Fintech Farm, a digital finance innovation service provider and a fintech hub in Helsinki, has released its annual review of the biggest fintech companies in Finland, ranking them according to their 2023 financial figures.
The 2024 edition of report offers an in-depth look at the evolution of Finland’s fintech sector, revealing that the landscape has remained stable this year with around 210 companies. While new entrants continue to appear, a similar number exit the market each year, with consolidation emerging as a significant trend. Notable examples include FabricAI, acquired by Visma, and Poplatek, which was bought by Nets Group.
In 2023, Finnish fintech companies generated EUR 2 billion, a notable increase from EUR 1.5 billion a year prior that reflects the sector’s robust growth.
This year’s Fintech Farm ranking categorizes the top companies into three groups, namely Startups, Scaleups and Established Companies.
In the Startup category, defined as companies founded in 2019 or later, several companies are already experiencing impressive revenue growth despite being in the early stages of development.
Today, we take a look at Finland’s top seven fintech startups in 2023, examining their value propositions and revenue growth.
Biggest Fintech Companies in Finland
Front AI
Front AI specializes in customer service automation. The company leverages conversational artificial intelligence (AI) and its proprietary service channel management tool, reChannel, to help organizations achieve higher levels of automation in customer service and optimize customer interactions. Its offerings include tools for automating routine customer service tasks and guiding customers towards the most efficient service channels.
Founded in 2019, Front AI serves more than 50 clients, and facilitates over 2 million automated conversations. The company is headquartered in Helsinki, and operates offices in Stockholm and Copenhagen.
According to Fintech Farm, Front AI is the biggest fintech startup in Finland, reported a revenue of EUR 2.4 million in 2023, up 23% year-on-year (YoY).
Zevoy
Zevoy is an expense management solution designed to help businesses manage their expenses with simplicity and efficiency. The solution is offered as a software-as-a-service (SaaS), and combines a business card with a receipt scanning app and administration portal into one seamless expense management platform.
Founded in 2020, Zevoy operated as an Electronic Money Institution (EMI) authorized and supervised by the Finnish Financial Supervisory Authority. The company is headquartered in Espoo, and serves Finland, Sweden, Norway, Denmark, Estonia, Lithuania and Latvia.
Zevoy is the second largest fintech startup in Finland, generating EUR 1.9 million in revenue in 2023, up 184% YoY, according to Fintech Farm.
Narvi
Founded in 2021, Narvi offers innovative banking services designed for businesses and digital platforms. The company offers secure, efficient and flexible financial services, including SEPA and SWIFT payments, dedicated IBAN accounts, virtual card services and white-label banking capabilities.
Narvi integrates cutting-edge technology and modular application programming interfaces (APIs) to enable seamless global transactions, efficient expense management and the ability to embed banking services directly into other platforms. Its mission is to provide personalized, user-friendly banking experiences while ensuring strong compliance and data security measures.
Narvi holds an EMI license from Finland. In 2023, the company reported a revenue of EUR 1.7 million, up 1,346% YoY, according to Fintech Farm.
Pliant
Founded in 2020, Pliant focuses on enabling businesses to scale through smarter payment solutions. The company’s services include physical and virtual credit card issuance, multi-currency support, and seamless integrations with financial systems.
By leveraging its proprietary app and API-based platforms, Pliant simplifies expense management and enables businesses to automate payment processes, monitor spending, and optimize their financial workflows.
Pliant operates under an EMI license. The company has expanded its operations across several European markets.
Pliant is the fourth largest fintech startup in Finland, generating EUR 674,000 in revenue in 2023, up 80% YoY, according to Fintech Farm.
Enable Banking
Enable Banking specializes in open banking connectivity, enabling businesses and developers to securely integrate financial data into innovative products and services. Founded in 2019, the company provides an API to connect to over 2,500 banks across Europe. It supports a wide range of use cases, including invoicing, credit rating, automated bookkeeping, and money management.
Enable Banking is a regulated Account Information Service Provider (AISP), serving companies such as Kreditz, Crosskey, and Aura Cloud.
Enable Banking is the fifth largest fintech startup in Finland, generating EUR 444,000 in revenue in 2023, up 118% YoY, according to Fintech Farm.
Zenny
Zenny, developed by Finnish startup Vatzy Oy, is a browser-based financial insights solution for small and medium-sized Shopify merchants. The solution is designed to make e-commerce financials easy and help merchants make data-driven decisions quickly.
Zenny consolidates data from sources such as Shopify, bank, accounting platforms, and marketing channels, to deliver real-time CFO-level insights into cash flow, profitability, and business-critical metrics. This enables more accurate forecasts, building merchants make better business decisions.
In 2023, Zenny was the sixth largest fintech startup in Finland, recording EUR 327,000 in revenue, according to Fintech Farm.
ResultElf
ResultElf provides data-driven software solutions that help businesses from the financial industry make better business decision using AI. The company focuses on improving credit decision, lending strategies, and customer lifetime value, serving digital banks and lenders worldwide.
ResultElf’s flagship product, Cresso, is a AI decision model deployment that optimizes lending processes by determining ideal loan amounts, interest rates, and customer segmentation.
ResultElf is the fifth largest fintech startup in Finland, generating EUR 238,000 in revenue in 2023, according to Fintech Farm.
Top Finnish fintech startups in 2023
Featured image credit: edited from freepik
