Mynt, a leading provider of corporate credit cards and spend management solutions, announced a €22 million funding round at a significantly increased valuation of approximately €175 million, led by Vor Capital, with participation from existing investors CNI, Incore and others. The Series B round brings Mynt’s total funding to over €50 million. The fresh investment will help fuel Mynt’s next phase of growth, with plans to expand into the UK and other European markets, broaden its product offering, and capitalise on growing demand for spend management among SMEs. UK and EU Expansion ahead Founded in 2018, Mynt isspend management solution…

In the last two years, some large banks have been hit with very public, lengthy – over 10 hours – disruption of their digital banking services. And that’s just the incidents we are aware of. Cases like these highlight the fears bankers may have in moving away from legacy systems in the name of innovation. Such unreliability erodes customer trust, impacts revenue, and perhaps most importantly, raises the ire of regulators. This fear factor also makes it harder for traditional banks to embrace going digital to fight neobanks and other digital-first financial institutions. Thus, many bankers and C-suites take a…

Sweden has established itself as one of Europe’s leading fintech hubs, supported by an advanced digital infrastructure, a progressive regulatory environment, and proactive government initiatives promoting fintech adoption. At the heart of this thriving ecosystem lies Stockholm, a city celebrated for its innovation, dynamic startup culture, and capacity to attract substantial venture capital (VC). Stockholm ranks fourth in Europe for VC allocation and is the 25th in the Global Financial Centres Index, boasting a remarkable finance sector comprising approximately 1,100 companies. As a leading fintech hub not just in the Nordics but across Europe, Stockholm is a launchpad for some…

TF Bank, a Swedish digital bank, has partnered with NICE Actimize, a provider of financial crime, risk and compliance solutions, to strengthen its anti-money laundering (AML) programme. The bank will implement NICE Actimize’s AML Essentials, a cloud-based suite that includes transaction monitoring, customer due diligence, and screening tools. Known for its rapid deployment and lower total cost of ownership, the solution is designed to optimise compliance and efficiency. The partnership reflects TF Bank’s aim to address global regulatory requirements while enhancing operational efficiency. NICE Actimize’s AML Essentials will leverage AI and an entity-centric approach to monitor money laundering risks across…

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…

Mastercard announced the 20 top fintech, fintech-enabler, and impact tech startups that pitched at the 2024 Mastercard Lighthouse Startup Showcase in Stockholm. During the event, awards were presented to the MASSIV finalists and the winning FINITIV companies. Lighthouse FINITIV winners Lighthouse MASSIV finalists   Silcube, Betalo, Softloans, PryvX, Zero Labs, and RiverRecycle will follow us to SLUSH at the Grand Finale, where we will announce the program’s overall winner.

SEB Embedded, the banking-as-a-service platform of Swedish bank SEB, has partnered with Thought Machine to launch a new offering powered by the latter’s cloud-native core banking platform, Vault Core. This partnership has enabled SEB Embedded to launch a new banking service for its first client, Hemköp, one of Sweden’s largest supermarket chains, in under 10 months. The service, Hemköp Matkonto, offers customers single and joint current accounts designed to help manage food budgets and earn loyalty points, with the added benefit of in-store discounts. Hemköp Matkonto includes a linked debit card with Apple Pay and features self-service options such as…

Adyen has officially enabled Tap to Pay on iPhone end of October in five new regions: Sweden, Austria, Czech Republic, Ireland and Romania. The functionality allows businesses to use an iPhone to accept contactless payments, without the need to purchase or manage additional hardware. “We have seen how Tap to Pay on iPhone has changed how consumers and businesses experience mobile payments for the better across the many regions where Tap to Pay on iPhone is already available with Adyen,” commented Alexa von Bismarck, President EMEA at Adyen. “We’re proud to be expanding it to new countries together with Apple.”…

Juni, a fast-growing Swedish financial platform on a mission to build the global business bank of the future, has further strengthened its partnership with Salt Edge, a leading open banking solutions provider, to deliver open banking capabilities. Juni offers businesses and finance teams modern banking solutions, spend management, financing and accounting—all on one platform and app. With low FX fees and flexible financing, Juni is dedicated to simplifying global business operations, enabling them to scale effortlessly. Since 2020, Juni has partnered with Salt Edge through its Partner Program for Account Information Services (AIS), allowing the company to seamlessly access data…

Vilja Solutions, a provider of cloud-based core banking platform, has selected Kuala Lumpur as its ASEAN headquarters, marking its expansion into the region. Around 60 digital banking industry leaders from Malaysia gathered at the event, joined by Swedish and Malaysian government representatives. Swedish Ambassador to Malaysia, H.E. Niklas Wiberg expressed support for Vilja’s initiative and highlighting the importance of promoting innovation that drives economic growth and financial inclusion. His remarks underscored the significance of international collaboration in advancing the region’s financial landscape. Ruslena Ramli, Director of Fintech & Islamic Digital Economy at MDEC, also welcomed Vilja’s choice of Kuala Lumpur…

Sweden’s Skandinaviska Enskilda Banken AB (SEB) has chosen Broadridge Financial Solutions to enhance its post-trade processing operations. SEB, already utilising Broadridge’s front and middle office solutions, is now extending its use to streamline post-trade processes across both domestic and international markets. With a strong presence in the Nordic region and a global client base, SEB is leveraging Broadridge’s straight-through processing (STP) system to improve efficiency and resilience. The bank, which operates in more than 20 countries, will benefit from a unified system that simplifies trading workflows, ensures regulatory compliance, and supports SEB’s ability to adapt to evolving market demands. This infrastructure…

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…

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…