Monobank ASA: Monobank enters Sweden with digital consumer finance offering
Monobank is pleased to announce its entry into Sweden with its digital consumer finance offering. The bank has approved its first loans in Sweden today.
“Monobank focuses on the availability of our digital consumer finance offering and great customer experience. For a couple of years, we have offered consumers in Norway and Finland speedy, online credit processes combined with simple and user-friendly products. We now look forward to provide our strong offering to customers in Sweden”, says Bent H. Gjendem, Chief Executive Officer at Monobank.
Monobank was established in Norway in 2015 and expanded to Finland in 2017. Today the bank manages loans and deposits on a proprietary platform handling several countries' local currencies and regulations in order to facilitate efficient geographical expansion of the core activities. The entry into Sweden improves the bank’s growth opportunities, diversification and economies of scale potential.
In February 2019, it was announced that Monobank and BRAbank will merge to create a stronger and more scalable consumer finance company. The market and regulatory trends in the Nordic consumer finance market have increased the need for scale and strong capitalization. Monobank’s planned merger with BRAbank and the related strengthened capitalization positively supports future operations in Sweden.
For further information contact:
Bent H. Gjendem, Chief Executive Officer at Monobank, phone: +47 996 11 996
Monobank ASA a is digital bank focused on consumer finance in the Nordics. Monobank is a cloud based bank with strong focus on customer experience and fintech solutions. Monobank is based in Bergen, Norway and started operation in November 2015. The bank has experienced strong growth and went profitable after only three quarters. The bank offers unsecured lending to qualified private individuals in Norway Finland, and Sweden The screening process is based on an automated evaluation system. Loans are granted up to NOK 500 000. The bank also offers attractive deposit rates on its savings accounts. Deposits up to NOK 2 million are guaranteed by the Norwegian Banks' Guarantee fund, of which Monobank is a member. Monobank is an independent bank with approximately 1 000 shareholders and was listed on the Oslo Stock Exchange's Merkur Market on 16th February 2017 under the ticker symbol MONO-ME. Monobank has been awarded with "Great Place to Work" three times since the start.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.