Financial statement

Interim report, January – March 2024

The figures refer to the Group unless otherwise stated. Figures in parentheses refer to the corresponding period of 2023 unless otherwise stated.


  • Revenues decreased to SEK 11.8 M (15.2).
  • Earnings before depreciation and amortization (EBITDA) amounted to SEK -3.9 M (-5.6).
  • Earnings before interest and taxes (EBIT) amounted to SEK -9.4 M (-10.0).
  • Bringing loss for the period to SEK -10.5 M (-10.9).
  • Loss per share -0.21 (-0.32).


• No significant events have occurred during the period


• Sileon signs agreement with Mexican bank Bankaool

CEO letter

Sileon is growing with new BNPL SaaS customers

Sileon has signed an agreement with the first major bank for Card-linked BNPL. The fact that the first bank is Mexican Bankaool, aiming for 2 million customers in 2024, confirms that the demand for BNPL functionality with Sileon's technology is international. During the quarter, agreements for Card-linked BNPL have also been signed with the fintech company SoluGrowth, which includes Sileon as part of its offering to digital wallets in South Africa. Bankaool, SoluGrowth, and also the British Zorrz are planned to go live before the summer. The pipeline is developing well, and additional BNPL SaaS deals will occur during the second quarter.

A revolutionary new solution module for the BNPL platform is already being launched in Q3

Sileon has designed and developed a groundbreaking way for banks to control and increase the conversion of card purchases to BNPL. The functionality is packaged as a new optional solution module for the platform, giving the bank the ability to choose when BNPL should be offered based on the size of the purchase, merchant, or industry. The new solution module increases BNPL conversion for the bank but also provides the opportunity to limit BNPL for purchases within categories of goods or industries. This particular limitation has proven to be a highly appreciated feature among banks. Sileon's modern technical architecture, as well as a high level of commitment from employees, has resulted in the new solution module being launched in the third quarter, which is significantly faster than planned.

Key steps towards profitability

Communicated price adjustments within the Processing function are now fully implemented in the quarter, contributing to revenues, excluding Visa investment support in 2023, growing closer to 20% compared to the same period the previous year. The effect of personnel reductions does not affect the first quarter but contributes to reduced costs in the second quarter. In the second quarter, there will also be a price increase in the Payments business, which will positively impact revenues. Additionally, starting from the second quarter, Sileon will charge new BNPL SaaS customers the first quarter's fixed platform rent upon contract signing. This ensures funding for the commitment Sileon has during the customer's implementation and contributes to BNPL SaaS revenue as early as the second quarter.

The transformation can support the company's financial position

As a final step in the transformation from a local payment company to an international software company, the company is considering divesting the Payments and Processing function during the first half of the year. Dialogues and negotiations are currently taking place with several parties, and we are hopeful of finding a solution that is good for the company.

Sileon has reached an important commercial milestone by signing an agreement with a major bank during the quarter. Nevertheless, sales have not met expectations during the first quarter, which negatively affects the company's cash flow and capital. If the Payments and Processing function is not divested during the second quarter, the company will need additional capital until BNPL SaaS revenues kick in.

David Larsson

April 2024

For more information, please contact:

David Larsson, CEO, Sileon AB
Phone: +46 725 502 306

This information is such that Sileon AB (publ) is obligated to disclose under the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out above, on April 23th 2024 at 7:00 a.m. CET.

About Sileon

Sileon AB (publ) is a global fintech company that offers an innovative card-based Buy Now Pay Later (BNPL) SaaS functionality to banks, card issuers and fintechs. With Sileon’s BNPL product, customers can add BNPL to their existing credit or debit card base and run their B2B or B2C BNPL business in-house. Sileon operates in a fast-growing international market with an estimated transaction volume of $680 billion globally by 2025. Sileon is listed on the Nasdaq First North Growth Market and the Company’s Certified Adviser is Carnegie Investment Bank AB (publ).