Swedbank AB said Tuesday it has agreed to acquire mortgage technology company Stabelo for an initial price of 350 million Swedish kronor to expand its mortgage business and reach younger customers.
The acquisition provides Swedbank with a complementary brand and new technology to target what it sees as a high-potential market segment with fully digital mortgage processes.
The move aligns with the bank's recently announced financial plan, which includes a focus on growing volumes and increasing efficiency through new technologies.
"The acquisition of Stabelo gives us new opportunities to be able to meet more target groups of, among others, younger and more digital customers," said Tomas Hedberg, Deputy CEO of Swedbank.
According to the bank, the final purchase price will depend on Stabelo's development through 2028.
Stabelo, which was founded in 2016 and has about 30 employees, will continue to operate under its own brand, with Hampus Brodén remaining as CEO.
The transaction is subject to approval by relevant authorities.
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