Nordiska Bank
“Can a small Swedish licensed bank become the regulated BaaS rails for Nordic brand-led embedded finance programs (cards, accounts, credit)?”
HQSweden
Latest roundSEK 200,000,000 Floating Rate Subordinated Tier 2 Notes 2024/2034
IndustryInfrastructure / BaaS
The story
Nordiska is a Swedish licensed bank (Bankaktiebolaget Nordiska / Nordiska kreditmarknadsaktiebolaget) historically focused on real estate financing and deposit savings. It has pivoted to offer 'Nordiska Embedded', a white-label Banking-as-a-Service and Cards-as-a-Service platform letting brands embed accounts, payments, cards and credit under their own brand using Nordiska's Swedish banking license. Marquee program: SAS EuroBonus SME business credit card launched 2026 with Cardlay.
Product timeline
2024
Issued SEK 200M Floating Rate Subordinated Tier 2 Notes 2024/2034, admitted to trading; prospectus approved by Swedish FSA.· capital_markets
2026
SAS launched a new SME business credit card program across Scandinavia powered by Nordiska's Cards-as-a-Service and embedded finance platform, with Cardlay providing the app and expense management.· card
Regulated entities
1
regulatory licence held by Nordiska Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Nordiska Bank’s embedded-finance stack
Payments / PSP
Nordiska Embedded - Accounts & Payments (in-house)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: minor
7 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.