4 FinTech companies transforming the financial space in Iceland

By Gloria Methri

The Nordic FinTech market has been diversifying rapidly with the addition of new technologies and companies. According to the European Payments Council, the payments industry in Iceland has expanded with the introduction of new payment methods, leading to changes in customers’ behaviour.

As of August 2022, there are 457 FinTech start-ups in Iceland, according to Tracxn. FinTech solutions are provided by the three largest commercial banks in the country, namely Landsbankinn, Íslandsbanki, and Arion Bank, but also by a growing list of independent businesses and start-ups that are leveraging cutting-edge technologies including artificial intelligence and blockchain to reinvent the sector.

Check out these four Iceland-based FinTech companies –

• Lucinity

Lucinity provides AI-enabled and cloud-based anti-money laundering (AML) software for financial institutions. It develops solutions for reviewing, investigating, narrating, measuring, detecting money laundering, and more. Its products include Human AI Case Manager for AI-based case management, Actor Intelligence for risk rating, and Lux for AML advisory, among others.

• indó

indó is a digital bank that provides services such as current accounts, prepaid cards for online/offline purchases, bill payments, money transfers, cash withdrawals, and more. It also provides a dashboard for income and expenditure management.

• Authenteq

Authenteq is a fully automated identity verification platform for marketplaces. Its AI-powered eKYC system verifies the identities of users and sellers for easier transactions on marketplaces. All ID verification is done automatically by comparing the user’s ID and a recent photo with face recognition technology.

• Column Tax

Column Tax is an online tax refund and tax monitoring solution for individuals and businesses. It offers income tax filing, tax refund deposits, tax liability, deductions, and credits based on the latest IRS publications, and more. Column Tax also offers compliance solutions to its users.