🏢 Company Profile and Background
Ikano Bank is a Swedish consumer finance bank founded in 1988 and headquartered in Malmö, Sweden, founded by IKEA founder Ingvar Kamprad to provide simple, fair and affordable financial services to customers. Initially providing financial, real estate and insurance services to IKEA, the company officially changed its name to Ikano Bank in 1995 to focus on consumer finance. In October 2024, Ikano Bank became a wholly owned subsidiary of IKEA's parent company, Ingka Group, further deepening its strategic cooperation with IKEA.
With a mission to create better living possibilities for more people, Ikano Bank provides savings, loans, credit cards, retail financial support, and corporate and leasing solutions in Sweden, Denmark, Finland, Norway, the United Kingdom, Poland, Germany and Austria. As of 2023, the company has approximately SEK 41.5 billion (approximately USD 3.9 billion) in assets under management and approximately 979 employees, serving both retail and corporate clients. Through digital transformation and a partnership with IKEA, Ikano Bank is committed to becoming a fully digital bank that simplifies the customer experience and supports sustainable development.
📋 Basic information
Full name and abbreviation: The full name is Ikano Bank AB (publ), abbreviated as Ikano Bank.
Founded: 1988 (renamed Ikano Bank in 1995).
Country of registration: Sweden.
Head office in English: Hyllie Boulevard 27, 215 32 Malmö, Sweden.
Capital: SEK 4.7 billion (approx. USD 440 million, 2023 data).
Business Status: Active, as of June 2025, the official website and social media are continuously updated, showing that the company is operating normally and promoting digital transformation.
Nature of the company: Public Limited Liability Company (publ), a wholly owned subsidiary, 100% owned by Ingka Group.
Sub-parent company:
subsidiary: has branches in Denmark, Finland, Norway, the United Kingdom, Poland, Germany and Austria, and the name of the independent subsidiary is not disclosed.
Parent company: Ingka Group (100% acquisition completed in October 2024)
Key Executives:Niclas Olsson (Acting CEO): Acting CEO since October 2024, previously CFO, with extensive banking finance and operational experience.
Viktor Törner (Automation Office Manager): Responsible for automating process optimization and driving customer and employee experience.
André Berlin (Product Owner): Selected as Qlik Luminaries in 2024 to lead the data visualization team and improve decision-making.
Advisory team: including blockchain technology experts, compliance consultants, and fintech analysts, the specific list is not disclosed. Partnering with Tata Consultancy Services (TCS), UiPath, and others demonstrates its extensive network of consultants.
Entrepreneur Groove: Engages with customers and employees through LinkedIn, Twitter, and official blogs to share financial services updates, employee stories, and sustainability updates, with approximately 20,401 LinkedIn followers.
📊 Shareholding structure
Ikano Bank has a clear shareholding structure, and in October 2024, Ingka Group completed the acquisition of 100% of Ikano Bank, after holding 49% of the shares since June 2021, and the remaining 51% held by Ikano S.A. (controlled by the Kamprad family). After the completion of the acquisition, Ikano Bank became a wholly owned subsidiary of Ingka Group with no other external shareholders. The Ingka Group is the largest IKEA franchisee, operating 378 IKEA stores in 31 countries, with a shareholding structure indirectly controlled by the Kamprad family through a foundation.
🏭 Company Classification and Market Segmentation
Business Classification: Banking, Consumer Finance, FinTech (FinTech).
Market segmentation: retail banking, business finance, retail financial services, digital banking.
Ikano Bank is positioned as a leading provider of consumer finance and retail financial services, serving individual consumers, large retailers such as IKEA, and small and medium-sized enterprises. Its markets cover Northern Europe (Sweden, Denmark, Finland, Norway), Western Europe (United Kingdom, Germany, Austria) and Eastern Europe (Poland) and meet customer needs for simple and fair financial services through digital platforms and partnerships with IKEA.
🛠 service
Ikano Bank offers the following core services:
retail banking products: savings accounts, personal loans, mortgages, credit cards and private label cards (such as IKEA credit cards) are available to individual customers.
Retail finance support: Sales finance solutions for retailers (e.g. IKEA, Volkswagen, Shell), including installment payments and customer insight services.
Business Finance: Leasing and factoring solutions for small and medium-sized enterprises to support equipment financing and cash flow management.
Insurance products: Paid protection insurance, maternity insurance, and child insurance are available through Ikano Insurance.
Digital services: Provide self-service financial services through online banking platforms and mobile apps, support for quick application and account management.
The service is dominated by B2C and B2B models, emphasizing simplicity, fairness, and affordability, and is suitable for both consumer and business customers.
📜 Regulatory information
As a registered bank in Sweden, Ikano Bank is strictly regulated by the Swedish Financial Supervisory Authority (Finansinspektionen) and complies with the EU Market Abuse Regulation and Swedish Banking Regulations. In October 2024, the 100% acquisition of Ingka Group was approved by Finansinspektionen, the European Commission and other relevant authorities. Companies are also required to comply with local regulatory requirements in the markets in which they operate, such as the Financial Conduct Authority (FCA) in the UK and the Federal Financial Supervisory Authority (BaFin) in Germany.
Regulatory License Number: The specific certificate number is not disclosed, in line with Swedbank practice.
Regulator: Swedish Financial Supervisory Authority (Finansinspektionen).
Regulation in force: 1988 (when the bank was established).
Ikano Bank is a member of the Finance & Leasing Association (FLA) and follows the FLA lending guidelines and implements KYC/AML/CFT protocols in all markets to ensure compliance.
📈 trading products
Ikano Bank's trading products are mainly its financial services and products, including:
savings account: fixed and flexible savings options are available, no monthly fee, and minimum deposit balances are required.
Loan products: personal loans, car loans and mortgage loans, the loan amount is determined based on credit evaluation.
Credit cards and private label cards: credit cards in partnership with IKEA, Volkswagen, etc., which support installment payments.
Leasing & Factoring: Optimize cash flow by providing equipment leasing and receivables financing for businesses.
Payment solutions: Installment and financing plans for retailers to enhance their sales capabilities.
These products are mainly traditional banking services, non-crypto assets, and are offered through online platforms and retail partnership channels.
💻 trading software
Ikano Bank's trading software is its online banking platform and mobile application, and its main features include:
Account Management: Enables real-time query and operation of savings, loans, and credit card accounts.
Loan application: Connect with retailers (such as IKEA) through API and complete financing application approval within 60 seconds.
Payment processing: Integrate instant payments with support for multi-currency transactions and installment payments.
Data visualization: Using the Qlik platform, dashboards are provided to support customer and internal decision-making.
The platform is based on a cloud-native architecture based on the TCS BaNCS global banking SaaS solution to support accounts, deposits and retail lending in Sweden and beyond. Apps are distributed through the App Store and Google Play, and require SSL encryption and two-factor authentication to log in.
💳 Deposit and withdrawal methods
Ikano Bank supports a variety of deposit and withdrawal methods, combining traditional banking and digital channels:
bank transfer: Deposits and withdrawals are processed via SEPA or SWIFT, and currencies such as Swedish krona and Euro are supported.
Online Payments: Instant transfers and bill payments via mobile app or online banking.
ATM withdrawals: Free withdrawals at in-network ATMs using the Ikano card, $2-5 per trip at non-network ATMs.
T/T: Domestic and foreign T/T transfers are supported, and the fees are based on the market and amount (usually $10-30).
Deposits and withdrawals are subject to KYC/AML requirements, and some accounts (e.g. savings) may have a minimum balance to waive the monthly fee ($5-$25).
📞 Customer support
Ikano Bank's customer support is available to individuals, retailers, and corporate customers in the form of:
Telephone support: Localization consulting at the headquarters in Sweden (+46 46 286 36 50) and other market branches, Working hours are Monday to Friday 9:00-17:00.
Email: Support is provided through the official website (info@ikanobank.se), and the response time is usually 1-2 business days.
Live chat: Mobile apps and online banking offer live chat support for account and loan issues.
Social Media: LinkedIn and Twitter respond to customer inquiries and share service updates.
Support is mainly in English, Swedish, and other local languages, and service hours vary by market to meet the needs of multi-market operations.
🔑 Core Business & Services
Ikano Bank's core business is consumer finance and retail finance support, including:
retail bank: providing savings accounts, personal loans and credit cards, and acquiring Nordnet in 2024 SEK 3.8 billion loan portfolio with 26,000 new customers.
Retail Finance: Partnered with IKEA to provide installment payments and credit cards, accounting for 30% of the bank's business, with 50,000 new IKEA customers in 2023.
Commercial Finance: Supporting equipment financing and cash flow management for SMEs through leasing and factoring services, the factoring and leasing business grew significantly in 2023.
Digital Transformation: Reduced loan approval to 60 seconds and reduced operating costs by 65% with TCS BaNCS and UiPath automation.
The business is characterized by a combination of traditional banking and digital innovation to serve consumers and retailers, with an emphasis on fairness and affordability.
🌐 Technical Infrastructure
Ikano Bank's technology infrastructure supports its digital banking services, including:
TCS BaNCS: A cloud-native SaaS platform that integrates accounts, deposits, and loans, and supports standardized processes across multiple markets.
UiPath Automation: Deploy RPA bots to process 30,000+ customer record updates, shortening loan approval to 60 seconds.
Qlik Data Platform: Provides data visualization dashboards to support decision-making and customer insights.
Cloud architecture: Based on AWS or Azure, it supports high availability and multi-market data processing.
Cybersecurity: Secure SSL encryption, two-factor authentication, and blockchain audit trails to protect data and transactions.
With digitalization, automation, and security at its core, the technology stack adapts to the needs of multi-market banks.
⚖ Compliance & Risk Control System
Ikano Bank's compliance and risk control system strictly adheres to Swedish and EU regulations:
KYC/AML/CFT: implements comprehensive identity verification and transaction monitoring, in compliance with the Anti-Money Laundering and Counter-Terrorist Financing Regulations.
Data privacy: Comply with GDPR and Swedish Data Protection Act, and handle reports of violations through the EthicsPoint Alertline.
Risk management: Real-time monitoring of credit risk and market risk through TCS BaNCS and Qlik platforms.
Compliance Audit: Equal pay gap analysis is conducted annually to ensure gender equity, and the 2023 report shows that the pay gap is lower than the industry average.
FLA Guidelines: As a FLA member, follow the Loan and Credit Card Service Standards.
Risk control measures focus on credit assessment, data security, and regulatory compliance to ensure robust operations.
📍 Market Positioning & Competitive Advantage
Market Positioning: Ikano Bank is positioned as a digital bank for consumer finance and retail finance, serving individuals, retailers, and SMEs with simple and fair financial solutions.
Competitive advantage:
IKEA endorsement: Partnering with Ingka Group to reach IKEA's customers in 31 markets and strengthen brand trust.
Digital efficiency: TCS BaNCS and UiPath automation reduced loan approval time to 60 seconds and reduced operating costs by 65%.
Multi-market operation: Covering 8 European markets, with assets of SEK 41.5 billion in 2023 and a solid customer base.
Sustainability: Attract ESG-focused clients through green financing and CSRD compliance.
Key competitors include Nordea, Swedbank and Revolut, with Ikano Bank differentiating itself with the IKEA ecosystem and digital transformation.
🤝 Customer Support & Empowerment
Ikano Bank empowers customers by:
convenient service: Online platform and mobile app provide self-service loan application and account management, and approve IKEA financing in 60 seconds.
Retail support: Installment payments for retailers such as IKEA, with 50,000 new customers in 2023.
Corporate Finance: Factoring business grew significantly in 2023 by optimizing the cash flow of SMEs through leasing and factoring.
Educational content: Educate about financial literacy and fraud prevention through blogs and social media.
Empowerment focuses on simplifying financial services and enhancing the customer experience, with an emphasis on equity and accessibility.
🌱 Social Responsibility & ESG
Ikano Bank's ESG practices include:
Environment: Supporting green financing, launching sustainable equipment leasing in 2023, and reducing carbon footprint.
Social: Through the "Ungas Vägar" programme, Malmö youth employment has been supported since 2019, with 70% of participants finding work or continuing their studies.
Governance: Equal pay analysis is conducted annually, and the gender pay gap in 2023 is lower than the industry average, in line with CSRD disclosure requirements.
The company uses IBM Envizi ESG Suite to integrate ESG data and complete CSRD compliance readiness by 2024 to ensure transparent reporting.
🤲 Strategic Cooperation Ecosystem
Ikano Bank's strategic cooperation includes:
Ingka Group: Providing IKEA credit cards and installment payments, accounting for 30% of the business, adding 50,000 new customers in 2023.
Technology Partners: Partnering with TCS (BaNCS Platform), UiPath (RPA) and Qlik (Data Visualization) to advance digital transformation.
Retailers: Partnering with Volkswagen, Shell, Lindex, and others to provide sales financing and private label cards.
Consultancy: Partnered with IBM Consulting and Ikano Insight to optimize CSRD compliance and ESG data management.
The cooperation ecosystem is centered on the IKEA ecosystem, digitalization and ESG, and strengthens its competitiveness in the European market.
💰 Financial health
Ikano Bank's financial information is partially disclosed:
revenue: $137 million in sales revenue in 2023 (approximately SEK 1.45 billion, Dun & Bradstreet data).
Assets: Total assets in 2023 are SEK 41.5 billion (approximately USD 3.9 billion), loans are SEK 26.8 billion, and deposits are SEK 24.1 billion.
Equity: Total equity of SEK 4.7 billion in 2023, core Tier 1 capital of SEK 5 billion, and a sound capital adequacy ratio.
Acquisitions: Acquisition of Nordnet's loan portfolio for SEK 3.5 billion in 2024 to strengthen the consumer lending business.
The financial health is stable, benefiting from the support of Ingka Group and the reduced costs of digital transformation.
🚀 Future Roadmap
The
future development of Ikano Bank includes:
Digitalization Deepening: Expanding TCS BaNCS to all markets to achieve fully digital banking services by 2025.
Market expansion: Consolidation of the Polish and German markets and exploration of new European markets.
Green Finance: Roll out more sustainable financing products to support CSRD and Paris Agreement goals.
Customer growth: 100,000 new retail customers by 2025 through the IKEA ecosystem.
The roadmap is based on the company's strategy and industry trends, and is subject to regulatory and economic conditions.
