Quantifiable outcome

• Raised SEK 1.3 billion for Investment Banking customers in 2025, with 355 services delivered
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Pandea Global M&AcoreStrategic or Co-development PartnerMangold is a member of Pandea Global M&A, a network of selected M&A advisors in 36 countries worldwide. The network provides members with access to each other's networks of buyers and sellers globally. Pandea is one of the largest M&A networks in Europe with 193 completed transactions in Europe and 257 globally in 2024. Mangold won Pandea's 'Cross-border deal of the year 2024' for the ADDvise/Labplan transaction.
• Euroclear Sweden ABcoreTechnology or IntegrationMangold is a clearing member and issuer at Euroclear Sweden AB, enabling digital share register administration, settlement of securities trades, and issuance services. Euroclear affiliation is a prerequisite for companies to list their shares and make them visible to investors.
• Nasdaq Stockholm, NGM, Spotlight Stock MarketcoreChannel Partner/ Reseller/ DistributorMangold is a member of Nasdaq Stockholm, Nasdaq Helsinki, NGM, and Spotlight Stock Market, enabling it to provide liquidity provision, market making, and brokerage services across Swedish marketplaces. Mangold is one of the leading liquidity providers and Certified Advisers in the smaller marketplace segment.
• Swedsec Licensiering ABcoreOthersMangold is a member of Swedsec Licensiering AB, the Swedish industry organization for securities handling. Swedsec provides licensing standards and continuing education requirements for securities professionals in Sweden.
• Svenska Fondhandlareföreningen (Swedish Securities Dealers Association)minorOthersMangold is a member of the Swedish Securities Dealers Association, representing the industry's interests and setting standards for securities dealers in Sweden.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Carnegie Investment Bank: Swedish-founded investment bank and asset manager providing corporate finance, securities, and wealth management services to Nordic growth companies and HNW individuals — directly overlapping Mangold's IB and PB segments.
• Erik Penser Bank: Swedish boutique investment bank with corporate finance, equity research, and wealth management offerings focused on smaller and mid-cap listed companies — highly comparable to Mangold's specialist Swedish SMB focus.
• Avanza Bank: Leading Swedish online broker and savings platform targeting self-directed retail and HNW investors — competes head-on with Mangold Online and Mangold Trader in Swedish securities trading.
• Nordnet: Nordic digital investment and savings platform with full-service brokerage and pension offerings — directly comparable to Mangold's private banking and self-service trading stack across Sweden.
• Pareto Securities: Nordic independent investment bank specialising in equity research, corporate finance, and brokerage for mid-cap and growth companies — closely comparable to Mangold's IB mandate profile and Nordic deal flow.
• ABG Sundal Collier: Nordic investment bank with corporate finance, equities, and research capabilities serving mid-market companies across the Nordics — comparable in scale and target segment to Mangold.
• Aktieinvest: Swedish discount broker offering low-cost equity and securities trading to retail clients — directly comparable to Mangold Online's value proposition in Swedish self-directed trading.

Broad incumbents

• Nordea: Largest Nordic universal bank offering corporate finance, capital markets, and private banking — competes with Mangold across all segments but with vastly greater scale, balance sheet, and product breadth.
• SEB: Major Swedish universal bank with strong investment banking, equities, and wealth management franchises — overlaps with Mangold's IB advisory and PB offerings as a broad incumbent.
• Handelsbanken: Swedish universal bank with private banking and corporate finance services — competes with Mangold for HNW clients and SME corporate finance mandates.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/MangoldFond
• YouTubeyoutube.com/channel/UC4uwopir82SNxP6ISioAq3g
• Facebookfacebook.com/mangoldfondkommission
• LinkedInlinkedin.com/company/mangold-fondkommission-ab
• Instagraminstagram.com/mangoldfondkommissionab

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Mangold