Top 20 Fintech Scaleups in Finland in 2022

Top 20 Fintech Scaleups in Finland in 2022

by October 20, 2022

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.

Top 20 fintech scaleups in Finland established between 2012 and 2016 ranked based on their latest reported revenue. Source: Helsinki Fintech Farm

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 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

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

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 Polska

Fellow Finance was a peer-to-peer lending platform which pivoted to become Fellow Bank, a digital bank, in early 2022.

#6 — 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 Insight Oy

KAITO is a data and analytics platform that provides support and maintenance services for organisations and enterprises.

#10 — Springvest

Springvest Oyj

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 Oy

PURO Finance offers factoring, invoice receivables, billing, credit insurance, collection, and financial services.

#13 — is a financial services comparison platform for credit cards, savings products and personal loans.

#14 — eTasku

eTasku Solutions

eTasku offers an application that enables its users to manage and store their receipts and travel expenses.

#15 — Privaon

Privaon Oy

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.

#17 — Avalo


Avalo develops automated corporate banking solutions.

#18 — Pikasiirto

Pikasiirto is a money transfer service offering instant interbank payments.

#19 — Siltaraha

Siltaraha Oy

Siltaraha provides corporate financing loan solutions.

#20 — Zapflow


Zapflow is a deal flow, deal and portfolio management solution for investors and venture capital firms.

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