Bako was founded by Kevin Bess and Alvar Orrefors in Gothenburg in 2016 as the accounting firm Balans & Konto KB. The two childhood friends and entrepreneurs had run their own companies for many years and when they started studying law together, they quickly realized that many of the student-run companies completely lacked expertise in bookkeeping and accounting. As the only student-run accounting firm in Sweden, they quickly gained many clients and chose to transform the company into a limited company as early as May 2017. The name was shortened to Ba-Ko AB and the now well-known domain name bako.se was registered.
As the company grew, more and more services were added such as contract review, business advice, tax advice and HR consultation. In order to improve the company's competencies and expand the business area, MyLaw AB, DirektFinans i Väst AB, Vaja Ekonomisk Investering AB and Aktiebolaget Berguven were acquired in 2019. These were then reconstructed into Bako Juridik AB, Bako Finans AB, Bako Invest AB and Bako Förlag AB respectively.
In 2020, a major reorganization was carried out with the aim of bringing together the various independent companies and creating a common centralized administration in a concern structure. Bako Juridik AB, Bako Finans AB, Bako Förlag AB and newly started Bako Logopedi AB merged to form Bako Wealth Management AB (554101-2204). Bako Invest AB changed direction to primarily act as a business incubator and in connection with that changed its name to Bako Ventures AB (551248-6512). Ba-Ko AB was reconstructed into a parent company and its name was changed to Bako Group AB (550282-1292).