26 May 2020

Hammarskiöld assists Froda to become a credit institution

Froda is Sweden’s fastest growing corporate lending institution providing credits to small and medium-sized companies. By its smart platform and technology driven focus, Froda enables quick online access to credit for businesses. Hammarskiöld is very proud to have assisted Froda to become authorised as a credit institution. It is an important milestone for Froda and provides a foundation for further future growth and expansion. Froda has an essential role in providing additional liquidity to business in order for them to persevere the challenges posed by the current Covid-19 pandemic.

The Swedish Financial Authority (the SFSA) has only granted a handful of authorisations for credit institutions during the last five years. For tech-driven lenders to become authorised as credit institutions is a challenging project. Hammarskiöld’s approach in assisting clients in relation to applications to SFSA is to focus and put great attention to quality in all aspects of a very purpose driven-application process with close co-operation with the client. This has been a most successful approach, proven by many successful regulatory application projects where Hammarskiöld has assisted.

“Froda’s commitment to the project combined with Hammarskiöld’s experience of the SFSA’s supervisory practices and requirements has been a great combination. We have been able to achieve great results by working closely together with Froda and seamlessly with other specialists, aligning Froda’s organization and internal governance as required to become a credit institution authorised by the SFSA. It has been a most successful project, I am very proud of our team and we congratulate Froda on reaching this important milestone.”, says Mattias Anjou, partner and responsible for Hammarskiöld’s Banking & Finance Practice Group.

“Hammarskiöld has been a most valuable partner to us in this strategic matter for Froda. It has been important for us to be able to rely on a trusted legal advisor in a project of this magnitude. The great team at Hammarskiöld know our business very well and have throughout the process provided timely, accurate and practical advice based on deep knowledge of supervisory and regulatory matters. We are most pleased with the result”, says Olle Lundin, Managing Director of Froda.  

Hammarskiöld’s team consisted of Mattias Anjou (partner), Emma Lindwall (senior associate), Johan Löfquist (associate) and Isabelle Vinterskog (trainee associate).