Nordax is a niche bank that specialises in consumer loans, non-standard mortgage loans, and equity-release mortgages.
Nordax is a fully owned subsidiary of Nordax Group AB (publ), which is ultimately controlled by Nordic Capital and Sampo through Nordax Holding AB following a public buyout in 2018. Nordax was founded in 2003 and obtained its banking license in 2014.
The 2019 acquisition of equity-release mortgage specialist Svensk Hypotekspension (SHP) diversified the bank's business mix with a low-risk product targeting elderly customers. In addition, the bank has offered mortgages to non-traditional customers in Sweden since 2018 and sub-prime first- and second-lien mortgages in Norway since 2019 and intends to expand this business to 20% of its loan book (from 11.5% at end-2020) by 2023.