The Norwegian fintech ecosystem has experienced remarkable growth over the past decade or so. Between 2012 and 2022, the sector grew from just 24 fintech companies to over 200, according to a 2023 report by local consultancy Ontogeny and the Finance Sector Union of Norway (Finansforbundet).

This represents an average annual growth rate of 24%, underscoring the rapid evolution and increasing relevance of the sector.

The ecosystem is diverse, with payments constituting the largest vertical at 21% of all fintech companies. However, enterprise financial software follows closely at 20.6%, alongside wealth management (17.6%) and security and compliance (10.3%). This distribution reflects a maturing industry with a shift toward more complex products with higher value opportunities.

Norwegian fintech companies are expanding internationally, further solidifying Norway’s position on the global stage. One notable example is Vipps MobilePay. Formed by the merger of Norway’s Vipps and Denmark’s MobilePa in 2023.

Vipps MobilePay is a mobile payment platform that allows users to send and receive money instantly, pay in stores and online, and manage invoices directly from their smartphones. It aims to create a unified digital wallet for the Nordic region, and now claims more than 12 million users across Norway, Denmark, Finland, and Sweden, with 1.52 billion transactions processed throughout 2024.

Another illustration of Norway’s growing influence in cross-border collaboration is Lokalbank, a consortium of 16 independent Norwegian banks. This consortium recently entered a five-year strategic partnership with Finland’s Tietoevry Banking to implement a modern, end-to-end banking platform tailored for the Norwegian market. The platform aims streamline Lokalbank’s core operations, enhance security and compliance, and provide integrated digital services such as mobile banking, payments, and fraud prevention, further expanding Norway’s open finance ecosystem.

Government support

According to Chris Crespo, a founding partner and chief editor at Nordic Fintech Magazine, one of the pillars of Norway’s fintech development is active government support and forward-thinking regulation.

For example, the regulatory sandbox, launched in 2018, allows fintech firms to launch new, innovative products, technologies and services while being followed up by Finanstilsynet, the Financial Supervisory Authority of Norway. This helps startups navigate regulatory requirements while also giving regulators insight into emerging technologies.

Another key initiative is NCE Finance Innovation in Bergen, a national Norwegian fintech cluster which brings together startups, established companies and academic institutions to collaborate on fintech projects and investment in technology and infrastructure. The non-profit organization promotes innovation through joint projects and provides access to a network of resources.

Another organization supporting innovation is Innovation Norway. This a state-owned business development agency provides grants to entrepreneurs and new businesses.

Digital currency exploration

Norway’s central bank is also actively investigating the merits of financial innovations through the exploration of a potential Norwegian central bank digital currency (CBDC). The initiative seeks to ensure continued access to secure, trusted payment systems and to promote innovation in digital finance.

In addition to retail CBDCs accessible to the public, wholesale CBDCs are also being examined. These are central bank reserves in tokenized form using distributed ledger technology (DLT) or other programmable platforms.

These digital currencies could provide a secure and efficient means of settling transactions involving tokenized money, securities, and other digital assets, reinforcing the resilience of the financial system.

Digitally fluent and quick to adopt fintech solutions

Finally, Norway is widely recognized as a digitally savvy nation, with high levels of Internet connectivity, digital literacy, and technology adoption across its population.

According to DataReportal, 99% of Norway’s population, approximately 5.44 million people, have access to the Internet, indicating near-universal connectivity. This digital infrastructure provides a strong foundation for fintech innovation and adoption.

The country also scores high in digital literacy, with the 2022-2023 Survey of Adult Skills by the Organisation for Economic Co-operation and Development (OECD) finding above-average performance in literacy, numeracy, and adaptive problem solving, key components of navigating digital environments.

Fewer Norwegians scored at low proficiency levels compared to the OECD average, while a higher proportion reached advanced levels. This suggests that a significant share of the adult population is well-equipped to process complex information and solve problems in technology-rich contexts.

In terms of payment behavior, Norway, together with Sweden, has one of the lowest levels of cash usage globally. According to a 2025 report by Sveriges Riksbank, cash in circulation currently accounts for just 1% of Norway’s GDP, dramatically lower than the Euro area at around 11%. This reflects the population’s readiness to adopt digital payment solutions at scale.

Norwegians are also open to emerging technologies, including crypto-assets. A survey conducted by the central bank in 2024 revealed that 96% of the population was aware of crypto-assets. A notable 15% of the population had at some point owned crypto-assets, while 11% owned crypto-assets at the time of the survey.

Among current holders, sentiment toward crypto was optimistic. Approximately one in three crypto owners planned to keep their crypto-asset holdings at the same level (33%). About the same number (30%) planned to increase their holdings.

Featured image: Edited by Fintech News Nordics, based on image by thanyakij-12 via Freepik