kompasbank A/S receives banking license from the Danish Financial Supervisory Authority

On March 15, kompasbank received its banking license from the Danish Financial Supervisory Authority (Finanstilsynet). The new bank, distinguished by its innovative digital infrastructure, will focus on the market for small and medium-sized enterprises.

A bank for small and medium-sized enterprises

“Small and medium-sized enterprises are essential to the economy. They are the growth engine, they drive innovation and creativity, and they are where most new jobs and value are created,” says founder and CEO Michael Hurup Andersen.

Small and medium-sized enterprises deserve the best service possible, including diversified access to financing for sustainable, profitable projects and investments. This need has not diminished in the wake of the COVID-19 pandemic.

“As a society, we can stimulate growth by improving our ability to channel capital to small and medium-sized enterprises. The need for financing is substantial, and it is crucial for Denmark that these businesses receive the support they need to reach their full potential,” says Michael Hurup Andersen.

New digital infrastructure

kompasbank a/s stands out from more traditional banks with its new digital infrastructure, which streamlines and enhances all aspects of the business. The platform allows the bank to use modern digital tools to collect and process data more effectively, as well as to form partnerships that benefit business customers.

“We are very pleased to introduce the latest banking technology in Denmark, which makes us competitive from day one,” says Chairman of the Board and founding investor Jeppe Brøndum, who has a background with Blackstone, Barclays, and Danske Bank.

“Our technology enables us to operate with great agility, efficiency, and low costs, without compromising on classic virtues such as service, integrity, and profitability. We look forward to opening for customers in the coming months and sharing more about what we will specifically offer Danish businesses.”

Experienced board and investor group

The board of kompasbank a/s includes experienced finance and business professionals such as Christian Motzfeldt, Johan Lorenzen, Cecilia Hultén, and Ian Wilson. They join Michael Hurup Andersen, who has a background with Saxo Bank, Deloitte (London), and Alvarez & Marsal (London). Supporting them are a range of professional investors, including two of Denmark’s most successful fintech entrepreneurs, Jacob Wandt and Christian Frahm, as well as experienced and prominent private equity investors and business angels from both Denmark and abroad, including Søren Fryland Møller, owner of IPQ Capital. Together, this experienced team is ready to offer the bank of the future for businesses, with the primary aim of helping the country’s small and medium-sized enterprises with financial products and services developed on their terms.

“If we are to move society forward, we need to find a way to more effectively channel capital to small and medium-sized enterprises, and I look forward to when we go live,” says former Vækstfonden Director Christian Motzfeldt, who is on kompasbank’s board.

kompasbank expects to open for customers in the summer of 2021.