Ikano Bank, a Swedish financial institution operating across Nordic and European regions, is set to be fully acquired by IKEA’s parent company, Ingka Group, Ikano Bank said in a statement.

This development follows Ingka Group’s initial acquisition of a 49% stake in the bank in February 2021.

In a significant partnership move, in May 2023, NetSol Technologies, Inc. entered a software-as-a-service (SaaS) agreement with Ikano Bank over its premium product, NFS Ascent.

Peter van der Poel, Managing Director of Ingka Investments, said: “By strengthening our longstanding relationship with Ikano Bank, we will provide and further develop meaningful and responsible customer financing for IKEA’s customers through a seamless omni experience.”

Mats Håkansson, Chairperson of Ikano Bank, highlighted the bank’s commitment to enhancing operations, focusing on simplicity, fairness, and affordability in financial solutions over the past three years. He said: “A new, completely digital bank with solid processes and excellent customer experience is emerging and will make us even more relevant and efficient for our customers.”

Despite the acquisition, Ikano Bank plans to maintain its existing partnerships and business lines, while Ingka Group intends to continue collaborating with partners across IKEA markets to deliver financial services to customers. Ikano Bank operates in Sweden, Denmark, Finland, Norway, the UK, Poland, Germany, and Austria.

The completion of the acquisition is subject to regulatory approval from the Swedish Financial Supervisory Authority and other relevant authorities. Anticipated between September and December 2024, the finalization of the transaction hinges on regulatory clearance.

Does NETSOL’s partnership with IKEA’s banker signal a revival of FaaS?

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