In recent years, the Swedish fintech industry has faced significant headwinds, including high inflation and a more reticent capital market. However, 2024 saw signs of recovery, with improved access to capital and increased recruitment activity. A 2024 survey conducted by the Swedish Fintech Association (SweFintech) found that 48% of the 58 fintech companies polled successfully raised capital in 2024, a modest but meaningful increase from 45% in 2023. The perception of capital scarcity also declined. In 2024, 23% reported difficulty in raising funds, a dramatic improvement from 59% the year before. In addition to access to capital, the labor market…

Mollie, an Amsterdam-based payment solutions provider, has launched in Sweden. With a customer base of over 250,000 across Europe, the company is now offering its comprehensive payments and financial management platform to Swedish businesses. Founded in 2004, Mollie has built a reputation as a reliable fintech company by simplifying financial processes for businesses. The platform is designed to accelerate growth, streamline operations, and reduce costs for customers. Sweden, as the eighth largest e-commerce market in Europe, marks the beginning of Mollie’s expansion into the Nordic region. The company aims to support Swedish companies with its product suite, which serves businesses…

Finnish quantum computing startup IQM is aiming to raise more than the €128 million secured in its previous funding round, as technical progress and investor enthusiasm continue to build across the global quantum computing sector, according to media reports. Founded in 2018, IQM is now the second most well-funded quantum hardware startup in Europe outside of Big Tech, with a total of US$210 million in backing from investors such as Tencent, World Fund, and MIG Capital, according to data cited by Sifted. In a recent interview, CEO Jan Goetz told Sifted the company is “constantly fundraising” and intends to raise…

Stockholm-based investment firm Incore Invest has raised €25 million to launch Incore Invest II, a new fund aimed at accelerating the growth of high-potential SaaS, embedded finance, and fintcech companies across Europe. “Incore Invest II is the natural evolution of our investment strategy,” said Nicolai Chamizo, CEO and Founder of Incore Invest. “We are building on a strong foundation and expanding into bigger opportunities with a selective and high-conviction approach. Traditional finance is shifting towards more innovative and scalable solutions, and we see a great opportunity to support the next wave of transformative businesses.” Founded in 2022, Incore Invest focuses…

Bolt, the European shared mobility platform, has acquired Viggo, a Danish taxi company, to expand its presence in regulated European markets. This acquisition allows Bolt to launch and scale its ride-hailing services in Denmark, complementing its existing e-bike rental operations in Copenhagen. Founded in 2019, Viggo operates a fleet of over 300 electric vehicles and serves 450,000 users in Copenhagen and Aarhus. “We are not entering Denmark as a small player – we are acquiring the best-performing taxi company in the market. Viggo has set the standard for premium service, customer satisfaction, and a fully electric fleet, and we are…

European paytech company Nexi has introduced Tap to Pay on iPhone in Switzerland and Finland, allowing merchants to accept in-person contactless payments seamlessly and securely. This follows similar rollouts in Italy, Germany, Austria, and Sweden last year. Tap to Pay on iPhone enables merchants to accept all forms of contactless payments—including contactless credit and debit cards, Apple Pay, and other digital wallets – using only an iPhone and Nexi’s SoftPOS functionality in the MyPayments app. This eliminates the need for additional hardware or payment terminals. Suvi Ruoppa, Country General Manager of Nets Finland, part of Nexi Group, commented: “The activation…

Raisin, the Berlin-based global savings and investment platform, is expanding into the Nordic region with the launch of its platform in Finland. With over €115 billion in retail deposits and an internet banking penetration rate exceeding 95%, Finland represents a key market for Raisin’s European savings products. Raisin’s platform enables users to compare and open deposit accounts across Europe through a single login. Customers benefit from transparent terms, no fees, and deposits secured under EU-wide deposit guarantee schemes of up to €100,000 per customer per bank, or the equivalent in local currency. The platform has facilitated over €70 billion in…

Stockholm-based Vilja, is expanding into Vietnam after establishing its ASEAN headquarters and development centre in Kuala Lumpur, Malaysia. Vilja is one of 15 globally recognised cloud-native core banking platforms listed by Celent, Gartner Magic Quadrant, and IDC. On 10 March, Vilja hosted the first “Swedish-Vietnamese Digital Banking Reception” in Hanoi in collaboration with the Swedish Ambassador to Vietnam, Johan Ndisi, at the Ambassador’s Residence. The event brought together around 30 Vietnamese fintech professionals, partners, and banks. Vilja formalised several local and regional partnerships with firms including FPT IS, Gimasys, FiinGroup, Nam Viet Corp, and international open-banking platform Brankas. The agreements…

Mastercard Lighthouse FINITIV has officially launched its 14th programme round, welcoming 15 innovative fintech and fintech-enabler startups. This spring, the partnership initiative will focus on Denmark, Norway, and the Baltics, fostering the already thriving startup ecosystem in these regions. The selected participants specialise in diverse areas such as accounting, fraud detection, API-based solutions, and insurance technology. Mastercard Lighthouse remains dedicated to driving innovation and collaboration – both vertically, by working with investors, banks, and corporate partners, and horizontally, by fostering connections among startups and early-scale companies. Introducing the Mastercard Lighthouse Spring Class of 2025 Denmark Kontolink AI-powered automated accounting for…

Sweden’s Riksbank is calling for urgent measures to strengthen Sweden’s payment system due to growing geopolitical tensions and the risk of disruptions. It urges the development of offline card payments, the continued use of cash for essential purchases, and improved access to instant transactions. Both public and private sector actors must take action to improve preparedness, while the public is encouraged to keep both physical payment cards and cash readily available. “In light of the deteriorating security situation in Sweden and our neighbouring region, urgent steps are needed to ensure a payments market that can withstand disruptions,” said Governor Erik…

Sweden’s Swedbank and Norway’s SpareBank 1 alliance have announced plans to establish a jointly owned Nordic investment bank by expanding the Norwegian group’s SpareBank 1 Markets operation. As part of the agreement, SB1 Markets will acquire Swedbank’s Corporate Finance and high-yield debt operations, while also extending its equity research and equity sales activities to Sweden, the companies stated. Following the transaction, Swedbank will hold a 20% stake in SB1 Markets, while SpareBank 1 Sør-Norge will own 28.1%, SpareBank 1 SMN will control 31.9%, and SpareBank 1 Nord-Norge will have a 14.5% share. The remaining stakes will be held by smaller…

Backbase, an Amsterdam-based banking platform provider, has announced a strategic partnership with Helsinki-based Siili Solutions, a digital transformation company with a strong presence in the Nordic region. This collaboration aims to enhance financial institutions’ ability to address the specific needs of the Nordic market by combining global banking technology with local expertise. As banks in the Nordic region seek to modernise their services, the partnership integrates Backbase’s banking platform with Siili’s regional knowledge and AI  capabilities. This approach allows banks to accelerate digital transformation while maintaining control over their strategic direction. Jonas Qvarfordt, Regional Sales Director at Backbase, stated, “The…

Bluebook, the Stockholm-based AI-powered software transforming modern accounting firms, has raised US$3 million in funding, including a US$2.5 million pre-seed round led by EQT Ventures, with participation from Y Combinator and angel investors from OpenAI, ElevenLabs, and Affirm. Founded by Philip Andersson, Jonathan Andersson, and Filip Stål, Bluebook is on a mission to bring automation, intelligence, and efficiency to a sector long overdue for transformation. Bluebook enables accounting professionals to enhance productivity, allowing firms to serve 200 clients instead of just 20. By reducing research time by approximately 30%, accountants can shift their focus from time-consuming reconciliations and monthly closings…

Market Pay Group, based in France, has announced an agreement to acquire Altapay, a payment service provider based in Copenhagen, Denmark. Altapay, which currently serves over 400 merchants, offers a range of payment solutions, including local and international payment methods, as well as alternatives like Buy Now Pay Later (BNPL). The platform also facilitates in-store payments with advanced terminals and supports omnichannel solutions, helping merchants optimise payment data and improve performance. In 2023, Altapay processed €3.1 billion in transactions in Denmark alone. The company also operates in Sweden, Norway, and the UK, serving businesses across sectors such as retail, digital…

Netcompany, a Denmark-based IT services company, has agreed to acquire SDC, a Danish provider of core banking solutions, in a deal valued at DKK 1 billion (US$145 million). Under the agreement, SDC will become fully owned by Netcompany, with the aim of improving banking services for existing and future customers. As part of the deal, Netcompany will pay DKK 1 billion (US$145 million) in cash to SDC’s shareholders, using its existing credit facilities. The transaction is expected to be completed by mid-2025, pending regulatory approval. This acquisition strengthens Netcompany’s presence in the financial services industry, one of the biggest sectors…

The Malmö business community has announced the return of the Malmö Residency, a unique initiative designed to welcome forward-thinking individuals to Sweden’s dynamic third-largest city. Taking place in May and June 2025, the residency provides selected participants with the resources, connections, and inspiration needed to develop projects in a vibrant and collaborative environment. Following the success of the programme in 2023, which attracted 649 applicants from 74 countries, the second cohort will once again offer a month-long, fully funded experience in Malmö’s thriving entrepreneurial and creative ecosystem. Participants will receive travel and accommodation support, access to co-working spaces, guidance from…

The Nordic region, comprising of Denmark, Norway, Sweden, Finland, and Iceland, as well as the Faroe Islands, Greenland, and Åland, is home to a dynamic fintech scene that comprises more than 1,300 companies, according to Hannah Robinson, Head of Fintech Intelligence at Copenhagen Fintech. This burgeoning ecosystem has risen rapidly since 2016, driven by key growth factors including strong digital infrastructure and a supportive regulatory environment. Denmark, for instance, has long been recognized as one of the most digitally advanced nations in the world, while Sweden is known for being one of the pioneers of the cashless society. Across the…

The Baltic and the Nordic regions have emerged as key hubs for fintech innovation, driven by strong tech ecosystems, supportive regulatory environments, and a strong emphasis on digital innovation. Estonia stands out as one of the most advanced nations in terms of fintech and digital innovation, recognized as a global leader in e-government, blockchain technology and digital identity. Lithuania has gained a reputation for being particularly welcoming to fintech startups, offering fast and efficient licensing processes for financial companies and attracting global fintech companies with its welcoming regulatory framework. Latvia, though home to a smaller fintech scene compared to Estonia…

The Swedish Open Banking platform, Open Payments has secured €3 million in funding, led by Alfvén & Didrikson, with participation from Industrifonden and other existing investors. This latest round brings the company’s total funding to €11.5 million. The funds will support the company’s expansion, product innovation, and mission to streamline B2B payments across Europe. Established in Stockholm in 2017, Open Payments aims to tackle the challenges businesses face when integrating multiple banking services. CEO and founder, Louise Brandt explains: “We created Open Payments to simplify banking integrations by combining multiple bank APIs into a single API. This allows businesses to…

Vilja, a Swedish core banking provider, has been recognised as a Functionality Standout in Celent’s latest report, “Retail Banking Core Systems: Next-Generation Core Banking, 2024.” The report evaluated 13 vendors globally and identified Vilja as the only Nordic company featured. Celent categorised next-generation core banking vendors into three segments; Product Cores, Broad Cores, and BaaS Platforms. Vilja was classified as a Broad Core, a segment designed to support digital direct banks with features like product capabilities, digital onboarding, and card payments. The report highlighted the growing prominence of next-generation core banking systems over the past five years, noting their shift…