Asia-Pacific (APAC) is home to one of the world’s fastest-growing fintech ecosystems in the world, featuring prominent players such as China’s Ant Group, India’s Paytm, and Australia’s Airwallex. This vibrant ecosystem includes over 40 fintech unicorns, highlighting the region’s significant role in the global fintech landscape. Despite the strong presence of local fintech leaders, APAC countries are attracting fintech solutions from the Nordics. These countries, which include Denmark, Finland, Iceland, Norway, Sweden and Greenland, are known for their advanced digital infrastructure, openness to new technologies, and collaborative spirit. They have produced around 80 unicorn startups, according to Dealroom, showcasing their…
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The financial sector is on the edge of a major transformation powered by continuous technological advancements. At the recent Huawei HiFS Frontier Forum 2024 in Shenzhen, industry leaders discussed how cloud, network, storage, and computing infrastructures can strengthen financial systems’ resilience. The forum’s theme, “Boost Resilience, Reshaping Smarter Finance Together,” encapsulates the industry’s collective ambition to navigate the challenges of an uncertain future through technological excellence and collaborative innovation. This gathering comes at a pivotal moment. Traditional banking boundaries are dissolving, and the definition of financial services is evolving unprecedentedly. The imperative for digital transformation As we hurtle towards 2030,…
The European Investment Fund (EIF) and Danish corporate bank kompasbank have signed portfolio guarantee agreements to provide at least €175 million in new loans to Danish small and medium-sized businesses. The EIF guarantees will allow kompasbank to support Danish companies with improved lending conditions such as reduced interest rates and longer maturities. The agreements are supported by the InvestEU programme, which aims to trigger more than €372 billion in additional investments over the period 2021-2027. “Access to finance for SMEs continues to be an issue around the Nordics.” Said EIF Chief Executive Marjut Falkstedt. “Danish businesses play a leading role in…
Issuer processing company Enfuce announceds a new partnership with Síminn Pay, the fintech arm of Síminn, the largest telecom service provider in Iceland. Enfuce is launching a new, virtual commercial card programme for Síminn Pay, equipped with a CO2 calculator by climate action platform Deedster, to help its commercial clients reduce their carbon footprints. With this new partnership, Síminn Pay, with a substantial business client base of around 14,000 in Iceland, is introducing a commercial card solution that will provide an easy onboarding process and accessible credit lines for Síminn Pay’s customers. The new open loop Mastercard credit card, sponsored by…
Handelsbanken in Norway selected Iceland based Meniga to enrich its customer engagement with personalised financial insights. This partnership underscores Handelsbanken’s commitment to driving innovation and redefining the customer experience in the digital age. This strategic move not only highlights Handelsbanken’s dedication to providing best-in-class digital services but also showcases Meniga’s capacity to outperform and deliver superior solutions in the financial technology landscape. “Choosing Meniga is a strategic step towards enhancing our digital banking services and providing our customers with a more intuitive and personal financial experience,” says Øystein Aulin, Head of Technology & Digital Development at Handelsbanken in Norway. “With this…
Switzerland based Tenity in collaboration with Copenhagen Fintech announce the launch of the “New Nordic Challengers” program. This pre-seed fintech program is designed to propel Nordic and Baltic Fintech startups onto the global stage, offering opportunities for growth and innovation in the financial services sector. Empowering the Next Generation of Fintech Innovators The “New Nordic Challengers” program is crafted to support and accelerate the growth of early-stage fintech companies from the Nordic and Baltic regions. By providing participants with EUR 50k pre-seed capital and a potential follow-on investment of up to EUR 250k, as well as access to a platform…
In Sweden, the digital revolution in the real estate industry is in full swing, driven by a rapidly expanding ecosystem of proptech players that now counts nearly 150 companies, a new report by Planima, a local tech provider serving the real estate industry, says. The report, released on March 20, 2024, looks at the Swedish proptech sector, exploring the 146 companies comprising the space. According to the report, Sweden is home to a wide proptech ecosystem of startups offering diverse technologically innovative products and new business models for the real estate market. Many of these startups provide solutions that allow…
In Iceland, the financial landscape is witnessing a dynamic interplay between traditional lenders and innovative fintech companies. These partnerships are reshaping Iceland’s financial sector, fostering innovation and providing customers with more efficient and diverse services. Over the past year, a flurry of domestic banks have announced new partnerships with fintech startups and tech providers to enhance financial services and improve customer experience. Kvika Banki has been among the most active lenders in payment innovation, unveiling a partnership with card issuing company Enfuce in June 2023 and another collaboration through its subsidiary Straumur with Dutch payment firm Adyen in January 2024.…
Norway based Signicat has announced the acquisition of SmartWorks, Iceland’s largest provider of digital identity and fraud prevention in electronic signing. With a Europe-wide presence and global coverage, this strategic operation aims to strengthen Signicat’s presence and expand its reach in Iceland. Since 2019, Signicat has expanded its European footprint through six strategic acquisitions to strengthen its proprietary technology, customer base, and market expertise, including Encap Security, Electronic IDentification and Anti-Fraud and Identity Technology Company Sphonic. Through its solutions portfolio and digital identity hub, Signicat is well positioned to enable Icelandic companies to expand and operate in Iceland and beyond…
The banking industry stands at the brink of a major transformation, driven by rapid technological advancements and changing customer expectations in a dynamic digital landscape. This transformation is not without its challenges, as banks grapple with the critical task of bridging the gap between traditional banking services and the demands of a digital-first customer base. Factors such as the unbanked population, system outages, cybersecurity threats, and the rise of fintechs pose significant barriers to this connection, underscoring the urgent need for banks to fortify their operational resilience (OpRes) and Information Technology resilience (ItRes). In this context, the notion of resilience…
Leading financial institutions, Fintech companies, and Latvian and European financial industry associations opens application opportunities for the international Fintech hackathon “OpenFin Hack”, which aims to promote innovation to make financial services more secure, inclusive and accessible. The OpenFin Hack hackathon will take place online from 9 to 13 April. Participants will also be able to meet in person at a networking event on the final day in Riga. The hackathon is open to new idea authors and early-stage startup teams. Industry expert support and assistance will be available to create innovative financial solutions together. The total prize fund for the…
CapitalBox, the Stockholm based alternative financing specialist for small- and medium-sized enterprises (SMEs), announced its acquisition of Copenhagen-based Omniveta Finance. Omniveta is an invoice purchasing company dedicated to improving lending liquidity for SMEs across Denmark. Founded in 2012, Omniveta specialises in invoice purchasing, complimenting CapitalBox’s current alternative finance solutions offering. In development since last year, this acquisition was spearheaded by CapitalBox Chief Strategy and Growth Officer Nemira Palaimienė. Omniveta will assume the name CapitalBox moving forward, and its entire team will be brought under the auspices of CapitalBox’s Danish division and Denmark Country Manager Anne Trampedach, who has led the…
2023 was a tough year for the Swedish fintech industry as companies continued to face a challenging fundraising landscape, fueling a slowdown in new recruitments, and as regulatory requirements persisted in burdening fintech operations, a new report by the Swedish Fintech Association (SweFintech) says. For Sweden to remain competitive in the face of rising fintech hubs including Lithuania and Estonia, several measures must be put in place to encourage innovation and support the growth of young ventures. The 2024 edition of the Fintech Report, released earlier this year, gives an up-to-date picture of the Swedish fintech industry, describing how the…
Brite Payments, a Stockholm based leader in instant bank payments, announced that it has partnered with Northe, a one-stop platform for electric vehicle (EV) charging, to provide customers with a more streamlined payments process. Founded in Stockholm in 2020, and buoyed by fresh funding in early 2023, Northe is connected to an extensive network of public, semi-public, and private partners. It provides customers with an all-in-one platform that facilitates and automates the management of everyday EV charging needs. Via the Northe charging app, private and business customers access thousands of charging stations, connecting multiple operators and removing friction in the payment and…
Over the years, the Nordic and Baltic regions have emerged as vibrant hubs for fintech innovation, fueled and facilitated by advanced digital infrastructure and digitally literate populations, government support, and strong collaboration between traditional financial institutions, startups and technology companies. The Baltics, which include Estonia, Lithuania and Latvia, boast a skilled workforce, favorable taxation and a strong startup culture, a favorable landscape that has contributed to the advent of a burgeoning fintech ecosystem of 600 companies. The Nordics, which encompass Sweden, Finland, Norway, Denmark and Iceland, are home to more than 1,200 fintech companies, including some of Europe’s fastest-growing and…
Backbase has made an agreement with Danske Bank in Denmark. This agreement provides Danske Bank with access to Backbase’s Engagement Banking Platform, which will progressively be implemented across their digital channels in the coming years. This will enable Danske Bank to offer its customers a continuously improved digital customer experience, as the enhanced flexibility allows it to tailor its business operations around customer journeys. Frans Woelders, Chief Operating Officer at Danske Bank, highlights: “This engagement is a testament to our customer focus and our commitment to ensuring the best digital banking experience for the future. A new platform that works…
J.P. Morgan’s Commercial Banking business has hired Kim Larsson Nyheim as Innovation Economy banking lead for the Nordics, based in Stockholm. In this role, Kim is dedicated to serving Nordic-based, early stage, venture-backed companies with high growth potential in industries like Disruptive Commerce, Technology, Life Sciences, Healthcare IT and ClimateTech. These companies benefit from the financial strength, scale, industry specialization, digital capabilities and investments that J.P. Morgan makes to support them from startup to IPO and beyond. This includes payments, capital raising and financing, liquidity solutions and strategic advisory for portfolio companies and more. Kim brings more than 10 years…
In an investment round co-led by new investor CNI and existing investor Opera Tech Ventures, Stockholm based Insurely has secured additional funding to accelerate its international expansion and product development. This investment aims to strengthen Insurely’s position as an open finance provider for insurance and pension solutions in Europe. On the back of a successful year, having added multiple established financial institutions to the client list, Insurely is now raising €8 million through a convertible note with CNI as leading external investor, accompanied by Opera Tech Ventures who is increasing its investment in the company, and with additional investments from…
Meniga, an Iceland and London based pioneer in Personal Finance Management solutions announced that it has raised €15 million in Series D funding. The new investment round included major European banks, Groupe BPCE and Crédito Agrícola, and the leading Icelandic VC group, Omega ehf, with participation from several existing shareholders. Total funding in Meniga to date amounts to €55 million. Part of the capital injection will be used towards clearing existing debt, rendering Meniga almost debt-free. The funding will also be invested in the roll-out of Meniga’s new strategy, focusing on further developing its core capabilities around Data Enrichment and…
Nordic challenger bank Lunar is joining forces with TrueLayer, one of Europe’s leading open banking payments network, to redefine the payments landscape across Denmark, Sweden and Norway. This collaboration will enhance TrueLayer’s instant payment capabilities in the Nordics through seamless integration with Lunar’s payment infrastructure. Lunar opened its Nordic payment infrastructure to partners in June 2023. By partnering with Lunar, TrueLayer will be able to access domestic payments across three markets in the Nordics, providing payment coverage across Denmark, Sweden and Norway. TrueLayer becomes the inaugural major partner to leverage Lunar’s Banking Services. “In many ways the Nordics is a difficult…