Komplett Bank

What Komplett Bank does

Komplett Bank, operating under the Morrow Bank brand, is a Norwegian digital consumer bank headquartered in Lysaker (Bærum municipality), Norway. Founded in 2012 and publicly traded under the Frankfurt ticker fra:KOMPO, the bank employs 51-100 staff and operates as a branchless, digital-first retail financial institution. Its product portfolio centers on consumer credit: the Morrow Bank Mastercard credit card with an integrated loyalty program (Morrow More / More Experience), unsecured personal loans ranging from 10,000 to 500,000 NOK, debt refinancing services, a high-yield savings account offering 4.40% interest with deposit guarantee up to 2,000,000 NOK, and insurance products distributed via affiliate commissions.

The technology stack is a standard mobile banking platform accessible via a native iPhone and Android application, a self-service web portal (morrowbank.no), and a dedicated customer portal (my.morrowbank.no). The credit card is tokenized across all four major digital wallet platforms (Apple Pay, Google Pay, Samsung Pay, and Garmin Pay) and includes Mastercard ID Theft Protection as a standard cardholder benefit providing 24/7 personal information monitoring and breach alerts. Content marketing and SEO are deployed as the primary digital acquisition channels, with no physical branch network.

Revenue is generated through interest income on the consumer loan book, interchange fees and revolving balances on credit card operations, net interest margin on the deposit-funded lending book, and commission revenue from insurance product distribution. The customer base is exclusively Norwegian retail consumers, served through a self-service digital distribution model with no named enterprise or B2B clients. Oyvind Oanes serves as CEO.

Name

Komplett Bank

Legal name

Morrow Bank AB NU

Website

https://komplettbank.no

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

51–100 employees

Short description

Komplett Bank (Morrow Bank) is a Norwegian digital consumer bank offering credit cards, personal loans (10k-500k NOK), savings at 4.40%, refinancing, and insurance to Norwegian retail consumers via a branchless mobile and web platform.

Ownership category

akta.pro rank

Headquarters

HQ city

Lysaker

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Consumer Lending: Morrow Bank offers consumer loans ranging from 10,000 to 500,000 Norwegian kroner. The bank generates revenue through interest charged on these loans, representing a core income stream typical for retail banking operations.
2. Credit Card Operations: Morrow Bank issues credit cards with a benefits program (Morrow More). Revenue is generated through interchange fees on card transactions and potentially annual fees or interest on revolving balances.
3. Deposit Taking and Savings Products: The bank accepts customer deposits through savings accounts offering 4.40% interest rate. These deposits are used to fund lending operations, with the spread between lending and deposit rates contributing to revenue.
4. Insurance Products: Morrow Bank offers insurance products, generating commission revenue from policy sales.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels1 record

Core offering

Komplett Bank (operating as Morrow Bank) is a Norwegian digital retail bank that sells credit cards, consumer loans (10,000-500,000 NOK), refinancing, high-interest savings accounts, and insurance directly to Norwegian consumers. Distribution is entirely digital via website, mobile banking app, and a self-service customer portal, with no physical branches.

Product overview

Morrow Bank operates as a Norwegian digital bank offering a platform of financial products including credit cards (Morrow Bank Mastercard with integrated loyalty program Morrow More), personal loans (10,000-500,000 NOK), refinancing services, savings accounts (4.40% interest), and insurance. The bank's digital services are accessible through its mobile banking app and support multiple digital wallet platforms. Core products are complemented by the Morrow More loyalty ecosystem and Mastercard ID Theft Protection for identity security.

Differentiator

Problem solved

Functional benefit

Brands

• Morrow More: Benefits program offering exclusive advantages, discounts, and unique experiences to Morrow Bank customers, including More Experience features.

Products and services

• Kredittkort (Morrow Bank Mastercard Credit Card) A Mastercard credit card offering Norwegian consumers a payment instrument integrated with the Morrow More benefits program (exclusive discounts and experiences) and Mastercard ID Theft Protection (24/7 personal information monitoring and fraud alerts). Includes contactless payment via Apple Pay, Google Pay, Samsung Pay, and Garmin Pay.
• Forbrukslån (Personal Loans) Unsecured personal loans for Norwegian consumers, with loan sizes ranging from 10,000 to 500,000 Norwegian kroner, used to finance a variety of personal needs.
• Refinansiering (Debt Refinancing) Debt consolidation and refinancing service that helps Norwegian consumers manage and restructure existing loans into a single facility with the bank.
• Sparing (High-Interest Savings Account) High-yield savings and deposit account for Norwegian private individuals, paying 4.40% interest from the first krone with monthly interest credits, no binding period, and no withdrawal fees. Covered by the Norwegian Bank Guarantee Scheme up to 2,000,000 NOK.
• Forsikring (Insurance Products) Insurance products distributed by Komplett Bank / Morrow Bank to provide financial protection and peace of mind for Norwegian consumers.

Quantifiable outcome

• 4.40% savings interest rate from first krone deposited
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• MastercardcoreTechnology or IntegrationMorrow Bank issues Mastercard credit cards, integrating with the Mastercard network for payment processing. The partnership includes Mastercard ID Theft Protection service for cardholders, providing 24/7 monitoring of personal information and fraud protection. All Morrow Bank credit cards are Mastercard-branded, enabling global acceptance and digital wallet compatibility.
• Apple PaycoreTechnology or IntegrationMorrow Bank credit cards are compatible with Apple Pay digital wallet, allowing customers to make contactless payments using their iPhone, Apple Watch, or other Apple devices.
• Google PaycoreTechnology or IntegrationMorrow Bank credit cards integrate with Google Pay for Android devices, enabling customers to add their cards to the Google digital wallet and make secure contactless payments.
• Samsung PaycoreTechnology or IntegrationMorrow Bank credit cards support Samsung Pay digital wallet functionality, allowing customers with Samsung devices to store and use their cards for mobile payments.
• Garmin PaycoreTechnology or IntegrationMorrow Bank credit cards are compatible with Garmin Pay, enabling customers with Garmin smartwatches to make payments directly from their wearable devices.

Recent moves5 records

Expansion highlights5 records

Direct peers

• Nordax Bank: Nordic digital consumer bank specializing in personal loans, credit cards, and savings products. Operates with a similar branchless, direct-to-consumer model targeting retail customers across the Nordics.
• Bank Norwegian: Norwegian consumer bank offering credit cards and personal loans to retail customers through a digital channel. Directly competes with Morrow Bank in the Norwegian credit card and consumer loan market with similar product positioning.
• Resurs Bank: Swedish consumer finance specialist offering credit cards, personal loans, and retail financing across the Nordics. Closely comparable business model to Morrow Bank's lending-and-cards focus, with similar product mix and digital distribution.
• Instabank: Norwegian digital-first retail bank offering savings accounts and consumer lending. Comparable in scale, geography, and digital-only distribution model to Morrow Bank.
• Ikano Bank: Nordic retail bank affiliated with IKEA offering credit cards, loans, and savings products to retail customers. Overlaps with Morrow Bank in Norwegian consumer credit and savings.
• TF Bank: Nordic digital consumer bank with credit cards, personal loans, and savings products distributed primarily online. Similar branchless model and product set to Morrow Bank with cross-Nordic reach.

Broad incumbents

• Nordea: Largest Nordic universal bank with full retail and corporate offerings in Norway including mortgages, cards, and savings. Overlaps with Morrow Bank in retail deposits and consumer credit but operates at much greater scale and breadth.
• SpareBank 1: Norwegian savings bank alliance offering retail banking, mortgages, and insurance nationwide. Competes with Morrow Bank on savings and personal loans while offering the broader relationship banking Morrow does not.
• DNB: Largest Norwegian bank offering full retail, corporate, and capital markets services with extensive branch network. Competes with Morrow Bank across savings and consumer credit, but as part of a much broader portfolio including mortgages and business banking.

Emerging players

• Sambla: Norwegian fintech operating a loan comparison and refinancing platform that aggregates offers from Norwegian banks including Morrow Bank's competitors. Functions as a customer acquisition channel that diverts refinancing demand from Morrow Bank's own direct channel.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/morrowbank
• LinkedInlinkedin.com/company/komplett-bank-asa

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 Komplett Bank