The Helsinki Fintech Farm has published its annual list of the top established fintech companies in Finland, ranked based on the companies’ latest reported revenues.
The Finnish fintech industry—consisting some 200 fintech startups, fintech scaleups and established companies—saw revenues growing from €1.2 billion in 2020 to €1.4 billion in 2021.
ePassi, an employee benefits mobile payments platform, topped this year’s list as revenues jumped from €111 million in 2020 to €289 million in 2021. The company ranked third on the previous ranking.
Digital finance services company Multitude and enterprise finance software company Basware, who topped the previous list, came in second and third place on this year’s rankings.
A number of established fintech companies in Finland also saw significant growth in the past year.
Financial management services provider Administer saw revenues surging from €11.2 million to €41.9 million, while cash management solutions provider Nomentia went from €10.3 million to €21.9 million.
Consumer loans and corporate financing company Blue Finance, who was not on the previous list, joined this year’s list in 11th place with €23.8 million in reported revenue.
Meanwhile, payments company Paytrail acquired Checkout Finland in April 2021 from Osuuspankki and saw revenues growing from €18 million to €32.6 million.
Established companies are defined as companies founded before 2012 by Helsinki Fintech Farm.
The top 20 established fintech companies in Finland in 2022
#1 — ePassi
ePassi is a mobile payments for employee benefits app.
#2 — Multitude
Multitude has consumer and business lending businesses, and a shopping and financing app.
#3 — Basware
Basware provides software which automates finance and procurement processes for businesses.
#4 — Samlink
Samlink is a technology service provider for the financial sector.
#5 — Accountor Finago
Accountor Finago’s is a software provider known for its financial management software Procountor.
#9 — Profit Software (Evitec)
Profit Software provides system solutions and consulting services to the financial industry.
#11 — Blue Finance
Blue Finance is a digital lending platform offering consumer loans and corporate financing.
#13 — OpusCapita
OpusCapita provides e-invoicing, O2C and P2P messaging, and procurement solutions.
#17 — Cloudia
Cloudia provides source-to-contract procurement services for public and private organisations.
#20 — FA Solutions
FA Solutions provides portfolio management solutions to wealth management companies.
