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Nordiska Bank

Sponsor bank
LendingBaaSCard IssuingSponsor Bank

Sponsor bank tracked in the Embedded Finance Index. Named by 4 companies, most often as their sponsor bank.

nordiskabank.com ↗Also analysed as a company — its own stack →
TypeSponsor bank
Used asSponsor bank, Banking-as-a-Service, Card issuer
Rank#63 of 201 in Sponsor Bank
Buyers4 companies
HeadquartersSweden

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How companies use Nordiska Bank

4 companies name Nordiska Bank in their stack. The most common role is sponsor bank (3). A company can use the same bank for more than one thing.

Sponsor bank3
Banking-as-a-Service2
Card issuer2
Lending partner1
Background · from Nordiska Bank’s own dossier

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.

Latest round: SEK 200,000,000 Floating Rate Subordinated Tier 2 Notes 2024/2034
Recent developments
  • 2026-09-17Wins Miles & More GmbH as a Card-as-a-Service customer: a co-branded Miles & More credit card for Sweden and Norway launching early 2027, with the brand owning the proposition, customer relationship and loyalty ecosystem and Nordiska issuing and processing underneath (CCO Michael Merzinger). source ↗
  • 2026-05SAS launched a new business credit card program for SMEs across Scandinavia powered by Nordiska (issuing + credit), with Cardlay delivering the app and expense management. source ↗
  • 2024-07Swedish FSA approved prospectus for SEK 200M Tier 2 Notes 2024/2034 (ISIN SE0021515079). source ↗
Full dossier: Nordiska Bank’s own stack, layer by layer →
Who uses Nordiska Bank
4 companies disclose Nordiska Bank in their stack
SAS (airline)Miles & MorePorscheScandinavian Airlines
Buyer mix · 4 of 4 classified
Marketplace / Travel · 2Airlines / Loyalty & Embedded Finance · 1Automotive / OEM · 1
EU · 4
What the disclosures say
Porsche
“Enfuce is licensed by the Finnish Financial Supervisory Authority as an Electronic Money Institution.' Embedded Finance Review and Nordiska's own Porsche-x-Nordiska portal confirm Nordiska Bank is the sponsor/BaaS partner replacing DKB.”
Scandinavian Airlines
“LinkedIn announcement confirms Nordiska Bank provides the banking/card-issuing infrastructure behind the SAS Executive Card.”
The complete buyer list and each company’s full embedded-finance stack are in the Embedded Finance Index report. Represent Nordiska Bank? Claim this profile above to unlock your own full list.
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What Nordiska Bank runs on · from its own dossier
The third-party providers Nordiska Bank itself discloses, layer by layer — the vendor as a buyer. Distinct from the companies above that disclose Nordiska Bank.
Spend / AP
Cardlay
Full dossier with evidence for each layer →
Other banks in Sponsor Bank

Other banks named for Sponsor Bank in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.

Evolve Bank & Trust101 buyers →Sutton Bank65 buyers →Cross River64 buyers →Pathward43 buyers →Celtic Bank39 buyers →Community Federal Savings Bank37 buyers →Thread Bank31 buyers →The Bancorp Bank25 buyers →
Share this rank

An embeddable badge for Nordiska Bank’s own site — it always shows this page’s current rank, so it stays accurate as new disclosures land. States its own denominator; never claims a number this page doesn’t.

Ranked #63 of 201 in Sponsor Bank — Embedded Finance Index 2026
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       alt="Ranked #63 of 201 in Sponsor Bank — Embedded Finance Index 2026">
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Nordiska Bank — frequently asked

Which companies use Nordiska Bank?

4 companies disclose Nordiska Bank in their stack in the Embedded Finance Index 2026, including SAS (airline), Miles & More, Porsche and Scandinavian Airlines.

What do fintechs use Nordiska Bank for?

Nordiska Bank is a sponsor bank. Companies in the Embedded Finance Index 2026 name it as their sponsor bank (3), banking-as-a-service (2) and card issuer (2).

What are the alternatives to Nordiska Bank?

The most-disclosed Sponsor Bank alternatives to Nordiska Bank are Evolve Bank & Trust (101 buyers), Sutton Bank (65 buyers), Cross River (64 buyers), Pathward (43 buyers), Celtic Bank (39 buyers) and Community Federal Savings Bank (37 buyers).

Where is Nordiska Bank headquartered?

Nordiska Bank is headquartered in Sweden.

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