Norway is planning to implement a temporary ban on the establishment of new data centres that use the most energy-intensive methods to mine cryptocurrency, as part of efforts to conserve electricity for other industries, the government announced on Friday (June 20). “The Labour Party government has a clear intention to limit the mining of cryptocurrency in Norway as much as possible,” said Minister for Digitalisation and Public Administration Karianne Tung, according to Reuters. “Cryptocurrency mining is very power-intensive and generates little in the way of jobs and income for the local community,” she added. The government stated that the temporary…

OKX, a cryptocurrency exchange and global onchain technology firm, has launched its fully regulated centralised crypto trading platform in Sweden, Finland, and Denmark. The exchange now offers users in the Nordic region access to spot trading with deep liquidity, staking, trading bots, and over 270 cryptocurrencies, all within a compliant framework. To support its regional expansion, OKX has appointed Moritz Putzhammer as General Manager for Central Europe and the Nordics. Putzhammer, who has experience in both centralised and decentralised finance, will oversee operations, support market development, and manage regulatory engagement in the region. “Launching a fully regulated platform across the…

Norway’s Consumer Council has referred Klarna to the country’s Consumer Authority, alleging that the firm has failed to provide clear information regarding interest rates on its buy now, pay later (BNPL) products. The Council claims Klarna is not adhering to rules that require transparent disclosure of credit terms and conditions, arguing that this information is either omitted or obscured in the company’s online advertising and on its website. “We believe Klarna is not complying with the marketing regulations for credit,” said Guro Sollien Eriksrud of the Consumer Council. Klarna is also facing scrutiny in the Netherlands, where a Dutch court…

Aibidia, an AI-powered fintech company based in Finland, has concluded its Series B funding round, raising US$28 million to support its expansion into the US. The round was led by Activant, with participation from existing investors DN Capital, FPV, and Icebreaker.vc. Founded in 2018, Aibidia offers a platform that helps multinational corporations manage global transfer pricing and cross-border tax compliance using AI. The platform has become a key part of the tax technology infrastructure for large organisations, with over 100 multinational clients including Unilever, Dyson, Nokia, and Delivery Hero. These clients have an average annual revenue of €7 billion. The…

Rediem Capital, based in Germany, is a financial services provider offering secure and dependable savings solutions. The company operates in the non-performing loan (NPL) market, funding its activities through customer deposits and using an automated, data-driven approach. To support its operations, Rediem has adopted core banking technology from Vilja, a Sweden-based provider of cloud native banking solutions. Vilja’s platform enables Rediem to configure and launch deposit products efficiently, with the flexibility to integrate with other service providers. The implementation was completed within six months of signing and went live in both Germany and Sweden. “Financing through deposits offered to the…

Deedster, a Swedish provider of data and digital tools for measuring and managing carbon emissions tailored to financial institutions, has been named the Programme Winner of the Spring 2025 edition of Mastercard Lighthouse MASSIV. The announcement was made during the Lighthouse Grand Finale award ceremony at Latitude59 in Tallinn. As the winner, Deedster will now receive continued support from Mastercard and will pitch for inclusion in Mastercard’s global start-up engagement initiative, Start Path. The company offers services to banks, payment providers, and card issuers, aiming to support them in tracking and reducing their carbon emissions. Deedster was recognised for its…

Iceland’s Arion Bank has announced a partnership with US-based Volante Technologies to modernise its payments infrastructure. The move is part of the bank’s broader strategy to enhance operational resilience, meet evolving regulatory requirements, and support increased transaction volumes in line with its growth objectives. Headquartered in Reykjavík, Arion Bank is the third-largest bank in Iceland by assets and provides a wide range of retail, corporate, and investment banking services. As part of its ongoing digital transformation, the bank is replacing its existing payments hub with a modern, API-driven platform capable of supporting multi-rail processing and seamless integration with emerging payments…

Finland, Sweden, Norway, Denmark, and Estonia are rolling out offline card payment systems as a backup in the event of internet outages, including those caused by sabotage, according to Tuomas Valimaki, a board member of the Bank of Finland. This initiative follows several instances of unexplained damage to critical undersea infrastructure in the Baltic Sea region in recent years. Additionally, Western intelligence agencies have accused Russia of carrying out acts of sabotage, although the Kremlin has denied these claims, Reuters reported. “The likelihood of major disruptions has increased because the geopolitical situation has changed worldwide. There is a war in…

Denmark’s Partisia is joining forces with Japan’s TOPPAN Edge to develop a fully privacy-focused digital identity system, placing individuals in control of their personal data through cutting-edge decentralised technology. At the core of this collaboration is Partisia’s Decentralised Identity solution, built on its blockchain platform that leverages Multi-Party Computation (MPC) and advanced cryptography to enforce privacy. This partnership is set to explore how Partisia’s technology can be scaled globally to support a secure, user-driven data economy. By combining Partisia’s privacy-first infrastructure with TOPPAN Edge’s capabilities in access control and hardware systems, the initiative aims to enable users to selectively share…

Kommuninvest, one of Sweden’s key financial institutions, has chosen Athens-based Profile’s Finuevo Core banking system to update and improve its operations, following a competitive international procurement process. Kommuninvest is jointly owned by 281 Swedish municipalities and 15 regions. It provides approximately 60% of Sweden’s municipal investment financing, managing around €50 billion in loans and €55 billion in total assets. The institution focuses on sustainability, cost-efficiency, and stable public sector funding. Finuevo Core, developed by financial solutions provider Profile, will be deployed fully across Kommuninvest’s operations. The new system will support lending and payment processes, help meet regulatory requirements, and integrate…

The New Nordic Challengers 2.0 Programme has officially launched in Tallinn, with six promising startups recently receiving investment from Tenity. This growth programme is designed to support founders aiming to develop innovative fintech solutions and scale their businesses, offering access to Tenity’s global network of mentors, investors, and industry partners. Andrea Fritschi, CIO of Tenity, remarked, “What excites us about this cohort is their shared ambition to build solutions for the next era of finance, smarter, more adaptive, and deeply embedded into the real economy. Whether it’s rethinking how we insure, comply, or interpret data, they’re solving pain points. That’s…

Froda, an embedded finance provider based in Sweden, has secured a €20 million investment to support its expansion across Europe and enhance its data-driven financing solutions for SMEs. The Series B funding round was led by Incore Invest, with continued support from the company’s existing investors. The investment comes at a time when fintech fundraising has slowed considerably, with many companies finding it difficult to attract equity. It highlights growing confidence in embedded finance as a scalable and sustainable model for fintech growth. The €20 million will be used to scale Froda’s operations, onboard new embedded finance partners, and expand…

Mynt, founded in Stockholm in 2018 and a Visa partner since 2023, has grown to become a prominent provider of spend management solutions in the Nordic region. The company offers corporate cards to over 16,000 business customers, enabling them to integrate seamlessly with ERP and accounting systems. This reduces the time businesses spend on financial administration and bookkeeping. The partnership with Visa aims to address the increasing demand for efficient spend management solutions, particularly among SMBs. Philip Konopik, Regional Managing Director at Visa Nordics & Baltics, commented: “Another great example of Nordic fintech innovation where Visa is deepening collaboration with…

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…