NOBA Bank Group: redefining specialist banking through scale and technology

Founded in 2003 with the intent of bridging gaps in the banking system, NOBA started out by focusing predominantly on underserved customers, notably people with stable finances but non-traditional profiles, such as the self-employed or those with project-based work. Over two decades, NOBA has continually refined its offering to address changing needs, all while staying true to its customer-centric model rooted in prudent risk management and responsible lending.

With Nordic Capital’s strategic guidance, together with co-owner Sampo, NOBA has not only upheld its vision but raised its ambitions, accelerating transformation, expanding across Europe and setting a new standard for specialist banking.

Today, NOBA is recognised as one of Europe’s largest digital banking success stories, offering a broad suite of products to support the financial well-being of over two million customers.

Value creation plan setting the transformative agenda

In 2017, Nordic Capital took NOBA off the Stockholm Stock Exchange and became the majority owner with the joint plan on actively supporting NOBA with its subsector understanding, functional and operational expertise, and proven history of scaling financial institutions across borders.

Backed by this depth of experience, NOBA embarked on growth acceleration, comprehensive upgrade of its technology platform, broadened product offering and executed strategic acquisitions. In the years since, the customer base has increased more than 10 times, and the loan book increased ninefold to SEK 128 billion, capturing roughly 10 per cent of the addressable market. In the same period, revenue and profits have soared.

• Loan book: SEK 124bn in 2024 (SEK 13bn in 2017)
• Total operating income: SEK 9.9bn in 2024 (SEK 1.2bn in 2017)
• Adj. Operating profit: SEK 3.4bn in 2024 (SEK 559mn in 2017)
• Employees: About 650 in 2024 (about 200 in 2017)
  
  

Interestingly, NOBA’s momentum is matched by resilience: the bank has been profitable every quarter since its inception with industry-leading return on equity.

Harnessing scale and platform excellence

Nordax Bank acquired Bank Norwegian in 2021, and a subsequent legal merger was completed the following year. In 2022, Nordax Group changed its name to NOBA Bank Group. A pivotal milestone in the transformation was the successful integration of Nordax Bank and Bank Norwegian onto a single, modern core technology platform, and growth was supported by a best-of-breed approach to operations, marketing and underwriting.

In 2025, NOBA operates its Nordic, German, and broader European business seamlessly from this unified digital infrastructure, enabling rapid innovation, operational efficiency and scalable growth across markets.

The scalability has enabled NOBA to grow the loan book, and it is now six times the size of the average Nordic peer and three times larger than its nearest Nordic specialist competitor. A key benefit of scale is richer data sets for superior credit decisions.

Sustainable mindset managing risk and unlocking opportunities

Guided by Nordic Capital’s expertise, NOBA has embedded sustainability into its business processes, focusing on financial health and responsible lending coupled with environmental, social and governance considerations. This is not just an ethical imperative, but rather a practical approach to preventing risk and making the most of opportunities.

Investment in a group-wide sustainability data platform now empowers NOBA to monitor, measure and transparently report its impact in real time. This forward-looking mindset positions NOBA to navigate regulatory shifts, evolving consumer expectations and societal changes. It also opens new avenues – for instance, developing inclusive and green financial products and driving the industry’s shift toward enhanced transparency.

For example, in 2022, NOBA launched green loan products under the Bank Norwegian trademark, having conducted and evaluated a customer survey on how NOBA’s products and services could become more sustainable. In 2023, NOBA also launched green loans under the Nordax Bank and Svensk Hypotekspension brands to incentivise customers to purchase energy-efficient homes and invest in energy efficiencies in their existing homes.

NOBA’s alignment with the UN Principles for Responsible Banking in 2024 and recognition by leading sustainability ratings agencies reflect this enduring commitment.

Robust platform for continued growth momentum

NOBA’s transformation shines through its results, driven by strong lending growth, improving margins and tech-driven efficiencies. Also, customer satisfaction remains consistently high.

Looking ahead, NOBA is well positioned for further growth and expansion, and the bank is preparing to enter new markets, expand further into SME banking and accelerate beyond legacy-bound incumbents.

Three questions to Jacob Lundblad, CEO:

What has the partnership with Nordic Capital’s meant on this journey?
It has been transformative for us. Their active ownership approach means we have had a sounding board for both strategic decisions and operational improvements. They brought deep expertise in financial services, especially in digital transformation and scaling operations, helping us invest in the right technology at the right time. Nordic Capital has empowered us to pursue bold growth strategies while keeping our focus on responsible banking.

What achievement are you most proud of?
One is the way we have integrated three strong brands into a unified group, operating on one digital platform and offering efficient, customer-centrered services. Another is that we have managed to remain highly profitable and grow faster than our competitors, while maintaining industry-leading cost efficiency, customer satisfaction, and sustainability in mind in all we do.

What does the future hold for NOBA?
I'm incredible excited about the future. We've a scalable platform, a resilient funding structure and a clear growth strategy. Our addressable market is huge and with our track record in responsible lending, product innovation and efficiency, I'm confident we'll continue to define the future of specialist banking in Europe.