Virgin Active | Aberdeen Standard Investments

Who is Skandiabanken ASA?

Backed by Altor Equity Partners, Skandiabanken ASA is a digital bank in Norway.

What does Skandiabanken ASA ("Skandiabanken") do?

Skandiabanken operates as a branchless digital bank, the first of its kind in Norway. It offers a range of financial products and services, including long and short-term loans; payment and card services; investment products; and saving schemes. With no branches, all services are offered via the digital platform, accessible across a number of devices.

"Satisfied customers are important to us" - Skandiabanken ASA

The opportunity

Why Altor Equity Partners invested in this business:

For the opportunity to capitalise on the move to digital

Outperform the legacy banking model with its outdated technology and high fixed costs

Expand secured lending offering into new regions

Build on Skandiabanken’s success in winning short-term loans and asset management services.

Why we like the investment

"Leveraging modern technology in a sector which has been slow to adapt makes for a very exciting investment" – Merrick McKay, Aberdeen Standard Investments

Investment Year

2016

Head office

Norway

Status

Invested

Website

http://www.skandiabanken.no/