FinTech in Europe has never been more exciting. The continent's ecosystem with innovative companies in emerging financial services has been a serious competition to the global financial industry giants with some of the most promising startups and FinTech unicorns coming from the region. Unicorns like Klarna, iZettle, Adyen, Funding Circle, TransferWise, POWA Technologies came from Europe as a proof of a strong standing of the market on a global arena. According to Bloomberg, TechCrunch and Huffington Post, South East England is actually outpacing California on the number of jobs in FinTech along with rapidly growing funds and deals in the FinTech industry. Moreover, TechCrunch reported that European startups have raised more than $2.8 billion from VCs in Q2 2014, the highest quarterly total since the iconic dot-com bust in 2001. Clearly, European FinTech is creating a significant wave of competition for Silicon Valley and New York. We have been actively looking at FinTech ecosystems in different parts of Europe. Nordic countries, EEC region and Western Europe are rich on disruptive FinTech startups, which we have consolidated in this review.
The following FinTech companies are the ones to take Europe's FinTech into 2016. While Silicon Valley and New York hold the top places, European FinTech companies are clearly posing significant competition.
Worldcore: The company provides a prepaid debit card within 24 hours of submitting the required documents. The card has the ability to load funds from any bank account instantaneously and can be used as a payout solution for wages, incentives, salaries, etc. They also provide a mobile app for the cardholder. Worldcore is the most promising Central European startup to watch out for in 2016. Worldcore account allows to get paid through bank wire, load any Visa/MasterCard credit or debit card, make online payments, make withdrawals to the Worldcore prepaid debit card and pay bills or buy any goods. That’s an absolute advantage that Worldcore cards daily ATM withdrawal limit is 4,000 Euros and monthly limit is 120,000 Euros. The company promises to work round-the-clock to provide the fastest possible turnaround time for people signing up to the payment account via the website. For individual accounts or debit cards, the verification process requires digital copies of the individual’s passport and an address proof. The company utilizes Thomson Reuters World Check for financial institutions as the back-end verification tool. Worldcore also offers B2B payment services. For businesses that switch their financial flow to Worldcore, internal accounts are automatically pre-created in over 10 currencies and incoming payments are credited accordingly.
Twisto Payments: Twisto is a technology company that aims to disrupt developing markets (initially EEC). The company focuses on technologies which enable better, safer and faster consumer payment and credit services, deepen trust in the e-commerce ecosystem, and may allow expanding into, e.g., a lending marketplace. Twisto has three core technologies: Shopping Account, Nikita and Express Checkout. Shopping Account is a consumer finance manager, which automates clearing of purchases, returns, payments, installments and collections processes. Nikita is a digital fingerprinting and multidimensional risk engine with credit approval up to 95% and processing under one second. Express Checkout is instant payment processing, seamless checkout completion, aggregation of all available payment methods.
SoNet: SoNet has grown rapidly since its inception in 1991 into a well-respected payment solution integrator within the EEC region, providing end-to-end payment solutions, merchant management solutions, merchant helpdesk and on-site field services and value-added services such as loyalty programs and e-vouchers, etc. The company leverages its latest multi-acquirer application framework with Spire Payments’ state-of-the-art product to provide acquirers with an extremely versatile and powerful portfolio of payment solutions. Utilizing a single GPE-approved application across the entire suite, SoNet ensures a consistent user experience and opportunity to rapidly develop, approve and deploy new value-added applications.
Spire Payments: Spire Payments is one of the Europe’s leading payment solution providers approved to deploy its entire suite of POS terminals in the Czech Republic and CEE region. For acquirers using GPE for their payment processing, Spire Payments’ solution provides a number of benefits including a state-of-the-art range of Linux OS-based POS devices, contactless payment and NFC capabilities across the entire suite of devices.
LifePay: LifePay is a mobile solution that enables credit card payments acceptance. The company provides the admission of the credit card payments on smartphones with guaranteed transactional security. LifePay offers a simple, convenient and modern way to receive credit card payments anywhere. LifePay mPOS is a card reader which connects to a smartphone (based on Android or iOS) and allows merchants to accept cards for payment at any convenient location. The card reader is provided by the company at no cost. The app provides transaction analytics with information for each payment or refund in the developed LifePay solution. The solution is certified by Visa and MasterCard.
Touch Bank: Touch Bank is an online retail bank, an international project of OTP Group, a European financial group and one of the leaders in Central and Eastern Europe’s banking market. Touch Bank has been operating in Russia since 2015 under OTP Bank’s license and is regulated by the Russian law on credit institutions.
QIWI: QIWI is a leading provider of next-generation payment services in Russia and the CIS. It has an integrated proprietary network that enables payment services across physical, online and mobile channels. It has deployed over 16.7 million virtual wallets, over 149,000 kiosks and terminals, and enabled merchants to accept over RUB 70 billion cash and electronic payments monthly from over 57 million consumers using its network at least once a month. QIWI’s consumers can use cash, stored value and other electronic payment methods to order and pay for goods and services across physical or online environments interchangeably.
Blackmoon Financial Group: Blackmoon is a marketplace lending platform for balance sheet lenders. Blackmoon integrates with lending companies through proprietary technologies. The platform enables investors to fuel high-yield consumer loan portfolios in Europe and the CIS with a proprietary technology solution, risk analysis toolkit and technical support. Loan originators get access to a consistent, hi-tech, off-balance sheet funding source that locks in profits at the time of loan issuance and preserves flexible pricing and product policy for the originator.
MILI: MILI is a Russian financial company that offers services for microfinance. MILI’s disruptive technology allows the company to issue loans to active users of social networks, leveraging their social capital. MILI is leveraging proprietary scoring methods, paying equal attention to both standard information sources and users’ online social capital. A credit decision is made directly on the website within five minutes with funds transferred through one of the largest retail chains in Russia (over 5,000 retails posts)—Euroset.
Crestem Idei: Crestem Idei is an online crowdfunding platform that enables individuals to fund and profit from projects in diverse arenas (community, graphics and design, education, film and documentary, photography, sport, theater, technology, and writing and publishing). The company requires participating projects to present a budget and video each as minimum criteria in order to gain approval in the selection process.
DEBIFO: DEBIFO offers a new invoice finance solution for SMEs in Lithuania. The company’s platform enables businesses to free up frozen working capital by providing funds based on outstanding invoices. DEBIFO’s invoice finance solution allows shortening receivable payment terms from a traditional 30–120 days to as little as a few days, offering flexibility and transparency at the same time. The platform doesn’t enforce long-term contracts or hidden fees, and new clients can receive financing in less than a week. Businesses are allowed to submit single invoices for funding.
Creamfinance: Creamfinance is an online consumer finance company founded in 2012. The company states that its mission is to make money available. Creamfinance provides consumers loans online in a convenient and speedy manner. The company puts emphasis on using advanced and representative scoring techniques by analyzing online data, credit intel and application data from traditional sources. The company aims to become a one-click loan company to consumers globally.
VoicePIN: VoicePIN is an authentication system based on biometrics (voice). The technology allows a secure login to a system without having to remember passwords or PIN numbers. Installation and configuration is quick and simple. The technology utilizes passive enrollment (generating voiceprints from previously recorded data). Verification of the biometric password is lexical and language-independent.
HITbills: HITbills disrupts the utilities industry with smartphones. The company promises to save up to 30% of bills each month. Users can take pictures of the bills with the app, then through OCR technology, the consumption information goes to the auction, where utility providers are compared by price. The company that offers a better deal wins the auction. The average savings per household are 486 GBP.
Kontomatik: Kontomatik is a leading provider of banking APIs. The services provided by the company are mostly aimed for banks with competitive products, online lenders that are looking to optimize loan-issuing processes and startups that want to build their apps around a supreme technology.
Moresise Bank: Moresise Bank is a mobile-only bank set for launch in early 2016. The mobile application will offer a payment feature, transaction analytics along with customer service and a loyalty program. The website offers a pre-registration for the Moresise card.
PriNum: PriNum is a universal m-wallet platform (payments, loyalty, transport, ID) with social network functionality that enables exchange/conversion of assets. The m-banking solution is based on PrimeKit’s platform, designed for offering mobile banking services (checking account status, statements issuance, making payments and remittances, opening deposits, etc.). A contactless cloud mobile payment service: Visa PayWave or MasterCard PayPass can be offered on Android-based devices enabled with NFC.
Corezoid: Corezoid is a digital core that allows companies to do less hardcoding and concentrate on business growth. The company boosts the speed of launching new products, reduces the cost of software support and development and helps to fix an outdated company’s back-end. Corezoid can power P2P payments in the Corezoid cloud-based operating system to automate financial institutions’ internal processes. Corezoid’s solution powers PrivatBank, the largest Ukrainian bank.
Ensygnia: Based in London, Ensygnia is the company behind the breakthrough Onescan secure mobile transaction platform and its patented process for the confidential exchange of personal and financial information. Ensygnia’s Onescan means no more need to maintain and remember a plethora of usernames and passwords. The platform’s authentication service allows managing and controlling one’s identity and personal details simply and easily using a mobile device. By integrating loyalty programs into Onescan, retailers can link identity to payment and even encourage their customers to check-in for offers—that way they know when the customer has entered the store, rather than when they are leaving. It is also a fast, simple and secure mobile payment system. Anywhere users see the special Onescan Padlock payment code, they can simply open up their app, scan the code, and the transaction is done in around 10 seconds. The company has raised around $6.6 million till date.
Judo Payments: Judo provides secure in-app payments to leading companies globally. Judo’s mobile payment solution allows businesses to make payments in apps faster, easier and more secure. Judo also provides tools to build a custom mobile payment system for third parties, making mobile credit and debit card acceptance simple and affordable. The company has raised about $14.3 million in funding till date.
Monese: Monese is a digital banking service that let users open a UK banking account on their mobile in minutes regardless of their citizenship. Monese is a UK-based startup that targets immigrants who experience daunting tasks in opening a UK bank account as a foreigner. The mobile banking service established by Estonian Norris Koppel lets users open a current account and get a Visa debit card in just three minutes with a snapshot of their passport and a selfie. Monese’s technology is based on the cloud and removes many of the barriers that legacy banking systems impose.
Atom Bank: Atom is a startup bank. It hasn’t been launched yet but has been authorized with restrictions by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. As a mobile-only challenger bank, Atom will bring biometric banking to the UK, using biometrics instead of passwords in their innovative mobile app. Atom Bank was listed at number eight in KPMG’s Global FinTech Innovators 100. Spanish bank BBVA owns almost 30% of Atom’s stakes. Founded over a year ago and based in the City of Durham, Atom is working with its partners to bring pioneering technology to Europe for the first time. Atom is building the UK’s first bank designed specifically for the digital realm, offering easy and convenient banking along with unique and engaging ways to manage money.
Azimo: Founded in 2012 and headquartered in London, Azimo is a global payment processing business providing Web and mobile-based inter-country consumer money transfer services. The company has raised $31.6 million in funding till date. Azimo believes, that sending money abroad should be fast, easy and good value for everyone. Azimo claims to be up to 85% cheaper than the High Street banks and online money transfer companies.
Yoyo Wallet: Yoyo Wallet is an app that enables mobile payments and automated loyalty. The app collects consumer loyalty points automatically in the app and can receive offers and promotions that are relevant to them, from the retailers they favor. Yoyo Wallet is the fastest growing and largest multi-retailer mobile wallet in the UK and recently won Retail Systems’ 2015 Mobile Technology System of the Year. Yoyo provides insight and integrated marketing tools for retailers to reach targeted customer segments, drive sales, increase revenue and offer an elevated customer experience.
Osper: London-based Osper is a prepaid debit card and mobile banking service that empowers young people to manage their money responsibly. It offers a safe MasterCard prepaid debit card and a simple mobile banking app with separate logins for young people and parents. All money on Osper is safely managed by a European regulated bank.
Trustev: Trustev is an Irish company providing online fraud prevention solutions that scan transactions in real time to determine whether they are real or not. It is one of the most promising RegTech companies in Europe. The company focuses on validating the individual making the transaction, not just the payment method they’re using. The platform delivers individual, real-time decisions for every customer using multiple dynamic data sources (behavioral, transactional and social) instead of restrictive rules-based decision-making and profiling. Trustev was recently acquired by TransUnion for $21 million in cash.
The companies from the UK which were mentioned here certainly do not complete the list as London itself has an outstanding and rich FinTech ecosystem. We have been actively exploring London’s FinTech, which deserves special attention as one of the world's FinTech hubs.
Centralway Numbrs: Centralway Numbrs is the new bank branch. It is one of the most popular mobile banking applications in Germany. Centralway Numbrs enables users to manage their financial life on the go. Powerful (yet simple) functions provide control over finances without having to visit a bank branch. Centralway Numbrs supports more than 3,500 financial institutions in Germany. Numbrs allows controlling all accounts in one app, seeing a detailed overview of all transactions, sending money conveniently and securely, and control income and spending at all times. The app can be used on Apple Watch as well.
Fidor Bank: Fidor Bank, based out of Munich in Germany, has been offering virtual accounts to customers since 2009. The company boasts of more than 200,000 customers. Fidor Bank is the lone major player in virtual banking to have its own banking license. Thus, it offers special services like peer-to-peer lending, crowdsourcing, and bonus payments for interactions within the community. Fidor has also been actively adopting cryptocurrencies in its banking services. The bank has partnered with Kraken, Ripple Labs and Bitcoin.de in order to showcase itself as a promising and innovative banking partner in the world of digital currencies.
Lendico: Based in Berlin, Lendico is a transparent marketplace for loans. The platform connects borrowers and investors avoiding the excessive costs of traditional banking. The savings are passed right through to the customers. Lendico does a strict quality control of all borrower projects and coordinates all payment transactions on top. The company operates in seven European countries. Earlier this year, Lendico raised €20 million from Rocket Internet, Access Industries, HV Holtzbrinck Ventures and a new investor.
Bitbond: Bitbond is a peer-to-peer bitcoin lending platform. Users can borrow bitcoins or lend bitcoins to other users. Bitbond conducts a credit rating for all borrowers before they can publish projects on its marketplace. The platform counts over 16,000 borrowers and provides loans for up to 100,000 with rates starting at 7.7%. Bitbond leverages bitcoin as a technology and payment network to create the first global market for small business loans.
Number26: Number26 is building the most modern bank account in Europe and the first one that can be managed entirely on the smartphone. The company provides more than 80,000 customers with accounts for cash withdrawals, deposits and overdraft services up to 2,000 euros via a slick smartphone app. The company has raised $13.7 million in funding from investors including Valar Ventures, the VC fund of well-known Silicon Valley venture capitalist and PayPal Co-founder Peter Thiel.
Kreditech: Kreditech is a technology company that delivers a range of custom-tailored financial services to customers across Europe and beyond. The company is focusing more on the countries with emerging economies where people have very little or no credit history. Kreditech uses 20,000 data points to assess a person’s suitability as a loan candidate, ranging from single lines in bank account statements to behavioral info such as a person’s interactions with websites and also social data. Founded in 2002, the company has raised $355 million in financing till date.
Traxpay: German startup Traxpay offers a platform that facilitates 24/7 B2B payments and transactions in real time. Traxpay’s patent-pending platform uniquely combines secure, flexible, real-time electronic payments with any and all structured and unstructured data related to the transaction. The event-driven workflow engine integrates directly into corporate business systems (ERP, P2P, O2C, etc.) using dynamic data and changing business conditions to automatically adapt to changes in the who, what, when, where, why and how of a payment, while keeping all the data, changing business conditions and the transaction synchronized.
Spotcap: Spotcap is an innovative online lender for SMEs. The company was founded in 2014 by CEO Toby Triebel and COO Dr. Jens Woloszczak. Spotcap is headquartered in Berlin, with local offices in Madrid, Amsterdam and Sydney. The company is backed by Rocket Internet. Spotcap focuses on a business’ recent performance by leveraging state-of-the-art technology instead of historical financials and credit scores.
Cashcloud: Founded in 2012 in Luxembourg, Cashcloud aims to become the leading provider in e-wallet solutions for community payments, cards, couponing for deals and special localized offers through mobile. Cashcloud’s mobile e-wallet solution enables its users to exchange payments safely/easily and works with iOS and Android devices. The company has raised around $3.3 million in funding. Cashcloud’s e-wallet payments are accepted in 36 million points globally.
SetPay: Spain-based SetPay offers, to individuals and businesses, high mobility solutions to conducting face charges. SetPay mPOS allows accepting credit card payments through mobile phones, anywhere and at a lower cost than conventional means. SetPay charges a single fee of 1.99% to 0.99% per sale with no minimum. The objective of SetPay is to provide the tools that enable their users to facilitate payments, customer loyalty, and publicize offers and products.
eWise: eWise is a leading international provider of PFM and account aggregation solutions. eWise targets three customer segments: financial institutions, financial advisors and technology companies providing related digital services. The company’s first product labeled Money Manager helps customers understand and manage their money better, providing banks with tools (ex: account aggregation, spend analysis, categorization) to enhance engagement and expand customer relationships. The second major product offering, Personal Data Vault, is a software that enables customers to aggregate, store, manage and share financial information from their own device. Lastly, eWise’s Connected Insights product consolidates transactional data and adds external data (ex: geolocation) to create rich datasets of consumer behavior allowing business analysis and insights.
Avance Pay: Avance Pay AG is a fast-growing Swiss high-tech company that specializes in innovative, NFC-based solutions for major customers requiring mobile payment, mobile ticketing and mobile access technology. Avance Pay offers solutions for fast and secure contactless payments and the processing of transactions and solutions for access control.
Cashforce: Cashforce offers an easy-to-implement software solution that help CFOs of large corporations manage two of their greatest challenges: cash & working capital. Among the company’s clients are Hyundai, a Suzuki importer and other large corporations. The Cashforce platform allows automating the cash flow analysis process as well as streamlining and measuring the potential cash improvement.
Ledger: Founded in January 2015, Ledger is a French startup that combines the strong expertise in security, smart card, cryptography and embedded hardware. The launch of Ledger Nano—a hardware wallet—in more than 80 countries established Ledger as a reference in the international bitcoin ecosystem. The young company has just closed a seed funding round and is developing its range of products, aiming to fuel the rise of new devices of trust. Earlier this year, the company joined the FIDO alliance. Ledger offers bitcoin wallets Ledger Nano, Ledger HW.1 and Ledger Blue.
Paymium: Paymium is the company behind the Paymium bitcoin exchange, offering a secure, reliable, high-performance trading platform in compliance with European regulations. Paymium also offers merchant solutions to accept payments in bitcoin with instant conversion to euros, for every European merchant.
Kantox: Kantox offers SMEs and mid-cap companies a solution that has historically only been available to the largest of organizations. The company’s pioneering platform provides an access to live mid-market rates, updated in real time, allowing to execute transactions with no hidden spread and 100% transparency guaranteed. Kantox is authorized by the Financial Conduct Authority, FRN: 580343, as a payment institution under the Payment Services Regulation 2009. All client funds are held in secure segregated client accounts with UK banks. The company is a full member of SWIFT, a global provider of secure financial messaging.
LemonWay: LemonWay is a secured payment solution for Internet marketplaces, e-commerce and crowdfunding. The company offers payment API, back-office management, compliance and regulatory reporting tools. LemonWay is an accredited payment institution with services passported in 29 European countries.
PayPlug: PayPlug is the first service in France to enable small professionals and merchants to accept credit card payments with very simple tools—no signup fee and no monthly costs. PayPlug offers modules to facilitate the installation of online payments on e-commerce platforms. PayPlug is compatible with several platforms including Prestashop, WooCommerce, Magento, Thelia and OpenCart. The PayPlug dashboard includes a set of features designed to improve conversion rate and simplify the management of all payments.
Adyen: Adyen enables businesses to process payments across online, mobile and POS with over 250 payment methods and 187 transaction currencies. Headquartered in Amsterdam and San Francisco, with offices across North America, South America, Europe and Asia, Adyen serves more than 3,500 businesses and four of the five largest US Internet companies, including brands such as Facebook, Uber, Airbnb, Netflix, Spotify, Dropbox, Groupon, Evernote, Booking.com, Viagogo, Yelp, Vodafone, Mango, O’Neill, SoundCloud, KLM and JustFab. Adyen is a leading technology provider powering payments for global commerce.
AcceptEmail: AcceptEmail enables simple and secure electronic billing and payment, utilizing the power of e-mail and online payments. Instantaneously generated images convey the actual bill status and show—if a user needs to pay—how much time they have got left or whether the payment has already been performed. Once the payment has been done, the payment banner in the AcceptEmail will change color directly from blue to green with no need for payment confirmation.
Bell ID: Banks, governments and enterprises worldwide rely on Bell ID’s software to safely issue and manage credentials on smartphones, smart cards and connected devices. The company’s software integrates with any third-party technology and simplifies the issuing complexities of payment, identity, loyalty and transit applications. Bell ID’s software is called Secure Element in the Cloud. This solution stores and manages payment credentials in the cloud rather than on the smartphone, avoiding the need for complex partnerships to gain secure access to the phone. When making transactions, card numbers are replaced by alternative numbers that are checked in real time when the phone is tapped against a payment terminal.
Bitmymoney: Bitmymoney serves the 75% of the population, who are curious about bitcoin but find it too complex or technical to start using it. The main product is an easy-to-use online bitcoin account that managing bitcoins without any knowledge of wallet software or bitcoin addresses. In October 2014, Bitmymoney silently launched the account to its 2000+ customers.
Bitonic: Bitonic’s latest product is a European exchange (BL3P) in which buyers and sellers can trade bitcoins directly through its platform. Bitonic is the only bitcoin company in the Netherlands that possesses multiple bank accounts. It was able to acquire these accounts by organizing a company as a financial institution, and by following the applicable laws and regulations of De Nederlandsche Bank. Along with trustworthiness and security, Bitonic also offers companies, traders, merchants and customers a guaranteed fast payout.
Payvision: With one of the fastest-growing global acquiring network in the world, Payvision connects banks, PSPs, ISOs and their merchants to one global acquiring platform. The company processes over 100 million transactions per year with a total of $3 billion in value. Among its partners are ProPay, Rentabiliweb Group, Wing Lung Bank, ControlScan, Dah Sing Bank and Virtual Piggy. The company serves more than 300 business partners, acquiring banks, ISOS, PSPS and over 5,000 merchants.
InvoiceSharing: The company enables clients to improve invoice processes and cash flow using a free electronic invoice distribution platform. Companies connect their accounting systems and distribute electronic invoices directly from their system, using the InvoiceSharing cloud, to the system of their clients. The registration is free. InvoiceSharing allows companies to lower costs and improve cash flow.
Nordic countries are also an interesting case as some of the FinTech unicorns are coming from the region. Sweden, Finland and Denmark are renowned for their highly developed telecommunications equipment and handset manufacturing industries. Global telecom companies like Ericsson (Sweden), Nokia (Finland) are from Nordic countries (also sometimes referred to as Scandinavian countries). The king who inspired the name, Bluetooth, was also from the same region. As early as 2000, they were experimenting with services built on top of telecom networks, and payments was one such area.
Seamless: Founded in 2001 and active in 35 countries, Seamless handles more than 3.7 billion transactions annually through 575,000 active sales outlets. About 6,200 merchants have chosen SEQR including the largest grocery chains, fast food chains and national retailer chains in the markets where SEQR is established. Currently, SEQR is established in Sweden, Finland, Romania, Belgium, Portugal, Netherlands, Germany, Spain, France, Italy, the UK and the US. SEQR’s unique transaction platform has been developed by Seamless, one of the world’s largest suppliers of payment systems for mobile phones. 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.
Klarna: Founded in Stockholm in 2005, 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. According to the official website, Klarna is active in 18 European markets where it serves 35 million customers and increases conversions of 50,000 merchants by 25%. Some of the major international clients of the company are Spotify, Disney, Samsung, Wish, Adlibris, Fitnessguru and ASOS. Klarna states that its goal is to become the world’s favorite way to buy.
Lendify: Founded in 2014, Lendify offers the first real P2P lending platform in Sweden. 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. By cutting out the middlemen and bypassing many of the traditional banking costs, Lendify is able to provide great rates for borrowers and attractive returns for investors. Until now, the company has raised $3.08 million.
Lendino: Launched in 2013 by Andreas Christensen and Asger Trier, 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. Recently, the company has raised an undisclosed amount of funds. The four investors involved are Stefan Glanzer, Robert Dighero, Mark Dighero and Steffen Thilsted. Asger Trier Bing revealed that the money will be used at the establishment in Denmark and primarily on marketing efforts. Moreover, the money will also be used for the expansion to the rest of the Nordic region.
Fixura: Fixura allows individuals to lend and borrow money amongst each other without going through a traditional financial intermediary such as banks or other traditional financial institutions. Fixura liaises between individual lenders and borrowers and offers a unique IT-platform over which transactions are easily made. Individuals who are interested in a better yield on their savings than what banks can offer can lend out money to other individuals. Established in 2010, Fixura has more than 50,000 registered users today and, therefore, the company is the largest P2P lender in Nordic countries. Fixura investors receive an annual return of 10% on average.
Holvi: Holvi, founded in Helsinki in 2011, is conquering the European banking landscape and reshaping financial technology services. The core of Holvi’s service is the current account which is built for managing a business. The accounts are easy to open and use. They have basic SME tools built-in, including an online shop, an invoicing tool and financial reporting features. Users can associate multiple accounts to their profile, allowing you to see the status of your finances at a glance. It allows users to manage invoices and run an online shop in a single, integrated platform.
Coinify: 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 has also received seed investment from Scandinavia’s leading startup accelerator, Accelerace, to ensure making the most of its potential nationally and internationally. 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.
FundedByMe: FundedByMe is a crowdfunding company in the Nordic countries with 86% of the market; it operates globally with an Asian branch. The company offers reward, equity and loan-based crowdfunding. FundedByMe states it already has over 58,000 global users and has raised over $18 million for hundreds of companies.
Safello: Founded in July 2013, Safello 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. Today, Safello supports 32 countries in Europe with direct payments and other payments such as SEPA, Faster Payments, Bankgiro, Swish and International Wire. With tens of millions of SEK, Euro and GBP in and out of bitcoin processed, Safello is leading the cryptocurrency revolution in Europe.
BehavioSec: Sweden-based BehavioSec Inc. 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. The technology is currently deployed at over 20 retail banks protecting over 11 million users and over 500 million transactions per year. The level of accuracy is 99.7%. The company has raised $8.19M till date.
Trustly: 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.
Trustly makes it easy for merchants to get paid online. Trustly removes unnecessary middlemen, and merchants can sell to consumers regardless of what bank they have. In comparison to credit card payments, transaction costs are low and easy to understand and predict. Until now, the company has raised $28.75M.
Meniga: Meniga is the European market leader of white label personal finance management (PFM) and next-generation online banking solutions. Its software reaches over 25 million online banking customers across 16 markets. Meniga’s award-winning solutions help retail banks across the world dramatically improve their online and mobile banking user experience. Meniga helps millions of people think about and engage with their finances by providing data-driven PFM solutions. Through Meniga’s PFM-driven marketing, consumers, banks and merchants engage with highly relevant and contextualized offers from merchants. Meniga was awarded Best of Show in 2011, 2013 and 2015 at Finovate Europe, Europe’s most prestigious financial technology conference. Meniga was founded in 2009 and is headquartered in London, UK.
Tink: Tink is a mobile app that gives you new insights and fun facts about your money every time you open it. Tink continuously collects, sorts and analyzes everything about your personal finances and delivers a beautifully simple feed so you can see exactly where your money is going. Tink is available for both iOS and Android phones, and was created in Stockholm in 2012 by entrepreneurs Daniel Kjellén and Fredrik Hedberg. Since the launch in Sweden in 2013, over 300,000 people—more than 3% of Sweden’s entire population—have set up a Tink account. Until now, the company has raised $4M.
MeaWallet: 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.