Nordax Bank, which specialises in financial inclusion, has jumped into the Top 1000 World Banks ranking for the first time this year, spurred on by the recent NKr19.9bn ($1.98bn) acquisition of Bank Norwegian in 2021. With a rise of 204.3% to $1.26bn in Tier 1 capital, the bank enters the ranking at 716th place.
Swedish compatriot Klarna Bank is the second highest mover, with Tier 1 capital rising 163.1% to $2.15bn in 2021. It has moved up 343 positions to 517th in the main ranking. However, more recently the neobank announced it was laying off almost 10% of its workforce and entering a new round of funding that many predict will reduce its valuation by as much as third. Klarna’s CEO has announced that the fintech bank will focus less on growth and more on short-term profitability.
