Humla becomes part of Axfood

Axel Johnson’s fintech startup Humla becomes part of Axfood. As part of Axfood, the Humla team will contribute to further developing Sweden’s strongest grocery offerings.

Humla was started within Axel Johnson to develop financial services that enhance consumer companies’ customer relationships. The background was the opportunities created by the combination of regulations like open banking and API-based technology such as Banking-as-a Service, for consumer companies to develop financial services without needing to become a bank themselves.

As the first player in Sweden, Humla has developed a modern customer experience for payments using SEB Embedded’s Banking-as-a-Service services. A platform that creates opportunities to tailor financial services that help retailers strengthen and personalize their relationship with their customers.

Now, the Humla team becomes part of Axfood with the ambition to accelerate the development of payments and financial services to enhance Axfood’s existing customer offerings.

Emil Berg Eckerrot, CEO of Humla:

“Together with SEB Embedded, we have built a platform with the latest technology to strengthen retailers’ customer relationships. Based on that platform and the team’s expertise, we will contribute to strengthening Axfood in payments and related services. Food is the heaviest segment in consumer trade, both in terms of volume and impact on people’s daily lives. It’s hard to imagine a more meaningful context to operate within.”

As part of the acquisition, the current Humla card will be discontinued, and the focus going forward is on strengthening Axfood’s existing customer offerings. Consumers who have the Humla card will receive information directly from Humla with instructions on how to terminate their cards.