Exsitec chose Nordea when they wanted to expand beyond Sweden

Already back in 2000, when Excitec was founded in Sweden, the company had a clear vision of growth. Once the company’s home market was won, Excitec expanded rapidly across the Nordic region – first through an acquisition in Denmark, followed by new operations in Norway and Finland. Today, Exsitec has operations in all the Nordic countries.

This development was achieved by a combination of organic growth and strategic actions, where financing and structure have been essential.

”It is important for us to grow sustainably, with the right financing. Once we were established in Sweden, the Nordic region was the natural next step,” says Anna Gustafsson, CFO at Exsitec.

The challenge: financing, structure and Nordic coordination

As the expansion progressed, Exsitec’s needs evolved. What had previously worked well in a more local setting, now required a group-wide setup. Financing was a key starting point, and so was the need for a clear framework for future acquisitions, a Nordic cash pool and efficient solutions for payments, liquidity and foreign exchange management.

Another crucial factor was the possibility to work with one bank across all countries – one that could also offer local presence with a profound understanding of each market's regulations and structures. Although their subsidiaries are independent, it was important for Excitec to have a banking solution that worked both centrally and locally.

After evaluating a number of options, the company chose to switch to Nordea as their main bank in the Nordics.

”It takes more than just delivering banking services. When a company is ready to take the next step and expand, they need a partner who stays close to them, knows their history and can support their daily banking needs as well as help drive their future development. Their partner must also be able to provide a seamless Nordic approach that works in practice,” says Peter Dalmalm, head of Business Banking at Nordea.

The solution: a proactive Nordic banking partner

In addition to financing, Exsitec was looking for a banking partner with a clear proactive approach – who not only handles everyday banking needs, but also contributes with perspectives on growth, efficiency and future needs.

The discussions with Nordea began several years before the actual switch, with regular meetings and round-tables that helped create a common understanding of the company's business and goals.

”We wanted a bank that would help us move forward, not just react to needs. Nordea was proactive from the start and they still are,” says Anna Gustafsson.

Smooth onboarding across borders

When Exsitec chose Nordea as its Nordic banking partner, the switch was carried out simultaneously in several countries. Despite the complexity, the company perceived the transition as smooth, with a clear structure and close dialogue that enabled them to hit the ground running, without disruptions to the day-to-day operations.

In Denmark, the onboarding process also included changing banks for an already established business. With a clear onboarding plan and close collaborations between Nordea’s local and ISG (International Subsidiary Group) teams and Nordic stakeholders, the implementation was even faster than expected, creating a smooth transition.

An important success factor was the single point-of-contact for Exsitec, while Nordea handled everything behind the scenes. This ensured that the solutions worked both locally and on a group level, with fewer touchpoints, shorter lead times and a banking setup ready to support continued growth.

Nordic collaboration that creates value in practice

The close collaboration between Nordea’s Swedish, Danish and Norwegian teams was crucial for the ability to deliver a seamless Nordic solution while addressing local requirements in each country.

”The cross-border collaboration enabled us to have a holistic approach and at the same time meet the local needs. For Exsitec, this meant secure onboarding and a banking solution that works in their daily operations,” says Daniel Berger, Client Executive at Nordea.

The collaboration means that Excitec now has a Nordic banking setup that frees up time and allows them to focus on what is most important: to continue developing their business.

The result: clear business benefits in daily operations

Since the implementation, Exsitec has seen tangible results in their daily operations. The Nordic and digital solutions have provided increased transparency and improved liquidity management, and reduced the need to follow-up or check details manually.

Automated foreign exchange management (Auto FX) and fast transfers between countries have simplified FX management and freed up time.

”We no longer need to keep a close eye on currencies on a daily basis. Most of our FX transactions now happen automatically, and this saves us both time and energy. In addition, we regularly get proactive input from Nordea – for example on currency policies, interest rate hedging and more – to support the company's continued development,” Anna Gustafsson continues.

A long-term partnership

Today, the relationship between Exsitec and Nordea is more of a partnership than a traditional banking relationship. The focus is on supporting the company's continued growth – both in the Nordics and for future expansions into new markets.

”Our ambition is to maintain a close relationship with Exsitec, to understand their development and be able to offer solutions that suit their needs,” Daniel Berger concludes.