The loan portfolio reached SEK 25,271 million at the end of May 2026, up 20% in local currencies versus May 2025. App-users increased 29% year over year to 521,728, while Everyday Finance transaction volume rose 42% to SEK 4,292 million. The figures point to continued growth in the company’s lending and user base, but the update is routine and unlikely to materially move the stock.
The key signal is not just balance-sheet growth, but operating leverage: app engagement and loan growth are still compounding at a pace that should keep acquisition economics favorable even if funding costs stay sticky. In fintech lending, this combination tends to widen the moat for the scaled player because better utilization lowers CAC payback periods and improves cross-sell conversion before competitors can react.
The second-order effect is on competition, not the company itself. Smaller lenders and broker-led originators are likely to feel margin pressure if this growth is being funded through more efficient distribution rather than price cuts; that can force them either to loosen underwriting or spend more on incentives, both of which are negative for credit quality and ROE over the next 2-4 quarters. If this momentum is real, the market may begin to value the platform more like a compounder than a cyclically exposed lender, especially if monthly transaction volumes keep re-accelerating.
The main risk is that growth quality deteriorates before it shows up in headline metrics. A 20-30% expansion rate can mask early-stage credit drift for several months, especially in consumer finance where seasoning lags are long; the inflection to watch is charge-offs or delinquency migration over the next 6-12 months, not next week. A second risk is deposit/funding sensitivity: if rates remain elevated, the company may need to trade spread for volume, which would cap upside even if top-line metrics stay strong.
Consensus may be underestimating how much of this is a competitive-share story rather than a macro story. The better read is that digital distribution is still taking share from branch-heavy incumbents, which means the upside can persist longer than typical loan-growth cycles if customer acquisition remains app-led. That said, if growth decelerates sharply for even one or two months, the market could quickly re-rate the stock lower because fintech lenders are usually priced for continuity, not just progress.
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mildly positive
Sentiment Score
0.25
