Hilbert Group AB, listed on the Swedish Nasdaq First North, acquires 100% of Nordark, a fast-growing crypto banking platform. The acquisition marks an important milestone in Hilbert's ambition to become Europe's leading full-stack digital finance platform.
The purchase takes the form of an equity transaction.
Hilbert Group is led by CEO Barnali Biswal (pictured).
The deal includes an initial payment of 2,970,105 Hilbert B shares, with a two-year bond term. This share issue could increase to a maximum of 16,830,596 shares if Nordark reaches ambitious growth and profitability targets until 2027. This equates to Nordark's shareholders potentially owning between roughly 3.6% and 20.4% of Hilbert Group. Based on the latest share price, the transaction value ranges from SEK 28 million to SEK 160 million.
According to a press release, the acquisition of Nordark positions Hilbert Group to open significant new revenue streams by combining its established asset management and DeFi strategies with Nordark's banking, trading and lending infrastructure.
“Hilbert now has the foundation to scale Nordark into a business with revenues of several hundred million SEK. By integrating yield-enhancing hedge fund products with Nordark's platform and borrowing needs, Hilbert is poised to create a powerful, recurring and high-margin revenue engine across the digital finance ecosystem,” the press release said.
Hilbert Group currently has a loan book pipeline of approximately US$2.5 billion, tier-1 institutional clients already on board, and a diversified revenue model that includes bank fees, trading commissions and interest income on loans.
The acquisition could provide strong synergies in Hilbert's ecosystem:
“Cryptobanking is severely underdeveloped globally,” says Barnali Biswal, CEO of Hilbert Group AB. “By combining Nordark's banking, trading and lending capabilities with Hilbert's established asset management and DeFi expertise, we are creating a powerful, full-stack institutional platform that can generate tremendous revenue.”
“Joining forces with Hilbert Group is a natural next step for Nordark,” said Jonathan Granath, chief executive of Nordark. “We set out to build a crypto banking platform that bridges the gap between traditional finance and the digital capital economy. With Hilbert's global reach, asset management expertise and DeFi innovation, we now have the scale and ecosystem to realize this vision for some of the world's most sophisticated institutions.”
Nordark offers banking, trading and loan services adapted to digital capital businesses. Its core services include dedicated fiat accounts (USD, EUR, GBP), instant settlements for counterparties, integrated crypto trading with deep liquidity, and secure, overleveraged crypto-secured loans. Nordark supports leading DeFi protocols, exchanges, brokers and stablecoin issuers, bridging the gap between traditional banking and the digital asset market.
