Alisa Bank - Taking collaborations to the next level
Alisa Bank announced a collaboration with Nordea, to provide financing services for its entrepreneur clients. The collaboration is in our view significant through the credibility gained and growth of addressable market.
Significant new collaboration
Alisa Bank announced that it will start a collaboration with Nordea, the leading financial services group in the Nordics. The parties have signed a strategic co-operation agreement aimed at providing invoice financing services for Nordea’s entrepreneur clients, initially to customers in Finland. The collaboration is in our view very significant for Alisa Bank in terms of growing the addressable market but also as a sign of trust in the bank’s software. Invoice funding is a business area which for the larger banks, due to market dynamics, has been of lesser importance. To our understanding, this has partly been due to required infrastructure investments in relation to return potential. As such, we consider the collaboration a strong signal of the competitiveness of Alisa Bank’s software. If the collaboration gets of to a good start, we see further growth potential from expansion to Nordea’s other operating countries and through interest from other financial services providers.
Added support for growth
We have not made any changes to our estimates. We assume a 15% growth in total income in 2026e, and for now we see the collaboration as further support for our estimated growth. We note that Alisa Bank’s business financing volumes are currently quite limited considering the market potential, and the flexibility of the software combined with successful partnerships provides potential for rapid growth. Market demand also appears to be improving, as for instance the construction sector is starting to see some uplift. We expect the collaboration with Nordea to start to show in 2026, while the immediate near-term will still be influenced by cost savings and still a fairly weak market.
REDUCE-rating with a TP of EUR 0.19 (0.16)
In our view, the collaboration with Nordea is a major milestone in accelerating the partnership driven growth through the credibility gained. We adjust our TP to EUR 0.19 (0.16), but with valuation levels in our view still quite challenging retain our REDUCE-rating.