Nordax is a leading niche bank in the Nordic region providing unsecure consumer loans and deposits to almost 150,000 customers in Sweden, Norway, Finland and Germany. Nordax employs approximately 200 people, all working in one office in Stockholm. Nordax was founded by five entrepreneurs with extensive risk management experience and over the course of approximately ten years, we have built a customer centric and low risk culture, signifying our day-to-day operations and every decision we make.
Our underwriting process is our core competency, it's thorough, sound and data driven. We pride ourselves in taking no short cuts. Consequently, our customers can always feel confident they will be offered a loan they can afford. They can always make well-informed decisions in peace and quiet based on transparent and clear pricing models.
Through a centralized and highly scalable platform, Nordax is on a journey to become a leading niche bank in Northern Europe.
Nordax is supervised by the SFSA and is part of the Swedish deposit guarantee scheme. As of December 31, 2016 lending to the general public amounted to 12.8bn SEK and deposits from general public to 7.1bn SEK.
Mission, vision & values
Our customers can trust us with their money in our deposits or rely on our credit rating process to get a loan they can afford. We never take our customers´ trust for granted, we earn it every day. We also operate in a highly regulated environment; governance and compliance form the basis for our business. We have a responsibility towards our investors to run a sound, transparent and predictable business. In the end, to execute towards all stakeholders we rely on our employees. Our employees are dedicated, committed and meticulous.
A sound bank you can trust with your savings and when you need to simplify your every-day life with a loan you can afford.
Become one of Northern Europe’s leading niche banks offering deposit products and providing consumer loans to financially stable individuals through a sound credit process.
We all work under one roof in Stockholm, no bureaucracy. We are a nimble, cost efficient niche bank. We are transparent in our pricing with easy to understand conditions - no fine prints and no surprises. We started from scratch and work from one centralized and scalable platform – we have no legacy issues.
At Nordax responsibility starts with our culture – it defines how we run our business and act towards our stakeholders including customers, regulators, investors and employees. We have been regulated by the SFSA since 2004 and we consider our risk management, governance and compliance procedures best in class. We share the interest with our customer of offering a loan they can afford, we all want to minimize risk.
We are built by risk managers, it’s our DNA. All decisions are data driven and we take no short cuts. We offer uncomplicated solutions to customers with stable finances in the prime of their life. We have a sound and solid credit process that our customer can feel confident with.
Our employees are dedicated, committed and meticulous. We listen and guide our customers. As a customer, you can always make a well-informed decision in peace and quiet that you can feel confident with. In the rare occasions of a customer getting into financial difficulty, we pro-actively engage to help them. We offer competitive deposits and are of course part of the Swedish deposit guarantee scheme.
Our underwriting process is our core competency, it's thorough, sound and data driven. We pride ourselves in taking no short cuts. Consequently, our customers can always feel confident they will be offered a loan they can afford. They can always make well-informed decisions in peace and quiet based on transparent and clear pricing models. This is how Nordax earn their trust.
Our customers are financially stable, most has an income above national average, are home owners and in the prime of their life. Half of our customers consolidate loans and lower their monthly cost or interest rates. The other half gain access to liquidity, typically as a bridge loan. Around 50% of our customers pay their loans back ahead of time.
In the occasions of a customer getting into financial difficulty, we proactively engage to help them. We remind them in advance to avoid extra charges and together try to find a suitable payment plan in order to help them successfully pay off the loan.
Internal control and risk management
In order to achieve a robust internal control and risk management framework, Nordax has adopted the three lines of defense model. The three lines of defense model is the primary mean to structure roles, responsibilities and accountabilities for decision making.
Nordax business departments represent the first line of defense for risks in Nordax. The Risk Control function and Compliance function form the second line of defense and ensures that the Board of Director´s risk management and risk control policies are applied in practice within Nordax. The Internal Audit function is the third line of defense and provides assurance based on the highest level of independence and objectivity.
Compliance is responsible for ensuring that operations subject to licensing requirements are conducted in accordance with applicable legislation, as well as regulations and general guidelines, internal governing documents and generally accepted practices established by the Swedish Financial Supervisory Authority, the European Banking Authority and other public authorities as well as the Board of Directors. The Compliance function is independent of the operations it has been set up to control and reports directly to the CEO and the Board of Directors. Compliance reports to the Board of Directors at each board meeting, to the Audit Committee and to the Risk Committee. Compliance regularly monitors and assesses whether the measures and procedures implemented at Nordax to ensure compliance are suitable and efficient, and issues recommendations based on these reviews. Compliance also monitors new and changed regulations, and conducts regular internal training.
The Risk Control function has been set up in accordance with the requirements imposed under the Swedish Banking and Financing Business Act, the European Banking Authority’s Guidelines on Internal Governance (GL 44) and regulations imposed by the Swedish Financial Supervisory Authority. The Risk Control function is independent of the operations it has been set up to control, and reports directly to the CEO and the Board of Directors. The Risk Control function’s areas of responsibility include, among other things, verifying that all material risks relating to Nordax’s operations are identified and handled, and continually monitoring and verifying that risks are kept within the limits established by the Board of Directors. The Risk Control function also reports to the Audit Committee and the Risk Committee.
Internal audit provides assurance on the effectiveness of governance, risk management, and internal controls, including the manner in which the first and second lines of defense achieve risk management and control objectives. The Internal Audit function provides the Board of Directors with comprehensive assurance based on the highest level of independence and objectivity within the organization and has been set up in accordance with the requirements imposed under the Swedish Banking and Financing Business Act, the European Banking Authority’s Guidelines on Internal Governance (GL 44) and regulations imposed by the Swedish Financial Supervisory Authority. The Internal Audit function reports directly to the Audit Committee and the Board of Directors. The reporting includes presenting the results of the internal audit and monitoring implementation of the previous year’s recommendations. The risk based internal audit plan is prepared by the Audit Committee and subsequently approved by the Board of Directors. The Internal Audit function has been outsourced to the external auditing and consultancy firm, Mazars SET Revisionsbyrå AB.