Avanza Sees Strong Savings Inflows Despite Softer Trading Activity

Swedish online broker Avanza continued to attract substantial customer money in September, even as trading activity moderated from August. The company's preliminary monthly statistics showed SEK 7.18 billion in net inflows, up 49% from a year earlier, while the number of customers and total savings capital also reached new highs.

The figures present a mixed but broadly constructive picture for Avanza stock. Trading-related activity weakened during the month, which can affect brokerage revenue, but the continued flow of customer savings points to strong underlying platform engagement and potentially more stable, recurring business.

For investors, the key question is whether Avanza can continue converting customer growth and rising savings capital into stronger long-term earnings, even when trading volumes fluctuate.

Avanza's September Numbers at a Glance

Avanza added 19,200 net new customers in September, taking its total customer base to 2.391 million. The company has added 148,400 customers during 2026 so far, and its customer base was 8% larger than a year earlier.

Net savings inflows reached SEK 7.18 billion during September. That was slightly below August's SEK 7.35 billion, representing a 2% month-on-month decline, but it was substantially higher than the SEK 4.82 billion recorded in September 2025. On a year-to-date basis, net inflows reached SEK 58.5 billion.

The amount of money held by customers also continued to expand. Avanza's total savings capital reached SEK 1.2766 trillion, up 1% from August and 21% from a year earlier.

That is an important metric for the business because a larger asset base can strengthen the economics of a digital savings platform even when customers are not actively trading every day.

Trading Activity Softened in September

The weaker part of the monthly update was trading activity.

The number of brokerage-generating notes per trading day fell 9% from August to 151,200, and was 11% below September 2025. Daily turnover in brokerage-generating securities declined 7% month-on-month to SEK 5.02 billion.

However, there is an important nuance: turnover was still 8% higher than a year earlier.

Foreign trading activity was also softer sequentially. Turnover in foreign brokerage-generating securities fell 10% from August to SEK 1.56 billion, although it remained 14% above the year-earlier level.

This means September was not a broad deterioration in trading compared with last year. Rather, activity cooled from the relatively strong levels seen in August.

For a broker, this distinction matters. Brokerage revenue is generally more sensitive to transactions and trading volumes, while customer savings and assets under management can provide a broader measure of platform health.

Savings Growth Is the More Important Long-Term Signal

The strongest feature of Avanza's update is the continued expansion of customer savings.

Savings capital rose to SEK 1.2766 trillion, with savings-account balances increasing 49% year over year to SEK 65.8 billion. Traditional deposits were relatively stable at SEK 114.2 billion, although they were 4% lower than a year earlier.

The combination of customer growth and rising savings capital suggests that Avanza is continuing to deepen its relationship with its users rather than relying purely on frequent trading.

That can be strategically valuable.

A customer who holds shares, funds or cash through a platform may generate economic value in several ways over time. Even if that customer makes fewer trades in a particular month, the underlying assets can remain on the platform and potentially contribute to revenues through other services.

This makes the SEK 58.5 billion of year-to-date net inflows particularly relevant. It indicates that September's softer trading activity did not translate into a major slowdown in the movement of new money onto the platform.

Lending Is Growing Too

Avanza's banking operations also continued to expand.

Internally financed lending increased 3% from August and 33% year over year to SEK 34.9 billion. Within that figure, margin lending reached SEK 13.8 billion, up 1% from August and 20% from a year earlier. Mortgage lending rose 4% month-on-month and 44% year over year to SEK 21.1 billion.

For investors, rising lending is potentially significant because it adds another source of financial income beyond brokerage activity.

However, lending growth also introduces credit and market risks. Margin lending, in particular, is linked to investment portfolios and can become more sensitive to market volatility. Strong growth is therefore positive only if accompanied by disciplined risk management and healthy credit quality.

External mortgage lending was broadly stable at SEK 21.3 billion and remained 1% below its year-earlier level.

What the Numbers Mean for Avanza Stock

The September data create a relatively balanced picture for investors.

On the negative side, trading activity declined from August. Lower transaction volumes can put pressure on commission and brokerage-related revenue, particularly if weaker activity persists for several months.

On the positive side, Avanza continues to add customers, attract substantial net savings and increase the value of assets held on its platform.

The company's business model is therefore becoming less dependent on one particular source of activity.

This is important in volatile markets. During periods when investors trade aggressively, brokerage activity can rise sharply. But during quieter periods, a large savings base and growing lending operations can provide other sources of business.

The September figures suggest that Avanza's underlying customer franchise remains strong despite a monthly moderation in trading.

Avanza Is Still Expanding Its Customer Base

The addition of 148,400 customers during the first nine months of 2026 is another important signal. September alone accounted for 19,200 of those additions.

Customer acquisition matters because the financial value of a digital brokerage platform can increase as its user base expands.

More customers can mean more savings, more investments, greater potential lending demand and higher transaction volumes over time. But the quality of those customers also matters. Investors will want to see whether new users become active savers and investors rather than simply opening accounts.

The combination of customer growth and higher savings capital is encouraging on that front.

What Investors Should Watch Next

The next major test will be Avanza's third-quarter report, scheduled for October 16, 2026.

Investors should pay particular attention to whether the strong savings inflows are translating into higher revenue and profitability, as well as the company's comments on trading activity.

Key indicators to monitor include:

• Net customer additions

• Monthly and quarterly net savings inflows

• Total savings capital

• Brokerage-generating transactions

• Trading turnover

• Margin lending growth

• Mortgage lending growth

• Revenue per customer

• Net interest income

• Operating costs and efficiency

The October monthly statistics, scheduled for release on November 4, will also help determine whether September's softer trading was temporary or part of a broader trend.

The Bigger Picture for Digital Brokers

Avanza's latest numbers also illustrate a broader shift in the online brokerage industry.

Digital brokers increasingly compete not simply on trading commissions but on the entire customer relationship: investing, savings accounts, funds, pensions, mortgages and other financial services.

That makes customer assets an increasingly important competitive measure.

Avanza's SEK 1.28 trillion savings capital gives the company a substantial base from which to develop additional financial services. The challenge is to monetise that scale without weakening its customer proposition or taking excessive lending and market risk.

For investors, that makes the trend in savings capital potentially more important than the direction of trading volumes in any single month.

Bottom Line

Avanza delivered strong September savings growth despite softer trading activity. Net inflows reached SEK 7.18 billion, up 49% year over year, while total savings capital climbed 21% to SEK 1.2766 trillion. The customer base also reached 2.391 million.

At the same time, brokerage-generating transactions and daily trading turnover declined from August, showing that the company's performance remains exposed to market activity in the short term.

The key takeaway for investors is that Avanza's long-term growth story currently rests increasingly on customer growth, savings inflows and expanding financial services rather than trading volumes alone. The upcoming third-quarter results should show how effectively that expanding customer and asset base is translating into earnings.

Follow our blog for more European stocks, banking, fintech and global market updates.

This article is for informational and educational purposes only and should not be considered investment advice.