Hilbert Group AB, a Swedish quantitative investment company, has completed the acquisition of Nordark, a Stockholm-based crypto banking platform. The transaction, finalized using Hilbert shares, represents a significant step in Hilbert‘s strategic expansion within the European digital finance market.
The initial agreement involves 2,970,105 Hilbert B shares, subject to a two-year lock-up period. Further shares, potentially reaching a total of 16,830,596, could be awarded based on Nordark achieving ambitious growth and profitability targets by 2027.
This acquisition is expected to generate substantial new revenue streams for Hilbert. Nordark‘s established infrastructure, including a loan book pipeline of approximately USD 2.5 billion and a diverse clientele of tier-1 institutional clients, complements Hilbert‘s existing asset management and decentralized finance (DeFi) capabilities.
Nordark‘s revenue model, encompassing banking fees, trading commissions, and loan interest, aligns well with Hilbert‘s strategies. The integration of Hilbert‘s yield-enhancing hedge fund products with Nordark‘s platform and loan demand is anticipated to create a robust and high-margin revenue stream.
The two companies’ synergies are substantial. Hilbert‘s asset management expertise will enhance Nordark‘s business model, while Nordark‘s infrastructure will improve Hilbert‘s Syntetika platform. The integration will also streamline operations, reducing costs and mitigating risks.
Barnali Biswal, CEO of Hilbert Group AB, stated that the combined strengths of both organizations will create a powerful, full-stack platform for institutional clients. Jonathan Granath, CEO of Nordark, expressed that the merger with Hilbert would allow Nordark to effectively bridge the gap between traditional finance and the digital asset economy.
The transaction’s completion is subject to standard conditions and board approvals. Hilbert Group acknowledged the contributions of Jockum Hultén of Snowball Capital and John Lilic, a Web3 angel investor and Hilbert Group board advisor, in facilitating the acquisition.
Nordark, founded in 2023, offers comprehensive banking, trading, and lending services specifically designed for digital asset businesses. Its services include fiat accounts, instant settlements, integrated crypto trading, and secure crypto-backed loans. The platform supports major DeFi protocols and bridges the gap between traditional finance and digital assets. The acquisition is expected to be concluded by September 15th.
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