Norion Bank AB (Formerly Collector Bank)

Norion Bank AB, previously known as Collector Bank AB, officially adopted its new name on 5 September 2023. Founded in 1999, It offers a variety of financial services to individuals and businesses, focusing on unsecured personal loans, credit cards, and savings accounts. Headquartered in Gothenburg, the bank also operates offices in Stockholm, Helsingborg, Oslo, and Helsinki. The business is conducted through Norion Bank AB (publ), which is listed on Nasdaq Stockholm.

For personal loans, Collector provides unsecured financing of up to SEK 500,000. These loans can be used for various purposes without the need for collateral. The application process is straightforward, with BankID used for secure identification, and customers receive preliminary decisions almost immediately. Interest rates range from 7.0% to 17.9%, depending on the applicant's creditworthiness, with no setup fees. Direct applications receive an interest discount of up to 0.5%, while joint applications with a co-applicant can result in an additional discount of up to 1%.

Collector’s Easyliving credit card is a Mastercard offering up to 56 days of interest-free credit. It is free from currency surcharges, making it ideal for international travel. The card includes a range of insurance benefits, such as travel insurance, cancellation protection, and comprehensive insurance for household appliances. Customers can also link their card to SAS Eurobonus to earn points and benefit from travel rewards. A free extra card is available for family members, who share the same credit limit and benefits.

The bank’s savings accounts provide competitive interest rates, with a current rate of 3.35% for accounts with no binding period. These accounts have no fees, allow unlimited withdrawals, and are protected by the Swedish government’s deposit guarantee, which covers amounts up to SEK 1,050,000 per person. Customers can manage their savings through the Collector app, which offers a clear overview of balances, and interest earned, and facilitates deposits and withdrawals.

Collector also serves corporate clients with tailored financial solutions, including business loans, factoring services, and real estate financing. Its Corporate segment focuses on medium-sized enterprises in Sweden, Norway, and Finland. Real Estate services cater to residential, office, and industrial property financing in the Nordic region and Germany.

As of November 2024, Norion Bank AB’s market capitalisation is approximately USD 826 million. The bank ensures regulatory compliance, with all savings accounts covered by the government’s deposit guarantee.

Collector Bank, now operating under the name Norion Bank AB, was established in 1999 in Gothenburg, Sweden. The organisation was founded to provide innovative financial solutions to individuals and businesses, focusing on loans, savings accounts, and credit cards. It positioned itself as a digital-first bank, catering to the growing demand for financial services through online platforms.

In its early years, the bank concentrated on providing unsecured loans and expanding its customer base. By the mid-2000s, it introduced savings accounts, offering competitive interest rates to attract individual and corporate clients. This move allowed the bank to diversify its services and strengthen its position in the Swedish financial market. Its strategy of using technology for banking services enabled it to streamline operations and enhance customer experience.

In the 2010s, the bank expanded its presence across the Nordic region by opening offices in Stockholm, Helsingborg, Oslo, and Helsinki. This regional growth was accompanied by an increase in the range of financial products. It launched its credit card, Easyliving, under the Mastercard network, which gained popularity due to its travel-friendly features, including zero currency surcharges and comprehensive insurance coverage. The credit card became a key product, especially among international travellers and frequent shoppers.

During this period, the bank also focused on corporate clients, introducing tailored financial solutions such as business loans, factoring services, and real estate financing. The Corporate segment primarily targeted medium-sized enterprises in Sweden, Norway, and Finland, while the Real Estate segment financed residential, office, and industrial properties in the Nordic region and Germany.

In 2015, Collector Bank became a publicly traded entity, listing its shares on Nasdaq Stockholm. This listing marked a significant milestone, allowing the organisation to raise capital and further expand its operations. Over the following years, the bank continued to invest in digital solutions, launching an app that provided customers with easy access to their accounts and financial services. The app enabled customers to manage loans, savings, and credit cards from a single platform, enhancing convenience and accessibility.

In 2023, Collector Bank underwent a significant rebranding and began operating as Norion Bank AB. This change reflected its evolving identity and commitment to serving a broader range of clients while maintaining its focus on innovation and customer-centric services. Today, the bank operates as Norion Bank AB (publ) and continues to trade on Nasdaq Stockholm.

Norion Bank AB current status

As of November 2024, Norion Bank AB has a market capitalisation of approximately USD 826 million. It remains a prominent player in the Nordic financial market, offering a wide range of services to individuals and businesses. The organisation adheres to responsible lending practices, ensuring customers have access to secure and sustainable financial solutions. Its latest offerings include unsecured loans, credit cards with extensive benefits, and savings accounts with government-backed deposit guarantees.

Norion Bank AB (formerly Collector Bank) aims to provide secure, accessible, and innovative financial solutions to individuals and businesses. The organisation focuses on creating value through sustainable lending, competitive savings options, and user-friendly credit services. Its mission is to ensure customers can manage their finances efficiently and securely by offering transparent products and services tailored to their needs. By leveraging digital technology, the bank strives to simplify banking processes and foster financial growth for its customers while maintaining a strong commitment to responsible and ethical practices.

Norion Bank AB envisions becoming a leading financial institution in the Nordic region, recognised for its innovative, reliable, and customer-focused approach. The organisation aspires to set new standards in digital banking by continuously improving its services to meet the evolving financial needs of individuals and businesses. It aims to empower customers by providing transparent financial solutions that promote long-term stability and growth. Norion Bank AB seeks to build a trusted reputation, ensuring accessibility, security, and sustainability in all its offerings while fostering a positive impact on the communities it serves.

The bank holds an investment-grade rating from Nordic Credit Rating (NCR), reflecting its financial health and lending practices. This rating has been consistently affirmed, with the latest report in March 2024 confirming a stable outlook. Norion Bank AB is listed on Nasdaq Stockholm, showing its adherence to regulatory standards. The bank has received awards, including the Financial News Nordic Awards for Best Payment Services Firm in 2013 and Best Security Services Firm in 2016. It has also been recognised as one of the “Top 100 Best Companies to Work For” in the Nordics and Baltics for the past three years.

Norion Bank AB (formerly Collector Bank) offers a wide range of financial products and services to both individual and corporate clients. These include personal loans, credit cards, and savings accounts for retail customers, as well as tailored financial solutions for businesses. The bank is committed to providing secure, innovative, and user-friendly services to meet the diverse needs of its clients.

Norion Bank AB products and services

Personal Loans: Norion Bank AB specialises in offering unsecured personal loans, also known as blank loans, which do not require collateral. Customers can borrow amounts ranging from SEK 20,000 to SEK 500,000. These loans can be used for various purposes, such as home renovations, debt consolidation, or personal expenses. The application process is straightforward and secure, using BankID for identification, and customers receive a preliminary decision almost immediately. Interest rates are set individually, based on creditworthiness, and currently range from 7.0% to 17.9%. Customers benefit from a flexible repayment period, no setup fees, and free loan protection for the first three months. Additionally, applying with a co-applicant can lead to an interest discount of up to 1%.

Credit Cards: Norion Bank AB’s Easyliving credit card is a Mastercard that offers several features and benefits. Customers enjoy up to 56 days of interest-free credit, with the flexibility to pay in full or in instalments. The card includes travel-friendly features, such as a 0% currency surcharge, making it ideal for international transactions. Comprehensive insurance is provided, including travel insurance, cancellation protection, delivery insurance for online purchases, and cover for household appliances. Customers can also link the card to SAS Eurobonus to earn travel points. An additional card is available for family members at no extra cost, sharing the same credit limit and benefits.

Savings Accounts: Norion Bank AB offers competitive savings accounts with interest rates that help customers grow their savings securely. The accounts are protected by the Swedish government’s deposit guarantee, covering amounts up to SEK 1,050,000 per person. Customers can choose between accounts with no binding periods or those with fixed terms for higher interest rates. As of November 2024, the interest rate for accounts without a binding period is 3.35%. These accounts have no fees, allow unlimited withdrawals, and can be easily managed through the bank’s app, which provides a clear overview of balances and interest earned.

Loan Consolidation Services: The bank provides loan consolidation services to help customers combine multiple smaller loans into a single, manageable loan with better terms. This service reduces monthly costs and simplifies debt management for borrowers.

Corporate Services: Norion Bank AB also caters to businesses by offering tailored financial solutions. These include business loans, factoring services, and real estate financing. The Corporate segment primarily serves medium-sized enterprises in Sweden, Norway, and Finland, providing flexible financial options to support growth. The Real Estate segment focuses on financing residential, office, and industrial properties across the Nordic region and Germany.

Digital Banking Solutions: Norion Bank AB emphasises digital convenience. Its app allows customers to manage loans, credit cards, and savings accounts in one place. The app provides features such as transaction tracking, interest calculations, and the ability to open new accounts or apply for loans seamlessly.