4 influential FinTech companies disrupting Norway’s financial space
By Megha Bhattacharya
FinTech opportunities in Norway have increased exponentially over the last few years. The country has recorded high levels of digital services adoption by consumers coupled with the use of digital identity solutions with digital infrastructure and internet and smartphone penetration close to 100%.
According to reports, over the next few years, the Norwegian market expects disruption in the accounting sector, with the establishment of a new generation of accounting firms. It also expects continued growth in the crowd segment, further integration of the offering of exchange services for cryptocurrencies and wallet providers into the fiat economy, with less friction in this segment; and new regulations in relation to financial services, crowdlending, loan intermediation, and consumer protection.
Check out these 4 notable Norwegian FinTechs disrupting the market –
Established in 2016 and headquartered in Oslo, Norway, Neonomics is a FinTech providing PSD2 compliant banking interconnectivity to banks, FIs, TPPs, etc. It offers account aggregation and payment initiation services.
Recently, Neonomics announced a partnership with Bill Kill app in a bid to enable the latter to launch account payment AISP and PISP to users via their app. Bill Kill aims to enable users to obtain a better understanding of their own personal finances and keep track of all their payment responsibilities in order to avoid unnecessary debt and fees. Nordic FinTech Bankify also entered into a partnership with Neonomics to offer enhanced personal financial management services to clients with the help of open banking.
Neonomics offers global banking coverage of over 2000 banks to financial institutions and Third-Party Providers (TPPs) through one unified API. It is authorized by the Norwegian FSA as a licensed payment institution.
Signicat is a Norwegian digital identity company. Its digital identity platform incorporates an extensive suite of identity verification and authentication systems, accessible through a single integration point. The platform supports the full identity journey, from recognition and on-boarding, through login and consent.
Recently, Signicat announced that it will now be able to provide identity verification and authentication services with integrated support for the newly launched German digital identity card, Neue Personalausweis (nPA). The new development will enable organisations to collaborate with Signicat for accelerating their digital customer onboarding and securing recurring authentication requirement in Germany. Signicat will be able to read identity card data as a service provider, thus allowing customers to digitally onboard by holding their cards up to an NFC-enabled device.
The FinTech offers electronic signature tools, digital identity, verification, and advanced authentication systems.
Founded in 2015 and developed by DNB Bank, Vipps is a Norwegian mobile payment application designed for smartphones. It is a member of the European Mobile Payment Systems Association.
In 2019, Vipps, owner of BankAxept and Nets, a leader in the European payments industry announced plans to expand their strategic partnership. According to the agreement, Nets will continue to process BankAxept transactions until 2024. At the same time, Nets will further develop the payment platform and support Vipps in the development of new and innovative solutions for the scheme. BankAxept was established in 1991 by Norwegian banks as the national system for debit cards in Norway.
The application is designed for smartphones. After downloading the Vipps application, there is an onboarding-process where the user assigns a credit- or debit card (Visa/MasterCard), personal- and account information. According to the supplier, each user must register a phone number, bank account, credit card and identity number, and all must be Norwegian.
Lendonomy is a Norway-based FinTech company that is developing a mobile-based social network for young people to foster financial literacy and help the youth build an internationally verifiable credit history on the blockchain. It is currently in the process of developing a blockchain-based “Airbnb for lending” targeting the GenZ.
Recently, Neonomics entered into a partnership with Lendonomy in a bid to enable the latter’s clients to lend and borrow small amounts of money to and from each other with payments powered by the supplier’s open banking API. The companies claim that the partnership is the first to have a practical application of PSD2 payment APIs within the crowdfunding and crowdlending industry in Norway.
Lendonomy is a peer to peer mobile microlending application that helps young people between 18 and 27 to build a verifiable credit history and healthy relationships with credit. It charges a matching fee of €1 per match and let lenders earn 2.5% interest a month.
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