Swedish crypto exchange Safello has signed a strategic framework agreement with Marginalen Bank that will enable Safello's customers to access banking services and products provided by Marginalen Bank via Safello's platform.
Photo by Emelie Moritz, CEO Safello: Morten Brun
- For a long time there has been little significant innovation in Nordic fintech, but that is changing. The partnership with Marginalen is a huge leap towards our goal of becoming a full-fledged crypto bank,” says Safello CEO Emelie Moritz, and continues:
- By integrating banking services into our platform, we are addressing a broader market and are pioneers at the intersection of decentralized and traditional finance, using the economics surrounding digital assets to create new innovative financial services for Safello's clients.
In a video interview we did with Moritz earlier this year, she spoke about Safello's ambitions to develop the company from being a crypto broker to becoming a crypto bank.
The deal does not in itself make Safello a bank, but builds on what is referred to in Fintech as embedded finance, where financial and banking services are embedded into other platforms and applications outside traditional banks. However, the agreement between Safello and Marginalen is the first time in the Nordic region that a crypto exchange integrates banking services on such a large scale.
The framework agreement includes integrated banking infrastructure, Banking-as-a-Service (BaaS). Via Marginalen's BaaS model, Safello gains API-based access to core banking functions, while Safello maintains its focus on digital assets.
The framework agreement enables Safello's more than 400,000 customers to seamlessly access portions of Marginalen Bank's banking services and products. The services and products initially made available to Safello's customers under the Framework Agreement are: fully-fledged payment accounts, payment of bills and services, Swish connectivity and debit cards. The parties intend to extend the framework agreement with additional banking services and are exploring further extensions.
Final technical development and integration is scheduled to take place in the third and fourth quarters of 2025, with expected launch to customers late in the fourth quarter of 2025.
The overall financial impact for Safello will depend on the number of cards and accounts distributed. Initially, it will incur a net cost for Safello, but, according to a press release from Safello, has the potential to become an additional revenue stream.
The agreement involves Safello paying Marginal Bank fees per card and account to which end customers subscribe, while Safello's earnings will consist of a share of the fees charged to end customers, as well as share of revenue from Marginal Bank's debit cards.
- At Marginalen Bank, we are not only content with enabling integrated finance, we are accelerating it. Through our partnership with Safello, we are transforming premium integrated banking into real solutions that are secure and, above all, accessible to more people than ever,” says Fredrik Hong Hammargren, Commercial & Growth Manager at Marginalen Bank. “This partnership demonstrates the strength of integrated banking infrastructure to drive new, innovative financial experiences,” says Hammargren.
Marginalen Bank is a Swedish bank that offers a range of financial services to both individuals and businesses. The bank has around 300,000 customers in Sweden and 300 employees.
Swedish crypto exchange Safello has signed a strategic framework agreement with Marginalen Bank that will enable Safello's customers to access banking services and products provided by Marginalen Bank via Safello's platform.
Photo by Emelie Moritz, CEO Safello: Morten Brun
- For a long time there has been little significant innovation in Nordic fintech, but that is changing. The partnership with Marginalen is a huge leap towards our goal of becoming a full-fledged crypto bank,” says Safello CEO Emelie Moritz, and continues:
- By integrating banking services into our platform, we are addressing a broader market and are pioneers at the intersection of decentralized and traditional finance, using the economics surrounding digital assets to create new innovative financial services for Safello's clients.
In a video interview we did with Moritz earlier this year, she spoke about Safello's ambitions to develop the company from being a crypto broker to becoming a crypto bank.
The deal does not in itself make Safello a bank, but builds on what is referred to in Fintech as embedded finance, where financial and banking services are embedded into other platforms and applications outside traditional banks. However, the agreement between Safello and Marginalen is the first time in the Nordic region that a crypto exchange integrates banking services on such a large scale.
The framework agreement includes integrated banking infrastructure, Banking-as-a-Service (BaaS). Via Marginalen's BaaS model, Safello gains API-based access to core banking functions, while Safello maintains its focus on digital assets.
The framework agreement enables Safello's more than 400,000 customers to seamlessly access portions of Marginalen Bank's banking services and products. The services and products initially made available to Safello's customers under the Framework Agreement are: fully-fledged payment accounts, payment of bills and services, Swish connectivity and debit cards. The parties intend to extend the framework agreement with additional banking services and are exploring further extensions.
Final technical development and integration is scheduled to take place in the third and fourth quarters of 2025, with expected launch to customers late in the fourth quarter of 2025.
The overall financial impact for Safello will depend on the number of cards and accounts distributed. Initially, it will incur a net cost for Safello, but, according to a press release from Safello, has the potential to become an additional revenue stream.
The agreement involves Safello paying Marginal Bank fees per card and account to which end customers subscribe, while Safello's earnings will consist of a share of the fees charged to end customers, as well as share of revenue from Marginal Bank's debit cards.
- At Marginalen Bank, we are not only content with enabling integrated finance, we are accelerating it. Through our partnership with Safello, we are transforming premium integrated banking into real solutions that are secure and, above all, accessible to more people than ever,” says Fredrik Hong Hammargren, Commercial & Growth Manager at Marginalen Bank. “This partnership demonstrates the strength of integrated banking infrastructure to drive new, innovative financial experiences,” says Hammargren.
Marginalen Bank is a Swedish bank that offers a range of financial services to both individuals and businesses. The bank has around 300,000 customers in Sweden and 300 employees.
