Nordnet: creating a best-in-class customer experience

Democratising savings and investments – and creating value

In 2016, Nordnet had a position as a niche alternative to traditional banks mainly in Sweden. But Nordic Capital and the Öhman Group saw a potential for more; to further digitalise and develop Nordnet’s operations, customer offerings and user experience.

Nordnet was acquired in a recommended public tender offer that was completed in January 2017. The acquisition was a start of an intense growth journey for Nordnet, where Nordic Capital supported the management team with its’ deep expertise, capital and broad network.

Significant platform investments created a more flexible and scalable IT infrastructure and accelerated product innovation. Customer activity and engagement increased significantly, as well as market shares across the Nordic countries.

In addition, Nordnet advanced its sustainability agenda to promote sustainable savings, with 40 percent of client investments in funds which had achieved top ratings in Morningstar’s sustainability ranking as of December 2019. By comparison, the figure was 13 percent in 2016.

Another milestone was achieved in 2020, when Nordnet reached one million customers, doubling its customer base since 2016.

During the four years of Nordic Capital’s ownership, Nordnet became a leading Pan-Nordic savings and investment platform with more than 1.5 million customers. At the end of 2020, the savings capital had quadrupled to SEK 565 billion.

In 2021, it was time for Nordnet to enter the next phase of the growth journey. Nordnet was successfully re-listed where the offering was substantially over-subscribed.

Today, Nordnet is uniquely positioned as the only Pan-Nordic platform of scale and stands stronger than ever. The mission is clear: To continue to democratise savings and investments in Sweden, Norway, Denmark and Finland.

Lars-Åke Norling, joined as CEO of Nordnet in 2019

How would you describe the partnership with Nordic Capital?
"Very good. The entire management team at Nordnet enjoyed the partnership with Nordic Capital during their four years of ownership. They supported us in many ways, not least their constructive approach coupled with extensive experience in building industry leading businesses in the Financial Services’ sector. Together, we were able to accelerate growth and continue to build a Nordic leader within digital savings with a focus on innovation and smart technical solutions. It was teamwork at its best, crowned by a successful IPO where we had excellent support from Nordic Capital."

What were the key achievements as you see it?
"The most important achievement was that Nordnet grew to become one of the strongest brands in the Nordic countries in savings and investments – a real challenger to the traditional banks and pension companies. To get there, we made several strategic investments and successful product launches like launching of a new app, a new website and add-on acquisitions."

What were your sustainability ambitions and how could you incorporate them in the daily operations?
"Sustainability is an integral part of everything we do, and we got very good support from Nordic Capital in accelerating our ESG-agenda. As a result, we implemented a strategy with activities and investments that promote socially beneficial goals and at the same time improve Nordnet’s long-term competitiveness. For example, we take action to reduce impact on environment and climate, we work actively to improve gender equality among savers and in the fin-tech industry, and we provide the same tools, information and services to private savers as the professionals have. This is at the core of our DNA – to democratise savings and investments."