Quartal

What Quartal does

Quartal is a Stockholm-based digital banking and investment platform targeting Swedish retail investors. Founded in 2017 by KTH Royal Institute of Technology researcher Muhamad Zaid, the company operates as a self-serve mobile and web platform providing access to over 600 funds (including 38 Morningstar top-ranked) and trading on 15 global stock exchanges across the Nordics, Western Europe, and North America. The platform integrates Mobile BankID for authentication and supports four account types: Investment Savings Account (ISK), Capital Insurance (KF), Securities Service Custody, and Future Capital, including a child savings product (Framtidskapital).

The company's core technology stack centers on financial engineering tools, headlined by a professional-grade Company Valuation (DCF) app available standalone on Google Play. Proprietary fund products span five families: Index Funds (passive global/regional), Strategy Funds (mixed asset), Generation Funds (pension lifecycle), Stars Funds (ESG-screened), and the Global Impact Fund. The platform layers automated savings through Nora, a digital advisor that builds tailored fund portfolios based on financial profile and risk tolerance, supported by a Fund Selector and Savings Calculator. A content library of 90+ guides across ISK, mutual funds, stock valuation, pensions, and ESG forms the primary organic acquisition engine.

Revenue is generated through four streams: brokerage fees (0.09% variable with 1 SEK Nordic minimum and 29 SEK international minimum), management fees on proprietary funds (0.19% on index funds), distribution fees from external fund companies (~50% of management fee), and currency exchange fees (0.25% on non-SEK transactions). The company is bootstrapped with no disclosed funding rounds, operates with a 12-person team, and distributes exclusively through digital channels including a content partnership with Fikastockholm.com. Customer segments include Swedish retail investors as primary, alongside Swedish individual savers and ESG-conscious investors.

Name

Quartal

Legal name

Quartal.se

Website

https://quartal.se

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Quartal is a Stockholm-based digital banking and investment platform serving Swedish retail investors through self-serve mobile and web access to 600+ funds, 15 global markets, and proprietary fund families, supported by a proprietary DCF valuation tool and educational content library.

Ownership category

akta.pro rank

Product category

Retail Investment Platform

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Savings Automation & Goal-Based Savings (FSAGADAC)

Keywords

• Retail investment services
• Digital banking platform
• Mutual fund management
• Stock trading brokerage
• Financial education content

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Brokerage Fees: Quartal charges a flat variable brokerage of 0.09% on the value of stock orders, with minimum fees ranging from 1 SEK (Nordic) to 29 SEK (international markets). This applies to individual stocks and ETFs traded on exchanges.
2. Fund Management Fees: Quartal earns management fees from its proprietary fund family. Index funds charge 0.19% management fee (total annual fee 0.20-0.25% including transaction costs). Enhanced and actively managed funds charge higher fees. Fund fees start from 0.1% according to the platform overview.
3. Distribution Fees from External Funds: Quartal distributes external funds and receives distribution fees from fund companies, typically around 50% of the management fee. This does not represent an additional cost to investors.
4. Currency Exchange Fees: When trading stocks in foreign currencies (USD, EUR, etc.), a currency exchange fee of 0.25% is applied to the prevailing market rate.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Quartal operates a digital investment and savings platform for Swedish retail investors, offering tax-advantaged Investment Savings Accounts (ISK) and Capital Insurance (KF), access to over 600 funds and 15 global stock markets, proprietary index, strategy, generation, and ESG funds, and automated savings via a digital advisor called Nora. The platform is complemented by a standalone Company Valuation (DCF) mobile app and a large library of Swedish-market-focused educational guides.

Product overview

Quartal.se is a Swedish financial engineering and data-driven investing platform developed by Quartal Sweden in partnership with Fikastockholm.com. The core offering centers on the Company Valuation Multicurrency (DCF) app on Google Play—a professional-grade discounted cash flow valuation tool for entrepreneurs, investors, and financial analysts—alongside the Quartal.se platform providing educational guides on ISK framework, mutual funds, stock valuation, pensions, and ESG. The product portfolio includes proprietary fund products (Index Funds, Strategy Funds, Generation Funds, Stars Funds, Global Impact Fund), savings automation tools (Nora fund robot, Fund Selector, Savings Calculator), and multiple account types (Investment Savings Account ISK, Capital Insurance KF, Securities Service Custody, Future Capital). The platform integrates Mobile BankID for secure authentication and supports trading across Nordic, European, and North American markets through its custody infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• Company Valuation (DCF) platform: Professional-grade Discounted Cash Flow (DCF) valuation tool for entrepreneurs, investors, and financial analysts to calculate company intrinsic value across global markets.
• Quartal Sustainable Selection
• Quartal Strategy Funds
• Generation Funds
• Stars Funds
• Global Impact Fund
• Nora

Products and services

• Company Valuation Multicurrency (DCF Valuation Tool)

Quantifiable outcome

• Brokerage fee of 0.09% (minimum 1 SEK) for Nordic securities
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• Fikastockholm.comcoreStrategic or Co-development PartnerQuartal.se is developed by the Quartal Sweden team in partnership with Fikastockholm.com. The partnership focuses on bridging the gap between complex Swedish financial regulations and practical, tool-based investing by combining academic research with functional financial engineering.
• KTH Royal Institute of TechnologycoreStrategic or Co-development PartnerMuhamad Zaid, the founder of Quartal, is a developer and researcher at KTH Royal Institute of Technology specializing in data-driven systems. He created the Company Valuation (DCF) platform, bringing academic financial engineering expertise to the retail investment platform.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• DEGIRO: European low-cost broker offering access to global stock and ETF markets. Overlaps with Quartal's brokerage offering for Swedish investors trading international securities.
• Interactive Brokers: Global multi-asset broker offering retail access to 150+ markets. Comparable global brokerage footprint but at institutional/active-trader scale, not retail-saving focus.

Regional players

• Moneyfarm: UK/Italian robo-advisor offering managed portfolios and ISAs. Comparable automated investment and savings product, primarily serving UK/Italian customers.
• Scalable Capital: European broker and robo-advisor with German roots offering automated and self-directed investing across European markets. Comparable multi-market brokerage + robo-advisor combination, but Continental European focus.

Emerging players

• Wealthfront: US robo-advisor offering automated investing, savings, and financial planning. Comparable automated savings/investing model but US-focused.
• Betterment: US-headquartered robo-advisor offering automated goal-based portfolios and cash management. Comparable in product philosophy (automated, goal-based savings) but operates in different geographies.
• SAVR: Swedish robo-advisor offering automated, low-cost fund portfolios with ISK wrappers. Competes with Quartal's Nora savings robot for the same automated-investing Swedish retail segment.
• Lysa: Swedish robo-advisor specializing in globally diversified, low-cost fund portfolios. Comparable to Quartal's automated savings offering, though more narrowly focused on portfolio management.

Direct peers

• Avanza: Sweden's largest retail investment platform, offering ISK/KF accounts, fund trading, and stock brokerage across global markets. Directly competes with Quartal for the same Swedish retail investor segment and even appears in Quartal's content guides.
• Nordnet: Nordic retail investment platform with strong presence in Sweden, providing ISK accounts, brokerage, funds, and pensions. Directly comparable offering to Quartal and also cited in Quartal's content guides as a trading venue.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/comvaluation
• LinkedInlinkedin.com/company/quartalsweden

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 Quartal