Nordic Compass brings together more than 40 leading Nordic companies, foundations and organisations, including SEB. The initiative builds on the view that the Nordic countries can make better use of their combined economic and industrial strengths by working more closely across national borders.
Nordic Compass was launched in May 2026 and is initially focusing on capital markets, deep tech, defence and energy.
“For SEB, the initiative is an opportunity to contribute to closer Nordic cooperation and create better conditions for investment, innovation and long-term growth. It benefits Swedish and Nordic companies, SEB’s customers and society at large,” says SEB’s Chief Financial Officer Christoffer Malmer.
One of four priority areas is capital markets
The ambition is to connect Nordic savings and investment opportunities more effectively and make it easier for companies to access financing as they grow. Five initiatives have been identified within the capital markets track, including a Nordic growth and scale-up fund, a more integrated public market and measures to increase institutional and household investment.
The need for growth capital is significant. Nordic companies are estimated to require EUR 35bn in Series A to C financing between 2027 and 2031. Even with existing Nordic funds and continued foreign investment, the projected funding gap could amount to as much as EUR 10bn.
Series A to C funding refers to successive rounds of investment in relatively young companies as they grow and scale.
Another proposal aims to make the Nordic public markets more integrated. Together, Nordic stock markets have a market capitalisation of EUR 2.5tn and around 1,400 issuers, but they are still largely viewed as separate national markets.
For SEB, the capital-markets work is closely linked to the bank's role in supporting companies, entrepreneurs and investors. A deeper and more connected Nordic market could improve access to growth financing and make cross-border investment easier. The wider ambition is to help more Nordic companies secure the capital they need to scale and compete internationally.
The initiatives in Nordic Compass are intended to move beyond recommendations towards implementation, led by companies where possible and together with governments and public institutions where necessary.