Start from here: understand the Northern powerhouse 2019-06-06T10:05:32+00:00

The Nordic Fintech Manifesto – To 2020 and beyond

Start from here: understand the Northern powerhouse

No manifesto can ignore the circumstances in which it is launched. And the circumstances for Nordic fintech are strong. The foundations have been laid and have proved a solid and steady base to date. The seven biggest Nordic banks have a combined balance sheet of more than €2 trillion; of total investment in the region, the greatest proportion goes to fintechs; and in the first quarter of 2019, the total amount of capital raised by fintechs had already reached €162.8 million ($181.8 million).

The Nordic and Baltic region is a major landmark not just in the European fintech landscape but the wider global marketplace, and there is every indication that the region is set for a period of further growth and expansion.

Fundraising has increased substantially

In the first three months of 2019, Nordic fintechs had already raised nearly 75 per cent of the total capital raised in 2018. That quarter’s total was 70 per cent more than the amount raised in any quarter of 2018. Should the trend continue, 2019 will surpass the bumper capital-funding year of 2017, making the dip in 2018 an anomaly in a general upward trajectory.

What’s more, the average size of each deal is larger than those seen in 2018. The largest funding round was for €50 million ($56 million), raised by Sweden’s Tink, provider of account aggregation and payment initiation services. The next largest was raised by Bynk, provider of data-driven personal loans, which raised €43 million ($48 million).


Back to Research
Next Chapter