The goal is for Innovation Norway to have a modern and flexible solution that simplifies and improves the credit process, where new products can be established quickly and at the same time ensure that regulatory requirements, documentation, and traceability are met in an efficient manner.
Innovation Norway's main task is to facilitate innovation and business development throughout the country. This requires great support systems for case processing and customer follow-up, from application, via analysis and processing, to decision-making and follow-up.
The goal with the new solution from Stacc is to ensure both a better and more flexible customer experience and a better working day for everyone involved in the financing area in Innovation Norway. Stacc shows that we have forward-looking, competent, and innovative financial technology environments in Norway that can compete against the best and largest in the world in this area.
Leon Bakkebø, Director of Financing and Banking at Innovation Norway.
This is also a development-oriented collaboration that will help enable important ambitions related to our corporate strategy. Innovation Norway already has a modern and cloud-based IT structure and platform, Bakkebø concludes.
The agreement between innovation Norway and Stacc entails a complete case processing solution that combines business analysis and automated credit process for Innovation Norway. The solution includes automated processing of loan applications, business analysis, credit processing, registration, disbursement, and administration.
The delivery consists of Stacc BM Analysis, delivered on Flow, Stacc's cloud platform for process automation. The solution will also be delivered integrated with Innovation Norway's own solutions and third parties.
We are incredibly happy to enter into this agreement and look forward to a strategic and long-term collaboration with Innovation Norway. Over several years, Stacc has built a solid foothold in the banking and finance industry with deliveries to both large and smaller players in the Nordics. It is gratifying to experience that in recent years we have strengthened our position as supplier to several industries with complex needs, such as insurance and public sector
Geir Nordrik, CEO at Stacc.
The contract with Innovation Norway has been entered into for an agreement period of up to 7 years. The solution will be delivered as a complete cloud-based SaaS service from Stacc, based on partnership with Basefarm and Microsoft Azure. The project will start in the autumn of 2021 and is planned to be completed during the autumn of 2022.
The agreement between Stacc and Innovation Norway has a total value of approximately NOK 47 million.
Stacc AS is a Norwegian fintech group with 130 employees and more than 30 years of experience as a supplier to the banking and finance industry in the Nordics. Since 2016, Stacc has more than five times doubled the turnover and has great ambitions for further growth both in the Nordics and internationally.
Read more about Stacc here:
Innovation Norway is the state's and county municipalities' most important tool for business development throughout the country, and offers expertise, networks and capital for development and innovation. With 19 regional offices in Norway and 24 separate offices in important international markets, Innovation Norway is widely present to support Norwegian companies. In 2020, Innovation Norway contributed a total of NOK 12.5 billion to a total of 8366 development and innovation projects in Norwegian business and industry.
Read more about Innovation Norway here:
Contact information in Stacc:
Geir Nordrik, CEO
+47 908 92 837
Contact information in Innovation Norway:
Leon Bakkebø, Director of Financing and Banking
+47 908 34 487