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5 FinTech companies from the Nordics to watch out for in 2022

By Joy Dumasia

January 17, 2022

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FinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency and Blockchain like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with Artificial Intelligence and Machine Learning. It will make FinTech products an integral part of our digitalized life.

The Nordic region, or Norden, may consist of the five sovereign states, Denmark, Finland, Iceland, Norway and Sweden, plus the three autonomous territories connected to these states: the Faroe Islands and Greenland (Denmark) and Åland (Finland).

One reason for the Nordics’ FinTech growth is that residents and citizens of Norway, Sweden, Finland, Iceland and Denmark tend to be digitally savvy on the whole, with some of the highest percentages of new technology adoption and mobile banking usage in the world.

The following are 5 FinTech companies from the Nordics to watch out for in 2022:

Lendwill is a mobile-based social network for money with the P2P lending core, explicitly designed for millennials and generation Z. Lendwill is building a financial product set to become a part of popular culture with the vision to help youth build a healthy relationship with money. Unlike other P2P companies, Lendwill is also inviting consumer brands to engage with the youth by offering them rewards, internships, or educational content as a way to build relationships beyond ads. Lendwill team is exploring various technologies that have never been used for a financial product to make their ecosystem unique and modern for the new generation user.

Founded in 2005, Stockholm-based Klarna is a FinTech that provides interest-free payment solutions for consumers buying from online retail shops. Klarna is known for its disruption in the ‘buy now pay later’ market; it regards itself as a healthier, simpler and smarter alternative to credit cards.

Recently, IBS Intelligence reported that Klarna, a global retail bank, payments and shopping service, recently revealed new data which challenges popular misconceptions about the company’s consumers. In the debate on Buy Now Pay Later, women are at greater risk of getting into debt with this growing way to pay.

Tink started in 2012 as a consumer app that helped customers keep track of their finances but later pivoted to providing banks and financial companies with its aggregation software; it’s now one of Europe’s open banking companies.

IBS Intelligence reported that European open banking platform Tink has acquired leading German open banking infrastructure FinTech, FinTecSystems, following regulatory approval. FinTecSystems is thereby becoming part of Tink.

Established in 2006, Northmill is a Swedish tech bank that aims to develop secure financial services for customers through new technology and innovation. Northmill Group operates as a FinTech company; the company develops a platform for a wide range of financial services.

IBS Intelligence reported that Northmill Bank announced that it has carried out a capital round of SEK 250 million ($30 million approx) led by M2 Asset Management, a Swedish investment company controlled by Rutger Arnhult, and the institutional investor and asset management firm Coeli.

Vipps is a company in smart payments in Norway; through the merger with BankID and BankAxept, they also deliver solutions within electronic ID and in-store payment. Founded in 2015 and developed by DNB Bank, Vipps is a Norwegian mobile payment application designed for smartphones, and it is a member of the European Mobile Payment Systems Association.

IBS Intelligence reported that Danske Bank A/S has agreed with OP Financial Group in Finland and the consortium of banks behind Vipps in Norway to merge the three mobile payment providers MobilePay, Vipps and Pivo.

ALSO READ: Global FinTech Use Cases Report 2021

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