Axo Group and Zmarta Group to combine their digital personal finance platform businesses in the Nordics

Through this transaction, the intent is that all personal finance comparison services under the Zmarta brand will be integrated into Axo, as well as energy price comparison under the Elskling brand and insurance distribution previously under the Insplanet brand.

As a result of strong geographic and product synergies, the integration of Zmarta will allow Axo to expand its core competencies and extend its service offering to a broader customer base, positioning the group as a leading digital pan-Nordic platform for personal financial services. In addition, the incorporation of energy price comparison and insurance distribution into Axo’s rapidly growing uScore platform will enhance its product offering, creating a comprehensive personal finance solution that drives greater value for customers and partners across the Nordic region.

Since its founding in 2008, Axo has expanded its offerings through a diverse product panel of over 80 leading banks, credit card providers, and insurance companies, delivering tailored financial solutions to customers across the Nordics. The expanded Axo will serve a larger and growing Nordic market with a broader product portfolio, more than doubling the number of partners on its platform and solidifying Axo’s leading position in personal finance distribution. 

This milestone underscores Axo’s commitment to creating a highly scalable digital product distribution platform across the Nordic region. By leveraging technology, marketing excellence, and a broader product portfolio, Axo aims to deliver exceptional value to customers and partners within banking and other verticals, such as energy and insurance.

Bauer Media Group will become a minority shareholder in Axo. Corsair Capital, Axo’s majority investor since 2020, will remain the controlling shareholder of the business alongside Axo management.

Jostein Christian Dalland, CEO of Axo Group, stated:

“The integration of Zmarta into the Axo Group represents a major milestone. The transaction positions the Axo Group as a leading personal finance platform and comparison provider in the Nordic region, amplifies our ability to scale through technology, and diversifies our product offerings to serve our customers even better. In particular, the established Zmarta brand and customer base strengthens our presence in Sweden and accelerates growth in Finland, aligning with our strategic ambitions.”

Catharina Skommevik, CEO of Zmarta, stated:

“Axo shares our commitment to delivering innovative and customer-centric solutions, and this partnership represents an exciting opportunity to build on our strong foundation and scale our combined businesses in the Nordics.”

Paul Keenan, adviser to the Bauer Media Group, stated:

“Bauer Media believes that Axo’s track record and knowledge of the consumer finance markets makes them very well placed to become a strong partner and to scale Zmarta’s business in the Nordics. Bauer Media’s strategy is to focus on growing its core Publishing, Audio and related media businesses. We will use a variety of business models for its other businesses, including working with strong partners, to achieve this. As a minority shareholder in the Axo Group, Bauer Media will also share in the value creation from the integration of Zmarta into Axo Group.”

The transaction is subject to customary closing conditions. Financial terms of the transaction were not disclosed.

About Axo Group
Axo Group is a leading Nordic financial services provider, operating across Norway, Denmark, Finland, and Sweden. With a focus on personal loan and credit card brokering, insurance distribution, and personal finance management, Axo Group powers uScore – the region’s premier personal finance platform. Axo partners with over 80 banks and credit providers delivering a comprehensive range of financial products to help consumers make smarter financial decisions. Headquartered in Norway, Axo Group is committed to driving growth through innovation, digital excellence, and best-in-class customer solutions.

About Zmarta
Headquartered in Sweden, the Zmarta Group operates in Sweden, Norway and Finland, and provides comparison services in private loans, mortgages, business loans, electricity contracts and insurance. Boasting more than 150 partners in total, including banks, lenders, electricity and insurance companies, it has been owned by Bauer Media since September 2016.

About Bauer Media Group
We are a media business focused on creating content that matters to millions of people across Europe. Our offering extends from print and online publishing to audio broadcasting and entertainment, alongside investments in other media related sectors. With more than 500 million copies sold each year, we are one of Europe’s largest Publishers. From women’s and celebrities’ magazines to TV listings to food and special interest, we own some of the most popular publishing brands in Germany, UK, Poland and France – both digital and print. But not only that. Reaching over 61 million listeners weekly, we operate over 150 radio and podcast brands in nine countries, spanning the UK, Ireland, Poland, Slovakia, Denmark, Sweden, Finland, Norway and Portugal. Family-owned in the 5th generation, Bauer Media focuses on the long-term, with a consumer-first mindset that guides us across our diverse portfolio. Our workforce of 12,000 shares a common purpose: to deliver content and services that enrich people‘s everyday lives.

About Corsair
Corsair is a specialist investment firm offering opportunities for investors and solutions for companies across its private markets Buyouts and Infrastructure businesses. The firm’s buyouts business is a financial services investor focused on making control investments in three verticals: Payments, Software, and Business Services. The infrastructure business operates as a strategic partnership with Investcorp as of December 2023. Investcorp Corsair focuses primarily on core plus and value-added opportunities in transportation, logistics, and associated infrastructure subsectors, blending operating platforms and deep sectoral expertise with equity sponsorship. Corsair has invested $13.6 billion in capital across buyouts and infrastructure since inception.  For more information, please visit https://www.corsair-capital.com/ and follow us on LinkedIn. 

Media Contacts

For Axo Group:
CEO Jostein Christian Dalland
Email:press@axogroup.com
Or
Communication Advisor Jan Ottesen
Phone: +47 900 91037
Email: jan.ottesen@corpcom.no

For Zmarta Group:
PR Manager Ola Söderlind
Phone:+ 46 761 411 466
Email: ola.soderlind@zmartagroup.com

For Bauer Media Group:
Nigel Thornton
nigel.thornton@bauermedia.com
+44 7785433122
Or
kristina.wp.olander@gknordic.com
+46 725453474

For Corsair:
Ryan Smith / Rianna Bresse / Peter Gavaris
Prosek Partners
pro-corsair@prosek.com