What NordCard does

NordCard is a Latvia-based, digital-only non-bank consumer credit provider operating under a brand owned by SIA 'Hedge Capital Company' (reg. No. 40103968692, Riga) since 2020 under a Consumer Rights Protection Centre (PTAC) consumer-credit licence. It serves Latvian-resident individuals aged 18-75 with regular income and self-employed sole proprietors ('saimnieciskās darbības veicēji') in the Latvian non-bank lending sector. All client interaction is online through the multistep application on nordcard.eu (≈2 minutes, confirmed with a symbolic 0.01 EUR bank transfer) and the NordCard Online Banking portal (ob.nordcard.eu) — no branches, no telephone applications are accepted for new clients. Customer support and an inbound phone-callback widget operate weekdays 09:00-18:00, with three-language UI (Latvian/Russian/English).\n\nThe core product is a revolving credit line of 100-5,000 EUR (marketed up to 10,000 EUR) with a maximum repayment term of 60 months and individually set daily interest rates between 0.07% and 0.1155% (example APR 33.45-35.0%). Two service modules extend the offering: a refinancing/debt-consolidation product (Pārkreditācija) and a MasterCard-branded physical payment card (7.99 EUR/month service fee, free postal delivery in approximately three business days, 3D Secure, accepted at ~32 million locations globally). The technology stack is a proprietary web platform with SMS-code confirmation on credit-line transfers, voice-password telephone authentication, multilingual profile management, and KYC/card-issuance infrastructure delivered via partner Transact Pro (reg. No. 41503033127). No public or partner-facing API is offered.\n\nNordCard monetises through five revenue streams: (i) daily interest only on the drawn portion of the credit line; (ii) a 7.99 EUR monthly card service fee; (iii) per-transaction charges (3% on bank-account transfers, 3% on ATM withdrawals, currency conversion, etc.); (iv) default, debt-collection and recovery charges; and (v) opt-in SMS-notification and document-preparation micro-fees. The go-to-market is 100% direct-to-consumer via a multilingual SEO-oriented website, an inbound phone-callback widget, and SMS/email for retention and regulatory communications. Geographic scope for credit issuance is exclusively Latvia; the MasterCard payment card is the only component with international utility.

Name

NordCard

Legal name

SIA "Hedge Capital Company"

Website

https://nordcard.eu

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

NordCard is a Latvia-based digital-only non-bank consumer credit provider offering revolving credit lines (100-10,000 EUR), debt-consolidation refinancing, and an optional MasterCard payment card to Latvian residents and self-employed individuals through its proprietary Online Banking platform.

Ownership category

akta.pro rank

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest on used credit line: Daily interest charged only on the portion of the credit line actually transferred to the customer's bank account (not on the entire allocated limit). Fixed rate set individually per borrower between 0.07% and 0.1155% per day (example 0.08% per day ≈ 2.4% per month ≈ 28.8% per year).
2. Monthly payment card service fee: Recurring 7.99 EUR monthly fee for clients who activate the optional MasterCard payment card, plus 5.00 EUR inactivity fee for dormant card accounts.
3. Transaction and service fees: One-time and per-transaction charges including: 3% (min 3 EUR) fee on transfers to personal bank account, 3% (min 5 EUR) ATM cash withdrawal, 0.60/1.00 EUR ATM balance inquiry in Latvia/abroad, 3% currency conversion, 10 EUR credit revision, 5% credit limit increase, 0.2%/day over-limit fee, 8 EUR card replacement, registration commission 0.01 EUR.
4. Default, debt-collection and recovery charges: Fees triggered by delinquency: 3 EUR late-payment notice, 15 EUR payment deferral, 15 EUR credit-risk management, 30 EUR debt transfer to external collection, 50 EUR unilateral contract termination, 10% restructuring commission, 100 EUR court-proceedings initiation, plus overdue/default interest up to 36% above the contract rate (0.1% per day) and legal statutory 6% interest after termination.
5. Add-on notification and document services: Optional recurring micro-fees: 0.70 EUR per SMS for monthly-payment reminder and 0.30 EUR per SMS for transaction notifications (both opt-in via Online Banking); plus document-preparation and data-processing fees of 30 EUR.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

NordCard provides a revolving credit line of 100–10,000 EUR to Latvian residents and self-employed individuals, charging daily interest only on the amount actually used. Around the credit line, it offers a debt-refinancing module that consolidates multiple existing credits into one fixed monthly payment, and an optional MasterCard-branded payment card that lets clients spend credit-line funds directly at merchants and ATMs worldwide. All onboarding, drawdowns, repayments, and card management are delivered 100% digitally through a proprietary Online Banking portal.

Product overview

NordCard is a single unified offering built around one core product — the NordCard Credit Line, a revolving credit facility of 100–10,000 EUR offered to individuals and sole proprietors in Latvia by SIA "Hedge Capital Company". Around this core product are two optional service modules: NordCard Refinancing (Pārkreditācija) for consolidating existing credits into a single loan, and the NordCard Payment Card, a MasterCard-based card that lets clients spend credit line funds directly at merchants and ATMs worldwide. All client-facing functionality — applications, transfers, repayments, card management, and support — is delivered through the NordCard Online Banking web platform (ob.nordcard.eu), which acts as the unified client portal tying the credit line, refinancing, and payment card products together.

Differentiator

Problem solved

Functional benefit

Products and services

• NordCard Credit Line Revolving credit facility of 100-5,000 EUR (marketed up to 10,000 EUR) offered to Latvian residents aged 18-75 and self-employed individuals. Interest is charged daily only on the amount actually transferred to the customer's bank account (rate set individually between 0.07% and 0.1155% per day), with flexible repayment up to 60 months and the ability to re-borrow repaid sums without re-applying.
• NordCard Refinancing (Pārkreditācija) Debt-consolidation service that rolls two or more existing consumer, payday, or credit-card obligations into a single NordCard credit line of 100-5,000 EUR with a fixed low monthly payment. Funds may be disbursed directly to previous creditors or to the borrower with a 3-business-day settlement requirement; after 6 months, the borrower can re-borrow the available limit for other purposes.
• NordCard Payment Card Optional MasterCard-branded physical payment card linked to the approved NordCard credit line, delivered free of charge by post within approximately 3 business days. Allows clients to spend credit-line funds directly at the point of sale, online, and at ATMs worldwide (approximately 32 million MasterCard acceptance locations) without requesting a separate bank-account transfer, with 3D Secure authentication included.
• NordCard Online Banking Proprietary web-based self-service portal for existing NordCard clients to request credit-line transfers to a chosen bank account (confirmed via one-time SMS code), view balances and transaction history, edit profile data, change communication language, communicate with support, and order or manage the MasterCard payment card. Mobile-responsive, available in Latvian, Russian, and English.

Quantifiable outcome

• Application reviewed and decision communicated within 1 business day (09:00-18:00)
• +6 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature6 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Transact ProcoreTechnology or IntegrationTransact Pro (reg. No. 41503033127, legal address Krišjāņa Valdemāra iela 62, Rīga, LV-1013) is named in NordCard's Privacy Policy as a cooperation partner that, on NordCard's behalf, provides technical solutions for client identification and for the issuance of payment cards.
• MasterCardcoreOEM/ Whitelabel/ Licensing PartnerMasterCard acceptance network under which NordCard issues a MasterCard-branded payment card linked directly to the borrower's credit line. Card can be used worldwide wherever MasterCard is accepted — in shops, online and at ATMs (approximately 32 million locations). All issued cards are automatically enrolled in the 3D Secure 'Secure Online Payments' authentication system.
• Patērētāju tiesību aizsardzības centrs (PTAC) — Consumer Rights Protection CentrecoreOthersPTAC (Brīvības iela 55, Rīga, LV-1010) is the Latvian supervisory authority that issued NordCard's consumer-credit licence and acts as the out-of-court dispute-resolution body for consumer-credit disputes; named in the Credit Agreement as the regulator and dispute mediator.
• Debt-collection agencies and credit bureaus (B2 Impact, INKASSO, GelvoraSergel, Verdikts, LEXEM, Legal Balance, PlusPlus Baltic OU Latvijas filiāle, GS Core, Creditorum, Konsultatīvā sabiedrība 'Conventus', Julianus Inkasso Latvija, Paus Konsults, CREFO Birojs, Kredītinformācijas Birojs)minorOthersNamed in the Credit Agreement as licensed third parties to whom NordCard may transfer claims arising from the agreement and/or share borrower data for debt-recovery and credit-history purposes. Also covers credit-information bureaus used for affordability assessment.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• SIA Vivus (4finance group): Latvian-domiciled non-bank consumer lender offering online short-term and instalment credit to Latvian residents under PTAC supervision. Directly competes with NordCard in the same product category (online consumer credit), same geography (Latvia), and similar customer segment (salaried individuals needing fast, small-sum funds).
• CreamFinance: Originally founded in Riga, Latvia, CreamFinance operates a portfolio of online consumer-lending brands across CEE and CIS using an automated, digital underwriting model. Closely comparable to NordCard on digital D2C underwriting, single-application online credit, and similar sub-prime/near-prime Latvian and Baltic customer base.
• Mogo Finance: Latvian-headquartered non-bank lender (vehicle-secured and consumer loans), operating in multiple countries but with a primary Latvian consumer-credit franchise. Comparable to NordCard on Latvian PTAC-supervised non-bank lending and digital application, though Mogo's heritage is in secured vehicle finance versus NordCard's unsecured revolving credit line.
• VIA SMS: Latvian-licensed online consumer-credit provider offering short-term and instalment loans to Latvian residents via a fully digital application. Directly comparable to NordCard on Latvian non-bank consumer-credit regulation, online D2C channel, and small-ticket personal lending use case.
• SoHo Credit (formerly Latvijas Krājbanka non-bank lending line): Latvian online consumer-credit provider issuing small-sum short-term loans under PTAC supervision with a digital application flow. Comparable to NordCard on Latvian non-bank consumer lending, online self-serve origination, and the same small-ticket personal credit product category.
• Sapiens Credit: Latvian-licensed non-bank consumer-credit provider focused on online personal loans and refinancing for Latvian residents. Comparable to NordCard on PTAC-supervised online consumer credit, refinancing/pārkreditācija offering, and small-ticket revolving or instalment lending product set.

Regional players

• Bigbank: Estonian-headquartered non-bank consumer and SME lender with a Baltic branch network. Comparable to NordCard as a regional non-bank consumer-credit provider in the Baltic states with digital application flows, but operates across multiple Baltic markets rather than only Latvia.
• Inbank: Estonian-licensed non-bank lender offering consumer credit, hire-purchase, and deposit products across the Baltics and CEE. Comparable to NordCard on digital consumer-credit origination and Baltic regulatory footprint, but with broader geographic and product diversification than a single-country Latvia focus.

Broad incumbents

• Klarna: European fintech incumbent offering 'Pay later', instalments and revolving consumer credit across multiple EU markets via a fully digital checkout experience. Comparable to NordCard on digital consumer-credit underwriting and revolving-credit usage, but operates as a broad pan-European platform rather than a Latvian-domiciled non-bank specialist.
• Twino (formerly VIA Invest): European non-bank consumer and SME lender, Latvian-originated, operating across multiple EU markets with digital consumer-credit origination. Comparable to NordCard on Latvian non-bank lending DNA and digital consumer-credit products, but with broader geographic reach and a marketplace/P2P-style funding model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/nordcard

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about NordCard