The Helsinki Fintech Farm has published this year’s list of the top fintech scaleups in the country, ranked based on the companies’ latest reported revenues.
Finland’s fintech industry—which comprises some 200 startups, scaleups and established companies—saw revenue reaching €1.4 billion in 2021, up from €1.2 billion in 2020.
The top 20 fintech scaleups in Finland established between 2012 and 2016 ranked based on their latest reported revenue. Source: Helsinki Fintech Farm
Bitcoin marketplace LocalBitcoins, which came in third place on the previous rankings published in 2020, topped this year’s list even as revenues dipped from €23.4 million to €22.3 million.
GF Money, who was not on the previous list, ranked second this year with €17.4 million in reported revenue. Cryptocurrency platform Coinmotion, whose revenue went from €3.1 million to €16.5 million in two years, came in third.
Meanwhile, accounting software firm Fennoa and financial product comparison service VertaaEnsin.fi both recorded triple digit growth.
Notable announcements coming from the top 20 scaleups in the past year include payment processor Enfuce’s €45 million funding round, the acquisition of LVS Brokers by Sweden’s Sambla, and Fellow Finance’s pivot from P2P lending platform to digital bank.
Scaleups are defined as companies founded between 2012-2016 by Helsinki Fintech Farm.
The top 20 fintech scaleups in Finland in 2022
#1 — LocalBitcoins
LocalBitcoins is a peer-to-peer Bitcoin trading platform with wallet and escrow services.
#2 — GF Money
GF Money is a financial technology provider operating in Finland, Sweden, Spain and Denmark.
#3 — Coinmotion
Coinmotion offers cryptocurrency trading and related services including savings, debit cards, and loans.
#4 — LVS Brokers
LVS Brokers is a platform connecting consumers to financial services providers, insurers, banks, and creditors. The company was acquired by Swedish loan provider Sambla in February 2022.
#5 — Fellow Finance
Fellow Finance was a peer-to-peer lending platform which pivoted to become Fellow Bank, a digital bank, in early 2022.
#6 — UKKO.fi
UKKO.fi is an invoicing platform for freelancers and the self-employed which enables them to issue invoices without a company of their own.
#7 — Enfuce
Enfuce provides card issuing and payment processing services. The company last raised a €7 million Series B led by Tencent in 2021.
#8 — Fennoa
Fennoa offers financial management and business administration solutions for accounting firms.
#9 — KAITO
KAITO is a data and analytics platform that provides support and maintenance services for organisations and enterprises.
#10 — Springvest
Springvest is an investment firm that connects companies seeking capital funding with investors.
#11 — Poplapay
Poplapay provides payment terminal services for companies that want to add payment terminals to their product offering.
#12 — PURO Finance
PURO Finance offers factoring, invoice receivables, billing, credit insurance, collection, and financial services.
#13 — VertaaEnsin.fi
VertaaEnsin.fi is a financial services comparison platform for credit cards, savings products and personal loans.
#14 — eTasku
eTasku offers an application that enables its users to manage and store their receipts and travel expenses.
#15 — Privaon
Privaon is a software and consultancy company specialising in privacy and data protection.
#16 — Lumoa
Lumoa is a customer experience platform which generates insights from survey feedback, as well as text and voice analytics.
#20 — Zapflow
Zapflow is a deal flow, deal and portfolio management solution for investors and venture capital firms.
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