Swedish neobank Rocker is planning to list on the Nasdaq First North Growth Capital stock exchange. The listing will be a significant one for the burgeoning fintech sector in the Nordics.
Rocker was founded in 2016 as Bynk and renamed itself in January 2020. As Bynk, it had been a mobile loan app. With the name change, Rocker also announced that is would become a neobank. Now, it’s set to list on the Nordic version of the Nasdaq. The company did not provide any details of the number of shares it will issue and at what price it would offer them. It says it will use the money to roll out new services and to grow further internationally.
According to its annual results, Rocker had a revenue of SEK 89m ($10.1m) in 2020, with losses of SEK 72.3m. Rocker has raised €76.5m in total. The neobank achieved a $214.3m valuation following a $54.3m round in 2019.
Majority shareholders Schibsted Tillväxtmedier and LMK Venture Partners have pledged to buy a “significant portion” of the newly issued stocks.
“What drives us at Rocker is to create products and services that solve everyday financial problems and that lead to a more sustainable society,” said Hanna Neidenmark, CEO of Rocker. “Rocker offers customers a comprehensive and well-defined alternative to the traditional bank, which makes them want to manage their finances with us instead.”
Rocker will list under the ticker ROCKER.
However, Rocker is not the only neobank in the Nordics. Stockholm is also home to Northmill, and buy-now-pay-later giant Klarna, which became Europe’s most highly valued privately owned company after securing a $639m funding round and a $45.6bn valuation, is technically registered as a bank in Sweden.
Elsewhere, Icelandic startup indó completed a €1m seed round in March 2020. In August, Denmark’s Lunar raised a €210m Series D, which pushed its valuation past the $1bn mark to unicorn status.
These challenger banks are part of a wider European wave of neobanks, as described in GlobalData’s Beyond the Hype: Insight into Digital Challenger Banks thematic research report.