Sweden's GreenMerc has cut its running costs by about SEK 400,000 a month, and subsidiary Northcrypto posted an operating profit in July and August. The freed-up money goes to the banking product Trijo One.
Photo: Ari Liukko is chief executive of GreenMerc, the group behind Trijo and Finland's Northcrypto.
GreenMerc AB (publ) is a Swedish listed group that owns the crypto exchange Trijo in Sweden and Northcrypto in Finland. In the second quarter, Trijo's Swedish customers were moved to Northcrypto's platform, which is licensed under MiCA, the EU's rulebook for crypto services. The company now says the savings take full effect from October, that Northcrypto is making money, and that management has lent the group SEK 1 million.
The savings programme cuts the group's running costs by about SEK 400,000 a month, or about SEK 4.8 million a year. The savings come mainly from a leaner organisation and from supplier and system agreements that have been renegotiated or terminated. The programme takes full effect from October, so the entire saving shows in the fourth quarter, and the company says implementation involves no significant one-off costs.
In the first half of the year the group's EBITDA, operating profit before depreciation and write-downs, was about minus SEK 3.0 million. That includes one-off costs of about SEK 0.7 million linked to the MiCA process and the restructuring of the Swedish business. Excluding those, the loss was about SEK 2.3 million, or an average of SEK 1.1 million per quarter. The saving of SEK 1.2 million per quarter is therefore larger than the underlying loss in the first half.
The company says customer service, compliance and system development are not affected by the cuts.
Moving Trijo's Swedish customers to Northcrypto means the group's crypto business now operates under a single licence and a single organisation. That has made it possible to wind down duplicate systems, supplier agreements and workflows, and accounts for part of the savings.
With lower costs and a larger customer base, Northcrypto posted a positive operating result (EBIT) in both July and August 2026. At the end of June, Trijo and Northcrypto had 77,902 customers between them.
The freed-up resources go to what the company calls its largest growth initiative, Trijo One. The service combines a bank account, card, Swish and payments with regulated crypto trading and custody, and is developed on Marginalen Bank's platform for embedded banking services.
The number of pre-registrations has risen from just over 1,000 at mid-year to more than 1,700. The 77,902 existing customers are the target group from launch. The company gives no launch date, but says an announcement will follow.
"We have adjusted the cost base to market conditions while prioritising what creates long-term value: our customers, compliance and product development. Northcrypto is now profitable and interest in Trijo One continues to grow. The focus now is on execution and launch," says Ari Liukko, chief executive of GreenMerc, in the announcement.
Northcrypto is authorised as a crypto-asset service provider (CASP) under MiCA and as a payment institution in Finland. GreenMerc Finance is authorised as a payment institution and as a crowdfunding service provider under ECSPR in Sweden. The licences can be passported, meaning they can be used across the EU/EEA without a new application in each country.
The group also says it has received short-term loans totalling SEK 1 million from members of management. The announcement was published as inside information under the EU Market Abuse Regulation on Wednesday morning.
Sources: GreenMerc
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