This seems like excellent news, enabling rapid volume growth?
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Yes, excellent news for Alisa Pankki. Enables rapid growth in volumes, internationalization, etc. And if the cooperation goes well, someone might even be interested in an acquisition…
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Alisa Bank also informed business customers that the free current account will be discontinued and the new price will be 9e/month.
At least for my own company, this will mean moving the customer relationship elsewhere.
Of course, in the big picture, it’s probably smart to get rid of small companies that are only looking for a free account. This will hardly drive away customers who use a wider range of services.
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Here are Kassu’s comments on this recent Nordea collaboration: 
Alisa Pankki announced that it is starting a strategic cooperation with Nordea. Through this cooperation, Alisa Pankki will start offering its invoice financing service to Nordea’s SME customers. In our opinion, the news is an encouraging and right-directional step in the implementation of the company’s previously slowly progressing BaaS (Banking as a Service) strategy. The agreement opens up a significant new distribution channel for Alisa’s invoice financing and provides a way to increase financing volumes and revenues.
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Wait a minute - is Alisa providing technology to Nordea or a factoring service? So, will the factoring generated through the cooperation be on Alisa’s or Nordea’s balance sheet?
Quite a big difference.
The cooperation is reportedly based on referrals…meaning that the liabilities and profits/losses are with Alisa Pankki. Nordea, on the other hand, has reputational risk and a share of the profits.
The Board of Directors of Alisa Pankki Oyj has decided on October 6, 2025, to evaluate the divestment of the bank’s consumer financing. This decision is part of the company’s strategy, according to which the bank will increasingly focus on financing SMEs and growing its own deposit base in the future.
According to the half-year report 06/25, the bank’s consumer financing loan portfolio amounted to approximately 78 million euros.
The divestment is estimated to occur in phases during 2025 and 2026. The bank’s Board of Directors expects the divestment to have a positive impact on the bank’s 2025 profit before taxes and one-off items.
Kukka Lehtimäki has been appointed as the Deputy CEO of Alisa Pankki Oyj starting from October 7, 2025. Lehtimäki has worked at Alisa Pankki since 2022 and serves as the bank’s CFO and a member of the management team.
The previous Deputy CEO, Juha Saari, has resigned from the bank’s service.
The appointment is conditional on the Financial Supervisory Authority having no objections to the appointment.
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Here are Kassu’s comments regarding that recent announcement, namely, about Alisa considering exiting consumer finance.
Alisa Bank announced yesterday that it is considering exiting consumer finance. The decision is a continuation of the company’s strategy, where the bank focuses on financing SMEs and growing its own deposit base. In practice, this means accelerating the implementation of the strategy. We view the announcement with cautious optimism, as it frees up the company’s resources for its core business.
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Cash in hand, indebtedness will at least decrease, and the earnings impact is positive.
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The company’s market value is roughly 28 million, and now it sells a low-profitability business and receives 51 million. The stock price is only +2%; I would have believed that the stock price would have risen more strongly.
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Kassu’s comments, as Alisa sells most of its consumer loan portfolio.
The sale of the loan portfolio was not a big surprise, as the company had previously stated it was considering divesting the portfolio. Although the company estimates it will record a positive one-time gain from the transaction, the sale of the loan portfolio will lower Alisa’s earnings level without significant cost adjustments. Therefore, volume growth in invoice financing is even more crucial for the bank to be able to turn its results positive again. We will incorporate the transaction into our forecasts at the latest when its impact on earnings becomes clearer.
https://www.inderes.fi/analyst-comments/alisa-pankki-myy-valtaosan-kuluttajaluottokannastaan
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Alisa Pankki Plc - Management Transactions - Laine - Inderes
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Management in buying mood after the transaction was announced. It might have been a pretty good deal. 
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I’m not surprised by the management’s purchases, because we tried to open a business account for a client at Alisa Bank, and there seemed to be a 6-week queue before the account opens! So, there’s a queue of customers, and now that they are starting to charge 7,90 €/month and there are currently 63,000 customers, that makes an additional 500,000 €/month. Looks good!
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A queue of disappointed customers? You’re probably not the only one moving your customer relationship and account elsewhere.
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Indeed. The company’s market value is just over 30 million and 51 million € in cash.
Hmmm…
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It should, of course, be noted that this is a credit institution generating a negative return on capital. So the loan portfolio was likely sold at some discount, and I don’t understand the connection between the market value and the cash sum of the deal.
In my opinion, the move is correct, but not a great deal. The idea is to divest from poorly profitable operations and focus on invoice financing, which is at the core of the strategy. Time will tell if this works better.
The scale should be much larger for the business to be profitable. A large part of the organization consists of essential fixed risk management, etc., which should scale to some extent, so that as the scale grows, more remains below the line. With current volumes, it is difficult or impossible to operate profitably, meaning growth must be achieved.
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Yesterday I watched CEO Sampsa Laine’s “Inderes interview” from last August (Alisa Pankki H1’25: Alkuvuosi jäi pettymykseksi - Inderes). He spoke very consistently and realistically about past events and events aiming for the future. After the video, I read Alisa Bank’s press releases, events, and the Inderes forum to see what has happened in the real world since the interview. Indeed, those good positive things that Sampsa previously highlighted in the video have started to happen at Alisa Bank. And at what pace! A man of his word and deeds.
The volume growth of invoice financing for corporate customers (which is now part of the core business after the sale of non-core assets) is increasingly important for the bank to be able to turn its results positive again. I personally cannot think of a single better, larger, or more international partner for Alisa than Nordea. Nordea is known to Alisa’s management, and they know what Nordea wants from Alisa in the future. Alisa’s CEO has had a long career at Nordea and Danske Bank in various leadership roles. As a partner of Nordea, growing volumes and internationalization depend solely on their own actions.
Alisa’s market cap is only ~33 million € and now 51 million € will flow into the cash register after the sale of non-core assets. All resources can be focused on the core business.
After all the various considerations, forum information, my research, interviews, and insider trades, I decided to join this. I see a lot of upside in this case 
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Good reflections, and I largely agree. The strategy finally makes real sense after a long time, and the business model should also be scalable. The most essential question is therefore the growth of invoice financing that you also brought up, and especially the potential brought by Nordea. This is not an automatic jackpot in my opinion, because if I have understood correctly, the cooperation volumes come, as it were, through references. Nordea thus tips off its smaller customers who need invoice financing about the possibility of Alisa’s invoice financing service, and after this, the customer makes the application themselves. At the same time, this is a service that has not practically been available to smaller customers before (a large bank’s processes are quite rigid), so there is a genuine opportunity to create a “new” market here. At the same time, it is good to remember that the business is still loss-making, so quite robust growth should be achieved for the case to become attractive at the current share price.
Regarding the transaction amount and cash consideration, in the case of a bank, this has no direct impact on market value, as solvency regulation defines the framework for distributable funds. This will, of course, provide liquidity and solvency, so growth will certainly not be hindered by these.
In its announcement, the company stated that it expects a positive earnings impact from the transaction, which would indeed suggest a transaction price exceeding the book value. This is quite surprising, as Alisa has previously commented that the consumer finance loan portfolio has poor profitability.
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Of course, services must have a reasonable price that matches the service and thus satisfies the customer.
63 000 x 7,9 = 497 700 €/month
497 700 x 12 months = 5 972 400 €/year
Now, if we also get the business customer volumes up, it will be great.
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To this, I would point out that the monthly fee is related to a business account, and the 63,000 customers you used most likely consist mainly of private customers, for whom basic banking services are free. For comparison: In Finland, there are just over 400,000 SMEs in total.
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