The Swedish Financial Supervisory Authority (FI) has granted a key licence to TF Bank’s Swedish subsidiary TFB Service.

The licence will enable the entity to operate as a deposit taking financial institution.

The move will enable transferring Nordic operations of Ecommerce Solutions to a separate entity.

Currently, the activities form a part of TF Bank under the Avarda brand.

In a statement, TF Bank said: “TF Bank’s Nordic operations in the Ecommerce Solutions segment is expanding heavily and the Avarda brand has experienced a commercial breakthrough in the Nordic markets over the past year.

“At the end of March 2022, the segment’s loan portfolio in the Nordics amounted to SEK1,496 million, corresponding to an increase of 58 % in local currencies compared to March 2021. Through the transfer of the operations to a separate entity, TF Bank believes that the conditions for continued growth and value-creation will be further improved.”

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TF Bank started operations in 1987 by offering consumer loans and sales finance business.

It is now an internet-based niche bank providing consumer banking services credit cards and e-commerce solutions.

The bank conducts deposit and lending activities through branch or cross-border banking in Sweden, Finland, Norway, Denmark, Poland, Germany, Austria, Estonia, Latvia and Lithuania.

In other related developments, fintech firm Ashman secured a restricted banking licence in the UK recently. Ashman will provide lending services to businesses and simple savings for consumers.

Switzerland-based neo banking firm radicant also secured green light to launch a digital bank offering sustainable products.