Our founding team recognized the growing need for Legal Entity Identifiers (LEIs) in Scandinavia as regulations increased worldwide and demand for LEIs grew rapidly.
NordLEI has grown over the past decade from a startup into the largest LEI provider in the Nordic region and has won the award “Best LEI Issuer in the Mid Cap category”. NordLEI is widely recognized for its commitment to security, reliability, and customer service.
The early years (2014-2016)
NordLEI began with a clear focus on simplifying the LEI acquisition process for our Scandinavian customers while ensuring compliance with emerging regulations, particularly those targeting financial institutions and funds.
During these early years, we prioritized building customer relations by providing reliable services in local Scandinavian languages and maintaining strict compliance with emerging regulatory demands. Despite strong competition, we quickly gained a reputation for excellent customer service and strong data security, setting the foundation for our future growth.
Scaling up (2017-2020)
The introduction of EU MiFID II and MiFIR regulations in 2017 marked a turning point for NordLEI, sparking a significant expansion in our operations. These regulations dramatically increased LEI demand by extending LEI requirements beyond traditional financial market participants to include regular businesses with stock trading accounts.
We were well-positioned to meet these needs and expanded our services across Scandinavia and into new markets while continuously improving our operational efficiency and streamlining processes for faster LEI issuance.
In 2019, we achieved ISO 27001 certification. This internationally recognized standard for information security reinforced our commitment to data protection and GDPR compliance, further solidifying our position as a trusted partner in the LEI ecosystem.
Key milestones and achievements (2021-2024)
The period from 2021 to 2024 marked significant growth and recognition for our company. In September 2021, we became a GLEIF-accredited Local Operating Unit (LOU). This allowed us to issue LEIs directly under GLEIF oversight, enabling faster processing times. LEIs were often issued within hours or even minutes, compared to the days it took in early years.
Our commitment to excellence was further recognized in 2023 when we won the award for Best Local Operating Unit (LEI Issuer) in the Mid Cap Category. By 2024, we had issued over 172,000 LEIs and expanded our operations to 28 jurisdictions, cementing our position as the largest LEI provider in the Nordic region.
Expansion and global reach
Our growth has extended well beyond our Nordic beginnings and by 2024, we are serving as a Local Operating Unit for 28 jurisdictions. These include Sweden, Norway, Denmark, Finland, Iceland, United Kingdom, Ireland, Netherlands, Austria, Belgium, Canada, Cayman Islands, Cyprus, Estonia, Faroe Islands, France, Germany, Guernsey, Isle of Man, Italy, Jersey, Malta, Portugal, Spain, Switzerland, British Virgin Islands, and the United States. This expansion shows our commitment to providing global solutions while maintaining our Nordic heritage.
Leadership in data security and compliance
From the very beginning, we’ve prioritized data security and compliance, earning our ISO 27001 certification early in our expansion and maintaining strict adherence to GDPR requirements. As a GLEIF-accredited LOU, we uphold the high standards for data accuracy and integrity, ensuring that every LEI undergoes thorough validation to provide our clients with the utmost confidence in their LEI’s data accuracy and validity.
Our technological innovation
At the core of our operations is our technical platform, which sources data directly from business registries and similar authoritative sources. This allows us to maintain full control over our data processing and validation procedures, ensuring high-quality and reliable LEI issuance that meets the changing needs of our clients and regulatory bodies.
Industry impact and the role of LEIs
LEIs have become critical components in banking, insurance, and financial markets, ensuring transparency and reducing risk in global transactions. By allowing accurate identification of legal entities and tracking of worldwide transactions, LEIs play a crucial role in modern financial ecosystems. We’ve been at the forefront of supporting LEI adoption in the Nordic region and beyond, helping businesses of all sizes comply with global regulations and contributing to improved transparency and stability in the global financial system.
The future of the LEI and digital identity
As we continue to innovate and expand our offerings, we’ve recently launched Nord vLEI, a subsidiary focused on verifiable LEIs (vLEIs). The vLEI, a concept developed by GLEIF, represents the next evolution in digital identity solutions by allowing for secure and instant authentication of business digital identities and roles. Nord vLEI achieved the status of Qualified vLEI Issuer (QVI) in 2024, positioning us at the forefront of digital identity verification.
We aim to expand vLEI adoption across new markets and industries while continuing to add new jurisdictions for LEI issuance. With our strong leadership in data security and customer service, we’re well-positioned to remain a trusted provider of LEIs and digital identity solutions.
