50 Scandinavian FinTech Companies Powering Region's Leadership in Global Innovation

Scandinavian countries are known to be some of the most prosperous and developed ones in the world. The financial services industry in the region is no exclusion as some of the most innovative and promising companies that have expanded internationally despite obstacles come from the region. Not so long ago, we reviewed 14 FinTech companies from Nordic countries. This time, we will expand the list to 50 FinTech companies from the Scandinavian region to look out for in 2016.

BehavioSec focuses on a different aspect of security. The company represents an interesting combination of behavioral science, math and technology. BehavioSec transforms behavior into a transparent additional level of security by monitoring the way users interact with their devices in real time. The interaction pattern is contextualized. Technology can recognize if a conflicting user is operating a device by monitoring the environment, rhythms and interactions patterns that are unique to a particular user.

Coinify is one of the leading players in Europe in the digital currency market and is backed by a multimillion capital injection by SEED Capital (the Danish Government). Coinify is the largest European digital currency payments company with about 10,000 merchants on its books and tie-ups with 12 payment service providers.

Cryex provides transparency on price and cost whilst increasing speed and lowering risk in trading, clearing and settlement of FX products.

Encap Security provides multifactor, smarter authentication and digital signing for the enterprise and banking sectors.

Flexfunding is a lending company that matches businesses with lenders without middlemen, banks and hidden fees.

FundedByMe is a crowdfunding company in the Nordic region with 86% of the market share; it operates globally with an Asian branch. The company offers reward-, equity- and loan-based crowdfunding.

iZettle is a mobile payments company based in Stockholm, Sweden and markets a single application and service called iZettle. The company’s offerings include everything from credit card readers to complete point-of-sale solutions and free sales overview tools.

Klarna is one of Europe’s fastest-growing companies offering safe and easy-to-use payment solutions to e-stores. Valued at about $1.4 billion in 2014 when it raised roughly $100 million from existing investors, Klarna has nearly doubled its valuation in its 2015 funding round by reaching $2.25 billion.

Lendify offers a peer-to-peer lending platform. The company operates a marketplace online credit platform that enables people to borrow money and lend money from each other—without the involvement of banks or credit card companies.

Lendino is a marketplace lender for loans to SMEs in Scandinavia ranging from $20K–2M USD. Lendino was the first platform to obtain a payment institute license to operate in Scandinavia. Lendino is a supplement to the banks and has already established partnerships with the established sector.

MeaWallet provides secure and cost-effective mobile wallet solutions. Through MeaWallet, the company focuses on the entire ecosystem—financial institutions, IT/security solution providers, payment schemes, acquirers and more. Other B2B companies use the company’s mobile wallet turnkey solution or a white label mobile wallet and the company handles the entire lifecycle, including security. MeaWallet provides support for different kinds of cards: loyalty cards, identification papers, tickets, access cards, payment cards, etc.

Mondido offers a way to start accepting payments on websites and mobile applications while offering features for analyzing and increasing sales. Merchants can accept payments using hosted payment windows, JavaScript forms and API integrations.

Qapital is a banking service that combines social features and gamified automatic savings with traditional banking products.

Safello is set out to bring greater compliance and security to the bitcoin industry. Its user-friendly approach has since attracted tens of thousands of customers throughout Europe with an easy way to get into bitcoin.

Seamless is one of the world’s largest suppliers of payment systems for mobile phones. Seamless’ SEQR is Europe’s most-used mobile payment solution in stores and online. SEQR enables anybody with a smartphone to pay in stores, at restaurants, parking lots and online, transfer money at no charge, connect loyalty programs, store receipts digitally and receive offers and promotions directly through one mobile app.

Strex is owned by the major Norwegian mobile operators—Telenor and Telia Norway—and provides mobile payment solutions for all mobile users in Norway. The mobile operators have offered SMS payments since 1999. In 2012, they constituted the company mPayment, which now is called Strex.

Tink is a mobile app that provides insights and fun facts about a user’s money every time he/she opens it. Tink continuously collects, sorts and analyzes everything about personal finances and delivers a beautifully simple feed.

Toborrow is an online marketplace that aggregates consumer savings, connecting it to small- and medium-sized businesses in need of financing.

Trustly is a technology company which develops and sells online payment solutions. For consumers, Trustly enables secure online payments and direct bank payments. The risk of errors and mistakes are minimal. It is as secure as everything else you do via Internet banking; you never have to disclose information that could be misused by third parties. All that is required to use Trustly is a bank account.

WyWallet is a payments system launched by three Swedish mobile phone operators—Telia, Tele2 and Telenor. The joint venture has opened the gates for 97% of Swedish mobile phone users to pay for goods at participating businesses.

Zwipe is the world’s first fingerprint-authenticated payment card. The Zwipe Access card features on-card fingerprint matching utilizing fingerprint touch sensors from Fingerprint Cards (FPC). Only the owner of the card can activate the card, rendering lost or stolen cards inoperable. Fingerprint data is stored inside the secure card and a positive match activates encrypted communication with a lock or reader.

Learn more about the FinTech ecosystems in Scandinavian countries here.