Ziklo Bank

What Ziklo Bank does

Ziklo Bank AB (publ) is a Gothenburg-headquartered, Swedish-licensed bank specializing in mobility finance. Founded in 1959 as Volvofinans and rebranded to Ziklo Bank in 2024, it is owned 50/50 by Swedish Volvo dealers (via AB Volverkinvest) and Volvo Car Sweden. The bank serves two primary customer sets: private Swedish consumers (car loans, private leasing, savings accounts, and the CarPay digital platform with a Visa-connected credit card and ~700,000 users) and business fleet customers (operational and financial leasing, fleet management software, and benefit-car programs). A separate recreational vehicle (RV) financing line was built in 2025 with roughly 50 new retailer partners. Technology is centered on a PSD2-compliant Open Banking API stack (REST, OAuth2, Berlin Group NextGenPSD2 XS2A), the CarPay digital ecosystem (app, checkout, retailer APIs, telematics integration for fleet), and supporting fleet platforms (Ziklo Fleet Manager, Ziklo Driver, Förarkalkyl).

The business model is a spread-driven lending model: net interest income from vehicle financing (car loans, private leasing, RV loans, fleet leasing) funded by retail savings deposits, capital markets programs (EMTN EUR 3bn, MTN SEK 25bn, CP SEK 8bn), and green bond issuance. Ancillary revenue comes from credit card interchange and fees (CarPay Visa), and a small payment-services layer (CarPay Checkout, CarPay Retailer API). Distribution is hybrid: a captive Volvo dealer network for point-of-sale financing, a digital direct-to-consumer channel for CarPay and savings, a field sales team for large fleet enterprise customers, and a developer portal for fintech integrations. As of year-end 2025, total lending stood at 53.1 billion SEK across Cars (29.2 bn), Fleet Services (15.4 bn, +14% YoY), Trucks (6.6 bn), and RV (≈0.9 bn), with operating profit of 1,034 mnkr (+7% YoY), a 12.0% return on equity, a 22.3% CET1 capital ratio, and credit losses of just 0.02% of loans.

Strategically, Ziklo is repositioning from a Volvo captive finance company to a broader Swedish mobility bank, evidenced by the rebrand, the launch of a fully digital car purchase journey with Volvo Cars (December 2025), the buildout of an RV financing vertical, and an EcoVadis Gold sustainability rating (top 5% globally) that underpins its green bond program. EV transition exposure is strong: 94% of new passenger cars financed by Ziklo in 2025 were rechargeable, versus a 63% market average.

Name

Ziklo Bank

Legal name

Ziklo Bank AB (publ)

Website

https://ziklo.com

Company type

Private

Founded year

1959

Operating status

Operating

Headcount range

51–100 employees

Short description

Ziklo Bank is a Swedish-licensed mobility bank (formerly Volvofinans Bank) offering vehicle financing, private leasing, savings, the CarPay digital platform, and fleet solutions, owned 50/50 by Swedish Volvo dealers and Volvo Car Sweden.

Ownership category

akta.pro rank

Headquarters

HQ city

Gothenburg

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Lending/Financing Revenue: Interest income from vehicle financing including car loans, personal leasing, and recreational vehicle loans. Growth driven by increased lending especially from used car sales and RV segment.
2. Fleet Services Revenue: Financing solutions for company fleets including operational and financial leasing. Volume increased 14% to 15.4 billion SEK in 2025.
3. Payment Services: Credit card services (CarPay Visa-connected card) with annual fees, transaction fees, and interchange income. Free credit card with benefits including travel insurance and purchase protection.
4. Savings Deposits: Interest paid to depositors on savings accounts; net interest income generated from spread between lending rates and deposit rates.
5. Green Bond Financing: Proceeds from issued green bonds earmarked for investments in green bond framework, supporting fossil-free vehicle fleet financing.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Ziklo Bank is a Swedish licensed bank that finances vehicles and mobility for private consumers and businesses. Private offerings include car loans, private leasing, the CarPay Visa credit card, and a savings account. Business offerings include operational and financial leasing, fleet management solutions, and dedicated corporate fleet account management. Distribution combines the Volvo-aligned dealer network, direct digital channels (CarPay app and Ziklo.com), enterprise field sales for fleet customers, and PSD2-compliant Open Banking APIs.

Product overview

Ziklo Bank is a Swedish fintech company with banking license offering mobility-focused financial services. The company operates a platform-plus-modules architecture consisting of: (1) Consumer banking products including CarPay digital service/app with CarPaykort credit card, Billån car loans, Privatleasing private leasing, and Sparkonto savings account; (2) Business fleet solutions including Fleet Services with Small Fleet and Large Fleet modules, E-mobility services, operational and financial leasing, and corporate payment cards; (3) Digital fleet management platforms including Ziklo Fleet Manager, Ziklo Driver, and Förarkalkyl driver calculator; (4) Developer APIs including Open Banking API (PSD2), CarPay Checkout, and CarPay Retailer API; (5) Investment products including Green Bonds. Formerly known as Volvofinans Bank, Ziklo Bank maintains close ties to Volvo Cars and Volvo dealers while expanding beyond the Volvo brand.

Differentiator

Problem solved

Functional benefit

Brands

• CarPay: Digital payment service and app enabling smart car economy, available online and as mobile app for Android and iOS with features including credit account management, bonus collection, and workshop cost tracking
• CarPay Fleet
• Ziklo Fleet Services

Products and services

• CarPay Free digital car-economy service for private individuals, providing an overview of credit balance, bonuses, workshop costs, car loans, leasing costs, and savings accounts via app (Android, iOS) and online. Used by nearly 700,000 users as of December 2020.
• CarPaykort (CarPay Card) Visa-connected credit card enabling payments everywhere with free travel insurance, purchase protection, bonus points that reduce car costs, interest-free installment options, and digital wallet compatibility. Free to use.
• Billån (Car Loan) Vehicle financing solution for individuals who prefer to own their car, offering loans and loan protection for car purchases distributed through vehicle retailers.
• Privatleasing (Private Leasing) Personal vehicle leasing service for individuals who want the benefits of car ownership without full engagement, including private leasing and private leasing protection options.
• Sparkonto (Savings Account) Savings account offering among the market's highest interest rates with free withdrawals, no fees, and no binding period. Covered by the Swedish state deposit guarantee.
• Fleet Services Comprehensive fleet financing and management solutions for businesses, providing financing solutions, fleet management tools, advisory services, and dedicated account management for vehicle fleets of all sizes regardless of brand.
• E-mobility Services Electric mobility solutions integrated with fleet services, supporting the transition of company vehicle fleets to electric vehicles.
• Operationell Leasing (Operational Leasing) Operational leasing solutions for businesses with flexible terms for company vehicles, including service and fleet management.
• Finansiell Leasing (Financial Leasing) Financial leasing solutions for businesses seeking ownership options for company vehicles.
• Betalkort (Corporate Cards) Corporate payment cards for business needs, including fuel and fleet management solutions for company vehicles.
• Open Banking API (PSD2 AIS) PSD2-compliant Open Banking API providing Account Information Services (AIS) for fintech developers, following the Berlin Group NextGenPSD2 XS2A specification, with REST endpoints, OAuth2 authentication, and JSON data exchange across sandbox and production environments.
• CarPay Checkout E-commerce payment method using a customer's credit account connected to CarPay, enabling direct payment via BankID signing. Integrated with Swedbank Pay for additional payment options including Swish and credit card payments.
• CarPay Retailer API Partner-facing API (used by Tanka and other retailers) that exposes fuel-station geolocation data so customers can find nearby stations and view fuel options.
• Husbils- och husvagnslån (RV Loans) Financing solutions for recreational vehicles and caravans distributed through a growing network of approximately 50 new retailer partners in 2025.
• Green Bonds Green bond issuances under Ziklo's MTN programme with proceeds earmarked for investments covered by the green bond framework to support fossil-free vehicle fleet financing.

Quantifiable outcome

• 94% of financed new passenger cars were rechargeable vehicles (electric or plug-in hybrid), significantly above the overall market average of 63%
• +7 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core and major.

• Volvo Car SwedencoreStrategic or Co-development Partner · 1 January 195950% owner of Ziklo Bank through Volvo Car Sweden. Strategic partnership for vehicle financing, dealer support, and EV transition programs. Collaboration includes digital integration on Volvo Cars website for car purchase and financing.
• PolestarmajorStrategic or Co-development PartnerElectric vehicle brand with expanded partnership in 2025. Polestar registrations increased over 28% with new dealer partnerships. Ziklo provides financing for Polestar vehicles.
• Volvo TrucksmajorStrategic or Co-development PartnerLong-term partnership for commercial vehicle financing. Ziklo provides financing solutions for Volvo Trucks, though electrification transition is slower than passenger vehicles.
• Swedbank PaymajorTechnology or IntegrationCollaboration for CarPay Checkout e-commerce solution. Swedbank Pay integration allows customers to pay with Swish and other credit card payments in addition to CarPay payments.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• SBAB Bank: Swedish state-owned bank offering mortgages, savings, and consumer lending including auto loans. Comparable as a Swedish universal bank competing in the same vehicle/consumer loan and savings market, though much larger and not mobility-specialized.
• SEB: One of Sweden's largest universal banks, providing corporate banking, retail lending, and capital markets services. SEB also serves as Ziklo's EMTN/MTN arranger. Comparable as a major Swedish bank with overlapping auto/equipment finance and capital markets capabilities.

Direct peers

• ALD Automotive / Ayvens: European leader in operational leasing and fleet management, now under Ayvens (Stellantis/jv). Closely comparable to Ziklo Fleet Services in operational leasing and corporate fleet management offerings in the Nordics.
• Resurs Bank: Swedish niche bank specializing in consumer and SME finance including retail financing, credit cards, and lending to merchants. Comparable as a Swedish specialty lender with embedded retail/auto finance products and digital channels.
• BMW Financial Services: Captive finance arm of BMW Group providing retail financing, leasing, and dealer financing for BMW vehicles worldwide. Closely comparable business model combining consumer auto loans, fleet services, and dealer floorplan financing tied to a premium OEM ecosystem.
• Collector Bank: Swedish niche bank focused on consumer and SME lending, with credit cards, installment loans, and factoring. Comparable as a Swedish specialty consumer-finance bank with similar product breadth and digital delivery model.
• Volkswagen Financial Services: OEM-captive auto and mobility finance provider serving Volkswagen Group brands globally. Directly comparable as an automaker-affiliated specialty vehicle financier offering loans, leasing, and fleet services integrated with dealer distribution.
• Volvo Financial Services: Captive finance arm of Volvo Group for trucks and commercial vehicles, with adjacent Volvo Cars financing. Most direct comparable given shared brand, customer base (Volvo dealers/fleet), and product mix of vehicle loans, leasing, and dealer financing.

Emerging players

• Northmill Bank: Swedish digital bank offering consumer loans, credit cards, and savings. Comparable as a Swedish fintech-bank challenger competing for the same consumer credit card and personal loan wallet that Ziklo's CarPay targets.
• Klarna: Swedish BNPL and consumer fintech offering installment credit, payment cards, and app-based money management. Comparable to CarPay's BNPL/wallet functionality and the consumer credit + app stack Ziklo offers, though Klarna is broader and not auto-focused.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ZikloBank
• LinkedInlinkedin.com/company/ziklothemobilitybank

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Ziklo Bank