What Odal Sparebank does

Odal Sparebank is a Norwegian regional savings bank (sparebank) founded in 1847 and headquartered in Sagstua, Nord-Odal, serving the Innlandet county and parts of the Romerike region (Øvre Romerike). It operates four branches — Nord-Odal (HQ), Sør-Odal, Kongsvinger, and Råholt (Øvre Romerike) — and is a member of the Eika Alliansen, a network of approximately 70 Norwegian savings banks that collectively own shared digital infrastructure including the Eika Mobilbank app, Eika Forsikring, Vipps, and co-branded credit cards issued via Kredittbanken ASA.

The bank offers a full-service retail and small-business banking suite: current and savings accounts (including BSU youth housing savings, fund savings, and pension), mortgages (standard, youth, fixed-rate, green, and flexible rammelån credit lines), consumer loans, car loans, credit cards (Eika Kredittkort and Eika Ansatt), insurance (car, home, contents, travel, child, pet), payment services (Vipps, Apple Pay, Google Pay, Samsung Wallet, Garmin Pay, Fitbit Pay), and legal services via Justify. Authentication and ID verification rely on BankID with facial recognition and passport NFC scanning. Digital onboarding and self-service are delivered through the Eika Mobilbank app (4.6/5 App Store rating) and Nettbank, with 24/7 customer support and a "Book møte" advisor booking system.

Revenue is generated primarily through net interest income on mortgages and consumer loans, supplemented by card transaction fees (with 26.2% effective credit card rate and up to 45 days interest-free), commission income from Eika Forsikring insurance distribution, referral income from Aktiv Eiendomsmegling (real estate) and Justify (legal services), and payment-related fees. The bank serves Norwegian individuals/families across all life stages as its primary segment, with a secondary small-business segment. It positions itself as a "lokalbank" — combining personal advisor relationships with Eika Alliansen-powered digital capabilities — and was co-awarded "Norges beste kundeservice 2025" alongside the Eika Alliansen.

Name

Odal Sparebank

Legal name

Odal Sparebank

Website

https://odal-sparebank.no

Company type

Private

Founded year

1847

Operating status

Operating

Headcount range

11–50 employees

Short description

Odal Sparebank is a Norwegian regional savings bank headquartered in Nord-Odal, serving retail customers and small businesses across Innlandet and Øvre Romerike via four branches and the Eika Alliansen digital platform.

Ownership category

akta.pro rank

Headquarters

HQ city

Kongsvinger

HQ country

Norway

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Primary revenue from interest spreads on mortgage loans (boliglån), consumer loans, and credit facilities. Interest income generated from variable-rate, fixed-rate, young, and green mortgage products. The bank competes on lending rates and serves as a key local mortgage provider.
2. Payment and Card Transaction Fees: Fees from debit and credit card transactions, ATM withdrawals, international payments, and digital payment services (Vipps, Apple Pay, Google Pay). Also includes income from credit card interest (up to 45 days interest-free), overdraft fees, and card-related services.
3. Commission Income: Commission revenue from insurance products offered through the bank (Eika Forsikring), including home, car, travel, pet, and personal insurance. Also includes referral commissions from Aktiv Eiendomsmegling for property transactions and Justify AS for legal services.
4. Savings Account Interest: Interest paid to depositors on savings accounts (sparekonto), BSU (youth housing savings), and term deposits. Net interest margin is derived from the spread between lending and deposit rates.
5. Credit Card Revolving Interest and Fees: Revenue from credit card revolving balances (effective rate 26.2%), ID theft insurance (25 kr/month), and card replacement fees. Cards issued through Kredittbanken ASA partnership.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels7 records

Core offering

Odal Sparebank is a Norwegian regional savings bank providing personal and small business banking services, including daily banking (current and savings accounts), mortgages, consumer and car loans, credit cards, insurance, fund and pension savings, and digital payment services. The bank operates four physical branches across Innlandet and Romerike counties and delivers digital banking through the Eika Mobilbank platform with BankID authentication and integrations with Vipps, Apple Pay, Google Pay, and other payment wallets.

Product overview

Odal Sparebank is a local Norwegian savings bank offering a comprehensive digital banking platform through the Eika banking alliance. The core offering consists of daily banking (Eika Mobilbank and Nettbank), current and savings accounts, and mortgages. The product portfolio spans loans (home loans including Boliglån Ung for young buyers and Grønt Boliglån for energy-efficient properties, car loans, consumer loans, and flexible credit lines like Rammelån), credit cards (Eika Kredittkort and Eika Ansatt for business expenses), insurance products (car, home, contents, travel, child, and pet insurance), and savings/investment solutions (fund savings, pension, BSU youth housing savings). Digital payment capabilities include Vipps integration with Tap functionality, Apple Pay, Google Pay, Samsung Wallet, Garmin Pay, and Fitbit Pay, along with BankID for authentication and legitimization. The bank also offers legal services via Justify (cohabitation agreements, wills, power of attorney) and real estate services through partnerships with Aktiv and Eie Eiendomsmegling. Additional services include international transfers, digital card management, travel insurance with Avis discounts, and the Opplev Mer rewards program.

Differentiator

Problem solved

Functional benefit

Brands

• Odal Ung: A dedicated service offering for young customers of Odal Sparebank.

Products and services

• Eika Mobilbank Mobile banking application providing full access to banking services including account management, payments, card controls, loan applications, and digital card issuance. Rated 4.6/5 in App Store. For Norwegian retail consumers and small businesses.
• Nettbank (Online Banking) Web-based online banking platform for managing finances, payments, and banking services from desktop browsers. For Norwegian retail consumers.
• Brukskonto (Current Account) Day-to-day banking account with direct access to funds, instant payment capabilities, and integration with AvtaleGiro and eFaktura. For Norwegian consumers and small businesses.
• Depositumskonto (Security Deposit Account) Escrow account for rental deposits, legally required, where funds are locked until both landlord and tenant agree or court decision.
• Sparekonto (Savings Account) Savings account for accumulating funds with competitive interest rates. Supports multiple savings goals. For Norwegian consumers.
• Fondssparing (Fund Savings) Investment savings in mutual funds with various risk profiles. Includes fund savings for children. For Norwegian retail consumers.
• Pensjonssparing (Pension Savings) Long-term retirement savings product with tax advantages for Norwegian residents.
• BSU (Boligsparing for Ungdom) Youth housing savings scheme with tax benefits for first-time homebuyers under 34 years old in Norway.
• Boliglån (Home Loan) Standard mortgage product for residential property purchases with various rate options (variable and 3/5/10-year fixed). For Norwegian homeowners and first-time buyers.
• Boliglån Ung (Young Home Loan) Specialized mortgage for customers under 34 with lower interest rates (nominal from 5.40%, effective from 5.62%) and up to 100% financing with additional collateral.
• Grønt Boliglån (Green Home Loan) Eco-friendly mortgage offered at 0.10% below standard rates for properties with energy rating A or B (heating characteristic green or yellow).
• Rammelån (Credit Line / Flexilån) Flexible credit line secured by property up to 60% of home value. Interest charged only on used amount. Nominal from 5.75% (new), no term fee.
• Billån (Car Loan) Vehicle financing with competitive rates for new and used car purchases. For Norwegian consumers.
• Forbrukslån (Consumer Loan) Unsecured personal loan for various purposes including debt consolidation without collateral. For Norwegian consumers.
• Refinansiering (Refinancing) Loan restructuring service to consolidate expensive debt, reduce monthly payments, or access equity in property.
• Finansieringsbevis (Mortgage Pre-approval) Pre-approval certificate confirming borrowing capacity, valid for 90 days, essential for Norwegian home bidding rounds.
• Eika Kredittkort (Credit Card) Consumer credit card with up to 45 days interest-free credit, travel insurance, ID theft protection, and digital card availability within 24 hours of approval. No annual fee, effective rate 26.2%.
• Eika Ansatt Corporate expense credit card with private liability for business expenses, travel insurance, and no annual fee. For employees of small and medium businesses.
• Bilforsikring (Car Insurance) Vehicle insurance through Eika Forsikring covering collision, liability, and comprehensive risks. For Norwegian consumers.
• Husforsikring (Home Insurance) Property insurance covering house structure and contents against damage and losses. For Norwegian homeowners.
• Innboforsikring (Contents Insurance) Home contents insurance covering personal belongings against theft, damage, and losses. For Norwegian consumers.
• Reiseforsikring (Travel Insurance) Standalone travel insurance for trips abroad with medical and cancellation coverage. For Norwegian travelers.
• Barneforsikring (Child Insurance) Insurance products tailored for children's needs and protection. For Norwegian families.
• Hundeforsikring (Dog Insurance) Pet insurance for dog owners covering veterinary expenses and liability. For Norwegian dog owners.
• Straksbetaling (Instant Payment) Immediate fund transfers between banks with no additional fees, available only in mobile banking with face recognition authentication.
• Digital Legitimering (Digital ID Check) Electronic identity verification using passport and BankID app with facial recognition and NFC passport chip scanning. Takes 5-8 minutes. For new customer onboarding.
• Betale til Utlandet (International Transfer) International money transfer service with SWIFT/IBAN support available in mobile and online banking.
• Digitale Kort (Digital Card) Digital version of physical bank or credit card available in mobile banking. Requires Face ID for viewing and works immediately after card approval (within 24 hours).
• Samboerkontrakt (Cohabitation Agreement) Digital legal contract tool via Justify platform for unmarried couples to define property ownership and financial arrangements. Priced at 1,990 kr.
• Testament (Will) Digital will creation and management service.
• Fremtidsfullmakt (Power of Attorney) Advance power of attorney document for future incapacity planning.
• Aktiv Eiendomsmegling Real estate brokerage service with local expertise for property valuation, buying, and selling in the Kongsvinger and Romerike regions.

Quantifiable outcome

• Mobile bank rated 4.6 out of 5 stars in App Store
• +7 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration16 records

AI capability4 records

Feature10 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Eika AlliansencoreStrategic or Co-development PartnerOdal Sparebank is a member of the Eika Alliansen, a network of approximately 70 Norwegian savings banks. Eika provides shared digital banking infrastructure (mobile app, online banking), co-branding, product development, marketing support, insurance products (Eika Forsikring), and access to shared services. The alliance enables smaller banks to offer competitive digital banking products comparable to large banks. Odal Sparebank is described as 'en lokalbank i Eika' (a local bank in Eika).
• Aktiv Eiendomsmegling KongsvingercoreGTM or Marketing PartnerOdal Sparebank partners with Aktiv Eiendomsmegling Kongsvinger and Eie Eiendomsmegling on Romerike for property transaction services. The bank offers bundled services combining mortgage financing with real estate sales and valuations. This partnership supports the bank's 'whole home journey in one place' (Hele boligreisen – på ett sted) strategy.
• Eie Eiendomsmegling RomerikecoreGTM or Marketing PartnerPartnership with Eie Eiendomsmegling for property services on Romerike. Enables the bank to offer integrated real estate and banking services to customers in the region.
• Kredittbanken ASAcoreChannel Partner/ Reseller/ DistributorKredittbanken ASA is the issuing bank for Odal Sparebank's credit card products (Eika Kredittkort and Eika Ansatt). Kredittbanken handles card processing, fraud monitoring, and provides the insurance infrastructure (through Tryg) for travel and cancellation insurance. The bank acts as a distributor of Kredittbanken's card products.
• Avis BilutleieminorGTM or Marketing PartnerCredit card holders receive up to 20% discount on car rentals in Norway and up to 10% abroad when booking through the Avis partner page and paying with Eika Kredittkort. This is a marketing partnership providing cardholder benefits.
• Justify ASminorChannel Partner/ Reseller/ DistributorJustify AS provides digital legal services (samboerkontrakt, testament, fremtidsfullmakt) through the bank's website. The bank earns referral income while Justify handles contract generation and lawyer quality assurance. The bank markets these services to its customer base.
• VippscoreTechnology or IntegrationOdal Sparebank, through the Eika Alliansen (which is a co-owner of Vipps), integrates with Vipps for mobile payments including 'Tæpp' contactless in-store payments, Vipps number payments, and family features. Vipps is the dominant Norwegian mobile payment platform.
• ApplecoreTechnology or IntegrationBank cards (debit and credit) are integrated with Apple Pay for contactless payment via iPhone and Apple Watch. Card details are tokenized and stored in Apple Pay. Eika Alliansen manages this integration.
• GooglecoreTechnology or IntegrationBank cards are integrated with Google Pay (via Google Wallet) for contactless Android payments. Eika manages the integration on behalf of member banks.
• Tryg ForsikringcoreTechnology or IntegrationTravel and cancellation insurance included with credit cards is provided through Tryg Forsikring. Tryg also provides the alarm service (+47 24 17 07 41) for medical emergencies abroad. Claims are processed through Tryg's portal.
• TapsterminorGTM or Marketing PartnerTapster smart payment accessories (ring, bracelet, keychain) are offered with 40% discount for bank customers using code EIKA40. These accessories enable contactless payment for customers who prefer not to carry cards.
• NetscoreTechnology or IntegrationNets provides dispute and chargeback processing for debit card transactions. Customers access Nets' MyDispute portal for filing complaints about card transactions. Nets also handles certain payment infrastructure services.
• BankIDcoreTechnology or IntegrationBankID (via BankID app or code device) is the primary authentication and signing solution for all banking services including login, payments, and contract signing. The bank supports digital ID verification using BankID with passport scanning and NFC chip reading.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Sparebanken Sør: Norwegian regional savings bank with full retail/mortgage/insurance offering and a comparable regional branch footprint, though operating in a different (southern) geography.
• DNB Bank: Norway's largest bank with a nationwide branch and digital network offering the same retail banking, mortgage, and insurance products; the dominant competitive incumbent Odal Sparebank competes against locally.
• SpareBank 1 Østlandet: Large regional savings bank alliance serving Eastern Norway, including Innlandet and parts of Viken — direct geographic overlap with Odal Sparebank's footprint and similar full-service retail/banking offering.
• Sparebanken Vest: Mid-sized Norwegian savings bank with retail banking, mortgage, and insurance products serving western Norway — similar operating model but different region.

Regional players

• Sbanken: Norwegian digital-first retail bank competing for the same household savings and mortgage customers in Norway, but without a regional branch network.
• Bank Norwegian: Norwegian consumer-focused bank offering credit cards, loans, and savings — overlaps on consumer credit and card products but with a different distribution model.

Others

• Kredittbanken ASA: Issuing partner that actually underwrites Odal Sparebank's Eika Kredittkort and Eika Ansatt credit cards — adjacent ecosystem participant with overlapping product economics.
• Eika Forsikring: Insurance arm of the Eika Alliansen that distributes insurance products through Odal Sparebank and other member banks — a partner/affiliate rather than a competitor, but materially relevant to the bank's commission revenue model.

Direct peers

• Aasen Sparebank: Fellow Norwegian savings bank and member of the Eika Alliansen, comparable in size, branch-led model, and digital platform — closest functional and structural peer.
• Skue Sparebank: Eika Alliansen member bank operating a similar local savings bank model in a defined Norwegian region, sharing the same Eika Mobilbank platform and product set.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Odal-Sparebank-110777029007764
• LinkedInlinkedin.com/company/odal-sparebank

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

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 Odal Sparebank