DDM reaches agreement to combine acquisition of Swiss Bankers and its investment in Omnio with Nordiska
The Swedish Banking as a service provider Nordiska, combined with Swiss Bankers and Omnio, will deliver financial solutions and products to around 2 million European consumers in lending, pre-paid cards, digital payments and Banking-as-a-Service (BaaS)
DDM Debt AB (publ) (Nasdaq Stockholm: DDM Debt 2026) ("DDM Debt") announces that it is acquiring a minority stake in Nordiska Kreditmarknadsaktiebolaget (publ) ("Nordiska"), a leading Nordic credit institution with total assets of approximately SEK 8bn, to combine Swiss Bankers and the cloud-based banking platform Omnio under the newly formed Nordiska Financial Solutions Group.
As part of this transaction, DDM has also extended its agreement to acquire 100% of the share capital of Swiss Bankers Prepaid Services AG (“Swiss Bankers”) which was initially signed in December 2021 and which will be assumed by Nordiska. Swiss Bankers is the market leader in prepaid cards in Switzerland and provides innovative, deposit-based payment products and offers solutions in cashless, globally secure payment transactions. As of 30 June 2022, Swiss Bankers, which holds a banking licence, had total assets of approximately CHF 390m. The purchase price for Swiss Bankers is in the range between CHF 40m and CHF 50m and will be financed by cash on hand.
The combined group will be led by the Nordiska’s CEO, Mikael Gellbäck.
This transaction follows DDM’s strategy to act as an investor and partner for financial institutions in Europe and to acquire assets and participations in companies previously held by banks, assisting them in digitalisation and the distribution of low-cost financial consumer products.
DDM will become the largest shareholder in Nordiska with a minority stake and will support its transition to a Pan-European cloud-based, fully digitalized financial solutions group focussing on European bank consumers.
The closing of the transaction is subject to certain conditions including the granting of all necessary regulatory approvals.
The Chairman of DDM, Jorgen Durban, has stepped down from his roles at DDM and will concentrate on his role as Chairman of Nordiska. Andreas Tuczka, board member of DDM since 2017, will become Chairman of DDM and upon closing join the board of Nordiska.
This information is of the type that DDM Debt AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 18:00 CET on 4 October 2022.
For more information, please contact:
Florian Nowotny, Chief Executive Officer
Fredrik Olsson, Chief Financial Officer
Tel: +41 417661420
DDM Debt AB (publ) (Nasdaq Stockholm: DDM Debt 2026) is a wholly owned subsidiary of DDM Holding AG. DDM Holding AG (Nasdaq First North Growth Market, Stockholm: DDM) is a specialized multinational investor in situations arising out of the general strategic challenges in the European banking markets. This includes investments into assets and companies previously held by financial institutions, including performing and non-performing loans and special situations. DDM strives to create value for its stakeholders by combining significant expertise in financial services, credit underwriting and technology with a focus on operational excellence. DDM Holding AG is domiciled in Switzerland and was founded in 2007.
Nordiska Kreditmarknadsaktiebolaget (publ) (Nasdaq Stockholm: NOKRE001) is a credit institution offering deposit accounts at market leading rates, as well as flexible and tailored debt and financing arrangements to private individuals and companies. Moreover, Nordiska’s partner offering gives partners the opportunity to provide their customers with in-house financial services. This is achieved with the help of Nordiska’s technically modern and cloud-based platform and APIs.
Omnio is a banking infrastructure provider based in London, England. Omnio’s leading Banking-as-a-Service offering includes Domec's loyalty platform and Sercle, the UK's leading credit union platform, that serves more than 130 small financial institutions. In total over 1.6 million members of its credit unions, leading consumer brands and financial institutions in UK, Ireland and Italy can benefit from Omnio’s products and services.
Swiss Bankers is an internationally oriented financial-services provider with locations in the cantons of Bern and Zurich, as well as in Vaduz, Liechtenstein. The company leads the way in the development, distribution, and processing of innovative, deposit-based payment products and offers solutions for secure cashless payment transactions worldwide. Swiss Bankers has done pioneering work in Switzerland, enabling mobile payments with Apple Pay, Samsung Pay, Google Pay, and with wearables such as Garmin, Swatch, and Fitbit. In addition, Swiss Bankers is one of the first providers to use an app to offer a card-based and account-independent peer-to-peer money transfer service from Switzerland in numerous countries. The company was founded in 1975 and first became known through Travelers Cheques. Today, all Swiss Bankers cards enjoy great popularity and can be obtained directly from www.swissbankers.ch or through more than 200 distribution partners, depending on the product.