Exchange review
Safello - first Swedish MiCA crypto exchange
Safello Group AB (Nasdaq First North: SFL) is the first Swedish crypto exchange with a MiCA CASP licence from Finansinspektionen. 425,000+ active users, Q1 2026 financials, BankID and Swish integration. A deep dive for Baltic and Nordic users
Safello is the first Swedish crypto exchange with a full MiCA CASP licence from Finansinspektionen (2025-10-13). A public Nasdaq First North company (SFL.ST) founded in 2013, with 425,400+ active users and full Nordic integration (BankID, Swish, Trustly, Apple Pay). Q1 2026 net revenue of SEK 140.5M (-28% YoY) reflects a broader crypto market downturn. In this deep dive we analyse Safello's market position, financials, MiCA passport potential and why the 0.99-1.5% fees make it more expensive than competitors.
What is Safello and why does it matter?
Safello (Safello Group AB) is a Swedish crypto exchange founded in 2013 in Stockholm and listed on Nasdaq First North Growth Market under the ticker SFL since 2021. On 13 October 2025 Safello received the first Swedish MiCA CASP licence from Finansinspektionen - making it the only fully regulated crypto exchange in Sweden and one of the most significant players in the Nordic landscape.
In the Norriwire context, Safello matters on three counts: it is a public company with transparent financial reporting, it is the first Nordic MiCA CASP licence holder, and it offers the deepest local integration in the Swedish market (BankID, Swish, Trustly, Apple Pay) among all regional exchanges.
Quick facts
| Item | Status |
|---|---|
| Legal name | Safello Group AB (publ) |
| Ticker | Nasdaq First North: SFL |
| Founded | 2013 |
| Public since | 2021 |
| MiCA CASP licence | 13 October 2025 (first in Sweden) |
| Regulator | Finansinspektionen (Sweden) |
| Active users (Q1 2026) | 425,400+ |
| Q1 2026 net revenue | SEK 140.5 million (-28% YoY) |
| CEO (since 2026-03) | Frank Schuil (returning founder) |
| Markets served | SE, FI (since 2026-02), DK planned 2026-27 |
| Rating | 4.2 / 5 |
Q1 2026 financials - the crypto price drop shows up
As a public company, Safello publishes quarterly financial reports, providing rare transparency in the European crypto exchange sector. The Q1 2026 results:
| Metric | Q1 2026 | YoY change |
|---|---|---|
| Net revenue | SEK 140.5M (~EUR 12.5M) | -28% |
| Gross profit | SEK 6.0M | -32% |
| Net result | SEK -3.3M | Loss |
| Active users | 425,400+ | n/a |
Reasons for the decline:
- Lower order volumes - the Q1 2026 crypto price drop reduced commission revenue, which is denominated in crypto
- High compliance costs - after MiCA, DORA and other new EU regulations went live
- Market stress - the Q1 2026 Bitcoin slide and volatility reduced retail activity
This illustrates a wider trend - even the most successful EU crypto exchanges are experiencing a cost increase in the first year after MiCA, while their competitive advantages (regulator-approved brand) are only starting to pay off. As a public company, Safello discloses this process transparently.
Leadership change - the founder returns
On 2 March 2026 Safello announced that Frank Schuil, one of the company's co-founders, was returning to the CEO position. Schuil had been Safello's CEO in the early years, and the return was interpreted as a strategic move - founder comebacks during a crunch are common in tech (e.g. Brian Armstrong at Coinbase, Howard Schultz at Starbucks).
Markets took it positively - the SFL share saw a modest rise, and the investor letter highlighted Schuil's experience through the 2018 and 2022 crypto crises.
Market position - the largest Nordic exchange
With 425,400+ active users (Q1 2026), Safello is the largest crypto exchange in Sweden and likely the broadest in the Nordics by user count. For comparison:
- Coinmotion (FI) - ~250,000 users
- Firi (NO) - ~150,000 users
- Bittimaatti (FI) - fewer than 50,000 users
Safello reached this position through deep local integration that is hard for other exchanges to replicate:
- BankID - Sweden's digital ID (~8M users)
- Swish - Sweden's instant payment standard
- Trustly - instant SEPA transfers without going through the bank UI
- Apple Pay and Google Pay - mobile payments
- SEK and EUR support (unlike many exchanges offering only EUR)
The result: 98% of first-time buy transactions on Safello complete in under 1 minute. That is a critical retail metric - how quickly a new user can buy their first Bitcoin.
Service set
Supported coins: 50+ cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, Cardano and the most popular altcoins. That is smaller than Bitvavo (350+) or Kraken (300+), but sufficient for core holdings.
Main features:
- Spot buy and sell in SEK and EUR
- Auto-Save (DCA) - automatic recurring buying with a 0.49% fee (the lowest DCA tier in the Nordics)
- Mobile app (iOS, Android)
- Two-factor authentication
- Cold storage
- SEPA, BankID, Swish, Trustly, Apple Pay
What is not available:
- Derivatives (futures, perpetuals, margin)
- DeFi or staking services
- Public Proof of Reserves (although financial statements are audited)
- Crypto withdrawal to external wallets is available, but with a flat EUR 5 fee
Fee structure - the most expensive Nordic player
This is Safello's main weakness. Fees are significantly higher than competitors:
| Service | Fee |
|---|---|
| Spot maker | 0.99% |
| Spot taker | 1.50% |
| Auto-Save (DCA) | 0.49% |
| SEPA deposit | Free |
| SEPA withdrawal | Free |
| Card deposit | 3.00% |
| Crypto withdrawal | ~EUR 5 + network fee |
| Minimum fee | ~49 SEK (~EUR 4.4) |
Compared with regional competitors:
| Exchange | Spot taker fee |
|---|---|
| Safello | 1.50% |
| LHV Pank | 0.50% |
| Coinmotion | 0.99% |
| Bitvavo | 0.15% |
| Robinhood EU | 0% + 0.65% spread |
| Coinbase EU | 0.60% |
Safello's 1.50% taker fee + a 49 SEK minimum means that for small trades (< EUR 500) it is 3-4 times more expensive than Bitvavo. The Auto-Save 0.49% DCA tier is competitive, however, and one of the best in the Nordic market.
MiCA passporting - Finland and future plans
Thanks to MiCA passport rights, Safello can expand to all 30 EEA countries without further licensing. On 3 February 2026 Safello officially launched in Finland - its first cross-border move.
Announced further plans:
- 2026-2027: Denmark (already partnering with Klarna on payment integration)
- 2027: Norway (not an EU member but, as part of the EEA, accepts MiCA)
- 2027-2028: Possibly the Baltics if market conditions are favourable
For Latvian, Lithuanian and Estonian users: Safello is currently not available in the Baltics. To track progress, follow Safello investor announcements or wait for the 2027-2028 expansion.
Compared with regional alternatives
| Factor | Safello | LHV Pank | Coinmotion | Bitvavo |
|---|---|---|---|---|
| MiCA licence | Finansinspektionen (SE) | EFSA (EE) | Finanssivalvonta (FI) | AFM (NL) |
| MiCA date | 2025-10-13 | 2026-05 | 2025-Q4 | 2024-12 |
| Public listing | Yes (SFL.ST) | Yes (LHV Group) | No | No |
| Active users | 425,400+ | n/a (the bank itself is larger) | ~250,000 | 1,800,000+ |
| Spot taker fee | 1.50% | 0.50% | 0.99% | 0.15% |
| Number of coins | 50+ | 15+ | 100+ | 350+ |
| BankID/Smart-ID | Yes (BankID, MitID) | Yes (Smart-ID) | Partial | Partial |
| Apple Pay/Google Pay | Yes | No | Partial | Partial |
| Local payments | Swish, Trustly | LHV internal | Verkkopankki | iDEAL, Bancontact |
| Main strength | Public + deep SE integration | Bank integration | FI heritage | Lowest fees |
Pros and cons
Pros:
- First Swedish MiCA CASP licence - higher regulatory trust than competitors
- Public Nasdaq company - audited financial statements, transparency
- Full Nordic integration - BankID, Swish, Trustly, Apple Pay
- 98% of first-time buys complete in < 1 minute
- Auto-Save 0.49% DCA - the best Nordic DCA tier
- 13-year operating history since 2013
- Available in both SEK and EUR
Cons:
- High fees (1.50% taker + 49 SEK minimum) - 3-4x more expensive than Bitvavo for small trades
- Narrow coin set (50 vs 350+ at Bitvavo)
- Not available in the Baltics - LV, LT, EE clients not served yet
- No derivatives (futures, margin, staking)
- Q1 2026 net loss (SEK -3.3M) - even the market leader has tough times
- No public Proof of Reserves (though as a Nasdaq-listed company its finances are audited)
Who Safello fits and who it does not
Safello is a good choice if:
- You are a Swedish resident with a BankID and Swish account
- You are a Finnish user wanting local payment rails
- You use a dollar-cost averaging (DCA) strategy - the 0.49% tier is the regional best
- You value a public company with Nasdaq transparency
- You need fast purchases via Swish (<1 minute)
Safello is not optimal if:
- You trade frequently in small amounts (fees eat the returns)
- You need a broad altcoin set (Bitvavo is better)
- You are a Baltic resident (not yet available)
- You deal in DeFi, staking or margin trading
Safety reminders
1. Safello will not ask for your password or 2FA code by email, SMS or phone. Any such request is a scam.
2. Before depositing, verify Safello's status in the Finansinspektionen register.
3. The fee structure can change. Before any larger trade, verify current fees on the official safello.com website.
Our verdict
Safello is a historic position in the European crypto market - the first Swedish MiCA CASP licence + a public Nasdaq company + 13 years of operating history is a combination that is rare in the market. However, high fees and a narrow coin set make it a product best suited to large, long-term Swedish and Finnish investors, not active traders or altcoin enthusiasts.
The Q1 2026 financial results (-28% YoY in revenue) reflect broader market stress rather than a Safello-specific problem. All the major European crypto exchanges are going through a similar phase after MiCA and the crypto price drop. The Frank Schuil return as CEO and the Finland expansion signal a strategic development path.
For Baltic users it is not relevant yet, but worth tracking - the 2027-2028 expansion plans could include LV, LT, EE through the MiCA passport mechanism.
For the full Safello profile, see the Safello product page, and for the wider Swedish market context, the Sweden crypto exchange briefing.
Related
- Sweden crypto exchange briefing 2026
- LHV Pank - MiCA crypto in an Estonian bank
- Robinhood Europe - first Lithuanian MiCA exchange
- MiCA explainer for the Baltics
- Full MiCA CASP exchange list
Sources
- Safello product page NorriWire
- Safello official website
- Safello investor relations (Quartr)
- Safello Q1 2026 interim report (Cision)
- Finansinspektionen - Swedish regulator
This is not financial advice. Cryptocurrency values can fluctuate significantly. Before trading, verify current fees and terms on the official Safello website. Article prepared on 6 June 2026.