Freja eID Group
Freja eID Group AB develops digital identity products and related services centered on the Freja eID platform. The group also provides Fulfilment services for the secure logistics, programming, and distribution of physical devices used in identity verification, and operates from Sweden and Serbia.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueSoftware and infrastructure for secure electronic identification and identity wallets.
Identity services used by organizations to authenticate users into digital services.
Partner-facing identity platform delivered under customer or partner branding.
Secure logistics, programming, and distribution of physical identity devices.
Customers
Customers include public-sector organizations, financial institutions, and private companies that need secure digital identity and authentication. The platform is also used by end users who register and log in to services through Freja, while partners buy white-label capabilities to launch identity services without building their own stack.
Government and public-service organizations buy identity authentication for citizen and staff access.
Banks and financial firms use Freja for secure login, verification, and regulated access.
Companies integrate Freja into customer or employee workflows that require trusted identity checks.
Partners buy white-label identity infrastructure to offer identity services under their own brand.
Individuals register and use Freja eID to access digital services and identity-enabled workflows.
Strategy
Freja eID Group is focused on scaling its identity platform through organic user growth, broader adoption in public and financial sectors, and international expansion into markets with regulatory and commercial similarities to Sweden. It also uses a white-label model to extend reach through partners without having to build brand awareness from scratch in every market.
The home market provides the largest installed base and reference customers for the platform.
Similar regulatory environments can reduce go-to-market friction and improve scalability.
Partners can distribute the identity platform without Freja building local brand presence itself.
Geography
The business is anchored in Sweden, where most reported revenue is generated, with additional activity in the rest of the Nordics and a small amount outside the region. The company also operates from Serbia, which supports product development for the identity platform. Its international model is designed to let users from many countries register and use the service, which broadens the addressable market beyond the home market.
Risks
The business depends on continued adoption of a trusted identity platform, so demand can be affected by regulation, security expectations, and competition from alternative e-ID solutions. Revenue is concentrated in Sweden and the Nordics, and the company also relies on public-sector and financial customers, which can lengthen sales cycles and increase procurement and compliance risk.
- Geographic concentration in SwedenImpact: HighLikelihood: Low
Most revenue is generated in one home market, making the business sensitive to local demand and regulation.
Exposure: Sweden accounted for the vast majority of reported revenue.
- Customer concentrationImpact: High
A limited number of large customers can materially affect revenue if contracts are delayed or lost.
Exposure: One customer represented 16% of group revenue in the latest disclosure.
- Cybersecurity and trust riskImpact: High
A digital identity platform must maintain strong security and privacy controls to retain users and customers.
Exposure: Any breach could impair adoption across both consumer and enterprise use cases.
- Regulatory and compliance riskImpact: MediumLikelihood: Low
Identity services depend on approval, trust frameworks, and changing digital-ID rules.
Exposure: Public-sector and financial use cases are especially regulation-sensitive.
- International expansion executionImpact: MediumLikelihood: Low
New markets require local integration, regulatory adaptation, and partner execution.
Exposure: White-label and cross-border user support depend on successful rollout.
Accounting
Judgemental itemsThe company discloses both point-in-time and over-time performance obligations, which changes when revenue is booked.
Impact: Quarterly revenue comparability
Product development is capitalized, so management judgment affects operating profit and asset balances.
Impact: EBITDA, EBIT, and intangible assets
Costs and revenues are split across Freja eID and Fulfilment, with intercompany eliminations in consolidation.
Impact: Segment margins and group results
A small number of customers can create lumpy revenue recognition and disclosure sensitivity.
Impact: Revenue volatility and concentration disclosures
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Last updated: 24/09/2026