“Can a 50-year-old Nordic invoicing specialist, now inside Swedbank, become the single embedded financing/AR partner for large enterprises across the Nordics?”
PayEx started in 1972 on Gotland as a Nordic invoicing and financing specialist and grew into the region's leading factoring, sales-financing and collections provider. Swedbank acquired the company in 2017, folding it into the group so that Swedbank Pay (the acquiring/e-commerce brand) now runs as a business area inside PayEx Sverige AB, while PayEx itself continues operating as a regulated credit market company focused on invoicing, factoring, sales financing (including its own BNPL and installment products) and debt collection for large Nordic corporates.
Payex discloses PayEx Sverige AB (in-house) as its banking provider, with Swedbank (parent) as its sponsor bank, according to the Embedded Finance Index 2026.
Payex does not disclose a bank charter of its own; its banking services are provided through Swedbank (parent).
Payex processes payments through Swedbank Pay (in-house).
Payex's cards are issued through PayEx Sverige AB (in-house).
Payex's lending and capital products are provided by PayEx Sverige AB (in-house).
The Embedded Finance Index 2026 maps 6 layers in Payex's stack: Payments / PSP (Swedbank Pay (in-house)); Banking / BaaS (PayEx Sverige AB (in-house)); Card issuing (PayEx Sverige AB (in-house)); Lending (PayEx Sverige AB (in-house), Factoring, Fakturaköp (invoice purchase), Säljfinansiering (sales financing) and 3 others); Sponsor bank (Swedbank (parent)); Accounts Receivable (Asteria).
Payex is founded in 1972 and headquartered in Visby / Stockholm, Sweden.
Get a read on where your own stack stands against Payex and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.