Nordax is a niche bank in Northern Europe, providing unsecured consumer loans and deposits to more than 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. Over the course of approximately ten years, we have built an inclusive and developing workplace that is customer centric and characterised by a low risk culture. This signifies 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, 2017 lending to the general public amounted to 13.5bn SEK and deposits from general public to 7.5bn 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 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, in order to deliver towards all our stakeholders, we rely on our employees. We are responsible and committed.
We help people make informed decisions for a life they can afford.
To become the leading niche bank in Northern Europe.
SOUND CORE VALUES GUIDE OUR DAY-TO-DAY OPERATIONS
Our sound core values are based on four words that guide us in our day-to-day-operations and corporate culture.
We are customer centric; we listen to our customers and give the information needed in order for our customers to make well-informed decisions, in their own time. We are committed and available to all our customers.
Our culture is characterised by accountability. It defines how we run our day-to-day-operations and how we act internally and externally. We work for a sustainable development and a positive impact on our environment.
We all work under one roof in Stockholm, efficient and with short decisions paths. We are transparent in our pricing, without complicated fine print and surprises.
We are founded by risk managers, it’s our DNA. We have a sound and solid credit process and offer our customers a loan they can afford. All decisions are well-grounded, we take no shortcuts.
Our underwriting process is our core competency; it's thorough, sound and data driven. We pride ourselves in not taking any shortcuts. Consequently, our customers can always feel confident they will be offered a loan they can afford. Our customers can always make well-informed decisions in their own time, based on transparent and clear pricing models. This is how we earn their trust.
Our customers are financially stable; most have 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 rate. The other half gain access to liquidity, typically as a bridge loan. Around 50% of our customers repay their loans ahead of time.
In the event of a customer getting into financial difficulty, we proactively engage to help. We remind them in advance to avoid extra charges and together try to find a suitable payment plan in order to help them successfully repay the loan.
Sustainability at Nordax
Responsible business is central for our success. We are convinced that it generates long-term value for us and our stakeholders. If we take responsibility today we increase our conditions to run a successful business going forward.
Sustainability is important for us at Nordax. Integrating sustainability into our day-to-day-operations is a clear statement of intent from our Board of Directors and the management team.
Our core business, responsible lending, is the most central issue in our work with sustainability. It is a matter of course for us to continue offering our customers a loan they can afford, as well as supplying them with the information needed in order for our customers to make well-informed decisions. Besides responsible lending, we have identified following focus areas as a foundation within sustainability; employee wellbeing, efficient use of resources and solid business ethics. The focus areas were discovered through dialogue with customers, employees, shareholders and other stakeholders.
We are members of the UN Global Compact and let their ten principles for a responsible business guide us in our future work within sustainability, where we always strive to improve and develop our operations in order to be able to contribute to the fulfilment of the global sustainability goals that were set during the UN Climate Change Convention in 2015. We conducted our first report on sustainability 2016, according to the GRI G4 framework.
Read more about our work within sustainability and the focus areas here.
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.
Read more about risk management here.