Swedbank has acquired Stabelo, a tech-led mortgage business with a focus on younger, more digitally-aware customers.
Stabelo has a fully digital mortgage processes and distribution of mortgages under its own management and through partnership agreements.
Through access to a complementary brand, new technology and new channels for mortgages, the acquisition will help Swedbank reach more customers in the mortgage market.
Tomas Hedberg, deputy CEO of Swedbank, comments: “The acquisition of Stabelo gives us new opportunities to be able to meet more target groups of, among others, younger and more digital customers. At the same time, we can develop the company by putting Swedbank's financial and knowledge resources behind an established brand."
The initial purchase price is SEK 350 million ($37m) and the final purchase price will depend on Stabelo's development up to and including 2028.
Stabelo currently has about 30 employees and will continue to operate in the mortgage market under its own brand. The company was founded in 2016 and Hampus Brodén will remain as CEO.
Says Brodén: "Having Swedbank as an owner will create opportunities for us to meet both new and existing customers with an even stronger offering."