May 2026
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Largest FinTech Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
Nordnet, Klarna, Avanza Bank Holding, NOBA Bank and Vitec Software.
 | Nordnet AB (publ) is a digital platform for savings and investments in the Nordics. The company operates in Sweden, Norway, Denmark and Finland. Its purpose is to democratize savings and investments. It provides trading in a large number of equities, funds, and other types of securities from several markets at a low price, as well as pension savings without fixed fees. The firm also offers margin loans, private loans, and mortgages. There are a number of user-interfaces to choose from, such as web, app, or more trading applications. Digital financial guidance tools are offered to customers who want help and inspiration with their savings. It also operates the widely used social investment network in the Nordics, Shareville. | $35 | +23% | $9B | $9B | 14.1x | — | ||
| Klarna is the largest pure-play in the buy now, pay later space. The company operates a two-sided network with a payment method at its core, but it is ultimately a lender. Merchants sign up with Klarna to increase turnover in their stores. Primarily, Klarna can provide merchants with higher conversion rates and average order values relative to other payment methods. Some merchants enter a symbiotic relationship with Klarna, advertising its brand on the product page to drive conversion and to benefit from Klarna’s brand value in the merchant’s sales funnel. Customers use Klarna for its ease of use, quick access to credit, zero-interest financing, and lower reminder fees. | BNPL+3 | $17 | -- | $6B | $4B | 1.0x | 6.6x | |
| Avanza Bank Holding AB is a digital bank that operates in Sweden and serves predominantly private customers. The bank emphasizes its online to drive lower costs for its deposit base based on the law of large numbers. Its cost base is centered on a high percentage of fixed costs and personnel costs. The bank does not charge its customers fixed fees or deposit fees. Income is generated when customers carry out transactions themselves, predominantly through brokerage fees from securities trading, net interest income from deposits and lending, fund commissions, foreign exchange income, and other income from suppliers of investment products. Over the long term, income growth depends on the bank's ability to grow savings capital. | $37 | +1% | $6B | $6B | 11.9x | — | ||
| NOBA Bank Group AB (publ) is a European specialist bank operating through three brands: Nordax Bank, Bank Norwegian, and Svensk Hypotekspension. It offers retail financial products in four main segments: Private Loans, Credit Cards, Secured Loans (including specialist and equity release mortgages), and Other services such as deposits. Geographically, the company operates in eight countries, with a presence in the Nordic region (Sweden, Norway, Finland, Denmark), as well as Germany, Spain, the Netherlands, and Ireland. The company serves over two million customers across these regions, with lending activities covering private loans in the Nordics, credit cards in the Nordics and Germany, and deposit products available in all these markets. | $8 | -- | $4B | $7B | 5.7x | — | ||
| Vitec Software Group AB is a software company in Vertical Market Software in the Nordic region. The company provides software for the pharmacy market, automotive and machine industry, banks and insurance companies, healthcare companies, real estate agents, and the education sector. Its segments comprise Auto, Energy, Real Estate, Finance and insurance, Environment, Estate Agents, and Education and health. | $29 | -37% | $1B | $1B | 3.7x | 9.3x | ||
| Avarda Bank AB is a credit market company that provides secure, flexible, unified payment solutions for retailers in Europe. Through its white-label model, it enables merchants to own and control the entire customer journey, strengthening brand awareness, increasing conversion and customer lifetime value, and driving loyalty. | BNPL+2 | $17 | -- | $1B | $1B | 3.6x | — | |
| Karnov Group AB is a provider of mission-critical information in the areas of legal, tax and auditing, environment, and health and safety. Karnov's products include subscription-based online solutions for law firms, tax and accounting firms, corporates, and the public sector including, courts, universities, public authorities, and municipalities. Karnov also publishes and sells offline books and journals and hosts legal training courses. Its brands are Karnov, Norstedts Juridik, Notisum, Legal Cross Border, Forlaget Andersen, LEXNordics and DIBkunnskap. Geographically, it derives a majority of its revenue from Denmark and also has a presence in Sweden, Norway, France, Spain, and Portugal. | $8 | -21% | $777M | $956M | 3.2x | 5.7x | ||
| Briox AB is a SaaS company. The company offers solutions to manage the smallest businesses finances. The solutions are being sold online and through Accounting Agencies and Accountants. Briox software connects the Accountant with the business owner, and the customers are to be found within multiple industries with a focus on the service segment. Its software is available in Finland, Estonia, Latvia and Lithuania. | $2 | +173% | $146M | $144M | 85.4x | (116.5x) | ||
| Formpipe Software AB is a Swedish software company within the Content Services market. The business relies on two cornerstones with strong offerings to customers in both the public and private sectors. With the mission to build valuable relationship between data and people, the company is providing Software as a Service (SaaS), specializing in customer communication, cases and documents, and the automation of information-intense business processes. Formpipe has offices in Sweden, Denmark, the UK, the U.S. and Germany. | $2 | -19% | $125M | $37M | 1.1x | 12.4x | ||
| Cdon AB is a Nordic region-based marketplace. Customers can choose to shop and compare prices on millions of products. Over 1,500 retailers offer their range on CDON's marketplace to increase their sales. This gives CDON various products, movies, music, computers, games, office supplies, books, toys, consumer electronics, household appliances, sports, outdoor, beauty care, fashion, shoes, computers, and computer products. Its geographical revenue comes from the majority of Sweden. | $7 | +13% | $85M | $69M | 1.4x | 19.9x | ||
| Qliro AB is a fintech company that offers online payment solutions. The company offers payment solutions to merchants and their customers in the Nordic region as well as digital banking services to consumers in Sweden. The payment solutions are offered through an infrastructure that enables merchants to offer their customers flexible payment options, including invoices and installments, in a complete checkout solution. | $2 | +0% | $72M | $254M | 4.7x | (119.5x) | ||
| Nord Insuretech Group AB is a operator of digital platform. It delivers next-generation integrated insurance in the Nordic region. The company distributes its services through partners who can then sell various insurance products to end customers through the company's digital platform. | $0 | +165% | $31M | $32M | 68.8x | (14.6x) | ||
| Alpcot Holding AB is a financial platform for personal finance and leads the digital transformation of the financial industry in Sweden. It provide advice to corporate customers regarding occupational pension plans and associated risk insurance. | $0 | +29% | $28M | $26M | 2.0x | 11.6x | ||
| Neovici Holding AB (publ) Co is engaged in providing automated financial services through a SaaS model (Software-as-a-Service). It develop, sell and implement a cloud-based platform for financial automation. The company operates in the Nordic region and in Latin America. | $1 | -46% | $25M | $24M | 1.7x | 254.8x | ||
| Crunchfish AB is a technical pioneer in digital payment with a patent-pending Digital Cash solution that uses a two-step payment process, first clearing offline followed by online settlement. This makes digital payment robust and independent of the network. Crunchfish digital cash wallet is exceptionally flexible and can be used with all types of payment solutions. It delivers the properties of cash, such as immediate clearing, offline payments and preservation of the payer's integrity, without requiring any changes to the central or commercial banking infrastructures. The company has also developed Blippit, an app terminal that connects to cash register systems for both online and offline payments and has a patent-pending solution to reduce food waste. | $0 | +34% | $25M | $24M | 302.3x | (12.2x) | ||
| Seamless Distribution Systems AB is a mobile payments company that provides electronic top-up systems and mobile payment services for mobile operators, distributors, retailers, and consumers. | $1 | +22% | $17M | $44M | 2.4x | (16.9x) | ||
| Greater Than AB is a driving data analytics company that uses artificial intelligence to convert GPS data into driver scores that predict crash probability and climate impact. Insurance companies, underwriters, fleet solution providers, mobility providers and other owners of GPS data use Greater Than’s analysis to optimize driver risk management, achieve insurance profitability, manage sustainability and ESG reporting, and monetize GPS data. | $1 | -63% | $17M | $14M | 23.4x | (3.3x) | ||
| Nowonomics AB is a savings platform whose purpose is to help the user to manage the personal finances. It aims to promote savings before retirement and therefore develops its own tools and solutions together with partners to simplify, educate and help members to have a accessible financial solutions. | $1 | +47% | $15M | $15M | 8.6x | (13.6x) | ||
| SaveLend Group AB is fintech company engaged in the peer-to-peer lending segment. The group has two operating segments. The Savings Platform encompasses all activities related to savers and intermediated loans. The
Invoice Platform is the operating segment that includes all invoice service activities. | $0 | +3% | $10M | $13M | 1.2x | 30.5x | ||
| Valuno Group AB is a Swedish fintech company. The company offers secure, scalable infrastructure for the digital economy. The company provides enterprise-grade digital asset solutions that enable businesses to integrate blockchain technology with traditional financial systems. | $0 | -92% | $4M | $4M | 0.0x | 2.3x | ||
| Goobit Group AB is a Swedish cryptocurrency and blockchain company. The company operates BTCX, a Bitcoin exchange platform, offering exchange services in Swedish kronor and euros. It operates under the brands BTCX Express Exchange, BTCX Standard Exchange and BTCX OTC Service. The company also provides AML Desk, a compliance service focused on anti-money laundering and crypto-asset risk assessment. | $0 | -46% | $2M | $2M | 0.1x | (3.1x) | ||
| Median | $2 | +2% | $72M | $44M | 3.6x | 2.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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