The company pioneered the specialist mortgage markets in Sweden and Norway.
About Bluestep Bank
The bank applies a differentiated approach to serving customers and assessing their underlying credit worthiness. Instead of rigid underwriting criteria Bluestep focuses on understanding each customer's situation and their future financial ability to service the debt. Doing so the company is helping a growing share of the population that are not being served by traditional banks for various reasons. Bluestep offers both lending products and deposits.
Bluestep is headquartered in Stockholm, Sweden with offices in Oslo, Norway and Helsingborg, Sweden and has approximately 270 employees. The bank is licensed by the Swedish Financial Supervisory Authority.
Market trends and drivers
The non-conforming mortgage is a small niche, currently accounting for less than 0.5% of the mortgages market in Sweden and Norway, but with significant untapped potential remaining. Bluestep operates in the stable Nordic credit markets characterized by sound macroeconomic conditions, a data rich environment and a well-functioning legal and collection framework. The strict underwriting criteria from traditional banks leaves a large underserved customer segment. The market enjoys underlying growth from secular trends including increasing presence of modern employment forms, urbanization and immigration.
Bluestep’s unique capabilities to serve this growing niche, in combination with strong operational track record and management team, makes it an attractive investment. EQT VII will support Bluestep Bank on its continued growth and transformation journey by investing in the organization and supporting further expansion.