Swedish leasing broker Nordic Finance is to become a full asset finance provider, and is in the process of creating a leasing system.
While continuing to offer brokering and advising, Nordic Finance will become an independent asset finance company assessing deals and managing them during their life-cycles. Existing customers will be able to retain their leases with Nordic Finance. The leasing platform is to be developed by IT software company Tieto.
Christian Hanson, founder and business developer of Nordic Finance, said: “Our vision is to become the fintech company of the future. We want to build great customer experiences for B2B; turning the experiences we take for granted in B2C into a reality for the leasing business. With Tieto’s leasing platform, we have a proven, reliable, digital solution which can support our ambition to scale up and become a leasing company.”
From the contract agreement to launch, Tieto is expected to deliver the new platform within four months. Nordic Finance cited this speed as a key factor in their decision as they were looking for a system that could be taken to market quickly.
“With our leasing solutions, we are not only helping Nordic Finance to grow their business and enter new market segments, but we are also providing a good foundation for them to build new services and better serve their customers,” said Pedram Tadayon, vice president, credit solutions & services at Tieto.
“We want to drive the IT development so the customer experience for a leasing and rental agreement can be a unique, modern experience, much better than what exists now. The finance companies are currently very slow in developing IT solutions. We are small, own our books, and have money to develop customer experience and solutions. I think we are in a good position to change some of the ways business is made out there,” said Hanson.
Nordic Finance is one of Sweden’s fastest growing financial companies, and aims to trade €600m (£540m) by 2022 and be present in all Nordic countries.
Elsewhere in the Nordic leasing sector in October SG Finans, the Norwegian unit of Societe Generale Equipment Finance’s, received NOK 1.73bn (€180m) from the European Investment Bank to support green investment by SMEs in the country.