Kompasbank, a digital startup targeting Denmark's SMEs, has received its banking license from the country's Financial Supervisory Authority.
The bank, slated to open in the summer, is the brainchild of Michael Hurup Andersen, a financial services industry veteran who has previously worked at Saxo Bank and Deloitte.
The venture has built a digital infrastructure that it says will help differentiate it from traditional banks, specifically in the collection and processing of data.
Jeppe Brøndum, chairman and founding investor, who has worked at Blackstone, Barclays and Danske Bank, says: “Our technology allows us to conduct banking with much greater flexibility, efficiency and low costs, without compromising the traditional bank standards such as good service, integrity, and profitability."