Stockholm is leading the way for Fintech in the Nordic Region

This is a guest post by Christoffer O. Hernæs which was originally published on his blog.


With companies like Klarna, iZettle, Trustly and Behaviosec, Sweden has managed to establish a solid footprint in the nordic fintech scene. The capital, Stockholm has been already been named on of the European fintech hotspots, and the activity shows no sign of declining. After several large investment rounds from both regional and European investors as well as Klarnas planned expansion to the US, the Swedish fintech scene is on its way to greatness. Notable companies include:

Klarna delivers a online payment services promising a simplified checkout process by acquiring customers claims and collecting through invoice or part-payments. Klarna takes both the fraud and credit risk for the merchants. To be able to take these risks, but still provide a high consumer acceptance rate, Klarna has developed risk models which at the time of the customer purchase determine whether or not Klarna will accept the fraud and credit risk for the purchase. Klarna hasreceived 282 MUSD in funding through 6 rounds from Sequia Capital, Institutional Venture Partners, General Atlantic, Atomico, Digital Sky technologies, Investment AB Øresund as well as private investors. Learn more at Klarna.

iZettle delivers a mobile payment solution replacing traditional POS terminals. The iZettle app and card readers allow individuals and small businesses to accept card payments through a card reader connected to your smart device (e.g. phone or tablet). The EMV-approved solution supports both chip cards and magnetic stripe cards. iZettle has received 118 MUSD in total investments following series C funding led by Zouk Capital, with participation from Hasso Plattner Ventures , Dawn Capital and Intel Capital, and Series A and B investors Creandum, Greylock Partners, Index Ventures, Northzone and SEB Private Equity, American Express, MasterCard and Banco Santander. Learn more at iZettle.

Seamless is a global mobile payments company that provides prepaid top-up systems and mobile payment services for mobile operators, distributors, retailers and consumers. The company has two main product lines: the proprietary transaction switch ERS 360˚ for top-ups to mobile operators and distributors, and SEQR for mobile payments in stores, on-line and in-app. Seamless is a public company with shares traded on the NASDAQ OMX stock exchange. Learn more at Seamless.

Behaviosec delivers a patented authentication and verification technology through biometrics. Behaviosec adds a layer of behavioral analytics to an online financial service (such as Internet and Mobile banking), making sure it can only be accessed by a typing or swiping sequence that is uniquely connected to that person’s biometrics. anyone attempting to access the service has to use the correct pressure, velocity, and acceleration, and they must combine this with the correct sequence speed & key-flight before they can access their accounts. Behaviosec has raised a total of 8,2 MUSD through 3 funding rounds from Northzone, Octopus Investments, Lunova, Conor Venture Partners, PNF Venture Capital and others. Learn more at Behaviosec.

MPS (Mobile Payments solutions) is a payment solution provider that lets you make everyday payments with your mobile phone. Promising to take the hassle of cash and cards out of every transaction. MPS relies on integrating gift programs and loyalty, awards and promotions as part of the payment experience. MPS was recently acquired by Cidron SuperPay, a subsidiary of Nordic Capital Fund VIII that focuses solely on payment solutions. Learn more at MPS.

Tink is a personal finance app that promises to gives you new insight about your money every time you open it. THe solution is connected to your bank accounts and credit cards and encrypted by VeriSign. Tink raised 4 MUSD in a series A round led by Sunstone Capital. Learn more at Tink.

Qapital is a banking app that helps you set up financial goals, create rules, then automatically help you save through small incements. Qapital promise to be “the ultimate lazy­-bum saving experience.” Learn more at Qapital.

KnCMiner delivers state-of-the art chip design used in proprietary mining hardware, mining software and cloud services for blockchain-based applications and cryptocurrency mining. KnCMiner raised 15 MUSD in series B funding led by Accel Partners, the round also included existing investors GP Bullhound and Creandum, as well as Swedish investor Martin Wattin. Series A funding of 14 MUSD was led by Creandum. Learn more at KnCMiner.

FundedByMe is a crowdfunding platform for the Swedish and NOrwegian market. The FundedByMe platform operates on the “all or nothing” funding principle, where investments are made on a pledge basis and pledges are not released unless the project meets or exceeds a pre-set funding target. Learn more at FundedByMe.

Trustly delivers online payment solutions. Trustly promises to make online payments as simple and safe as possible – for both the merchant, the consumer and the bank through one API for all banks. Trustly raised 30 MUSD from Bridgepoint Development Capital for a minority stake in the company. Learn more at Trustly.

Toborrow is a peer-to-peer lending platform directed at small business loans. Toborrow claims to be the first P2P lender i Sweden and is partially owned by Bonnier, a large swedish media corporation. Learn more at  Toborrow.

Trustbuddy offers peer-to-peer financing for small and mid-sized companies and consumer loans with short or long-term durations. The company operates under three different brand names (Geldvoorelkaar, Prestiamoci and TrustBuddy) in 8 European countries.Trustbuddy is listed on Nasdaq OMX First North. Learn more at Trustbuddy.

Mondido delivers payment solutions with focus on usability and high conversion rates. Mondido promises a super easy payment service and also offers an analytics platform as an add-on. Mondido received an undisclosed investment from NFT Ventures.  Learn more at Mondido.

Betalo is a payment solution that allows you to pay your bills with your credit card in a simple and user-friendly way. Learn more at Betalo.

Lå promises to renegotiate your mortgage anonymously to your and, and also switch bank if necessary. Lå is one of the portfolio companies of NFT Ventures. Learn more atLå

Insplanet  is an insurance comparison service for the private market. The company helps its customers compare and change insurance through their online platform. Insplanet is listed onNASDAQ OMX First North. Learn more at Insplanet.

Swish is a mobile payment solution offering real-time P2P-payments in the swedish market. Swish is fully owned by Swedens largest banks. Learn more at Swish.

Wywallet si a joint venture between the four largest telecom carriers in the country, Telia, Tele2, Telenor and 3: Wywallet  offers a mobile wallet solution through eitehr direct vank account access, stored value or SMS payments. Learn more at Wywallet.

This list is part of my site Fintech Sweden. Due to the high level of startup activity, it will most likely never be complete. Please let me know if there are other companies that should be on this list, and I will update it when I find the time.

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