NORDIC
FINTECH
SHOWCASING

24

NORDICSTARTUPS

1

Nordic Fintech is certainly relevant to global stakeholders. The
Nordic countries are considered the most digitized in the world,and have one of the strongest Fintech ecosystems in Europe.
To date, the Nordics have produced six Fintech unicorns –Klarna, Trustly, iZettle, Tradeshift, Chainalysis and Bambora;
moreover, in 2020 Klarna became the highest-valued private
Fintech company in Europe at USD 10.6 billion.
However, these high-profile companies are just the tip of theNordic Fintech iceberg, which comprises a vibrant ecosystemof startups providing cutting edge solutions with a strongemphasis on design and user friendliness.
We hope this report will spur innovation, partnerships, and

PREFACE

cooperation between Nordic startups and global corporations
to shape the future of financial services. The 24 companies
showcased in this report are highlighting their solutions andambitions for Asia and Japan specifically.
This publication was produced by Copenhagen Fintech andThis report introduces 24 Nordic Fintech startups to a
global audience. The aim of this report is to inspire
potential investors, partners and clients to explore newopportunities within Nordic Fintech to the mutual
benefit of all parties involved.

Innovation Lab Asia, a non-profit enterprise that connects
the Nordic and Japanese startup ecosystems. Innovation Lab
Asia is a collaboration between Asia House Denmark, TechBBQ,
Copenhagen Capacity, and other Nordic community partners,
and is supported by the Danish Industry Foundation.
For further information and guidance, contact:
COPENHAGEN FINTECHASIA HOUSE

Simon Schou, ssc@copenhagenfintech.dk

Peter Johansen, pj@asia-house.dk
Kenken Aoshima, ka@asia-house.dk (Japanese speaker)

COPENHAGEN CAPACITY

2

Greater Copenhagen’s Official Inward Investment Agency

TECHBBQ

Oliver Hall, ohall@copcap.com (Japanese speaker)

Julian Nielsen, jni@techbbq.org (Japanese speaker)

3

INDEX
07
11
12
15
16
19
20
23
24
27
28
31
32

4

Introducing Nordic Fintech
2021.ai
Agroclimatica
CodeSealer
Concordium
DigiShares
Doconomy
Earthbanc
EnfuceGreater Than
HelloFlow
Lucinity
Maker Foundation

35
36
39
42
43
44
47
48
51
52
55
56
60

MatterMyMonii
NewBanking
Normative
November First
Pie Systems
RunditSmallbrooks
Softpay
SubaioSwiipeTjommi
Nordic Fintech Ecosystems

5

INTRODUCINGNORDIC FINTECH
From 2017 to 2020, investments into Nordic Fintech increased
from USD 340 million to USD 1.2 billion, making Fintech thelargest and fastest growing vertical in the Nordic startup
ecosystem in terms of investments.

In Denmark, Fintech investments have grown from a modest

Firstly, the Nordic countries were early adopters of

USD 15 million in 2015 to USD 572 million in 2020, and in

financial technology. Denmark introduced the world’s first

Sweden, Stockholm now ranks third in Europe on Fintech

national credit card in 1983, and Sweden created one of theinvestments after London and Berlin.

first electronic exchanges in 1984, both of which testify to thehistoric tech readiness of the Nordics’ mainstream financial

A large proportion of the investments went to Fintech unicorns

sector and their close connection to established suppliers of IT

Klarna and Tradeshift, who raised USD 900 million in 2020.

and technology. Additionally, these innovations spawned a new

However, a growing number of scaleups are also making

community of early Fintech companies that laid the ground fortheir mark amongst investors: AlphaSense, Anyfin, Billogram,

today’s vibrant Nordic Fintech community (even before the

Cardlay, Enfuce, Five Degrees, Hedvig, Invesdor, Lunar, Meniga,

term “Fintech” was invented).

Northmill, Norwegian Block Exchange, Nordic API Gateway,
Pleo, Rocker, Safety Wing, Signicat, Spiir, Tink and ZTL – just to

Secondly, the Nordic countries have long been the world

mention some of the more prominent ones.

leaders within digitization, making the region an ideal
proving ground for digital innovation. According to the6

The question is: How did the Nordic countries become one of

IMD Global Digital Competitiveness Ranking 2020, Denmark

the most dynamic Fintech regions in the world?

ranked #3, Sweden #4, Norway #9 and Finland #10 in terms

7

of how “prepared economies (are) to productively use thetransformative technologies of our time”. Global rankings
within e-Governance also reflect this trend. No other region
has a more thoroughly digitized public sector, and a population
more willing and able to interact online. This in turn has paved
the way for the Nordics becoming some of the most cashlesssocieties in the world (see factbox page 59).
This well-developed digital infrastructure, combined with a highlevel of e-readiness, an open-mindedness to new technologies
and alternative solutions, and a strong tradition for close
collaboration between public authorities and local startups,
has made the Nordics a prime spot for Fintech development.
The COVID-19 pandemic has highlighted the gaps in our global
digital infrastructure, thereby accelerating Fintech adoption
in many economies. According to the authoritative Startup
Genome Fintech Report 2020, Fintech was one of the verticals
least impacted by the crisis: “the pandemic has… accelerated
trends that enable Fintech to grow in the medium and longterm, particularly through the expansion of e-commerce,cybersecurity and wide-scale changes in consumer behavior(such as an increase in remittances and a move away fromcash)”.
In fact, more than 60% of Swedish Fintech companies haveexperienced an increased transactional volume since thebeginning of the pandemic. From an investor point of view,
Fintech seems to be a resilient vertical.
The following section will showcase 24 Nordic Fintech startups
that all cater to this transition, all of which have an active
interest in the Asian region.

8

COPENHAGEN

FINTECH

Copenhagen Fintech is one of the leading Fintech hubs in the Nordics. With strong connections to the corporate sector, more than 200
paying members, and a lively co-working space,
Copenhagen Fintech is an ideal entry point to
the Nordic Fintech community for foreign investors and startups.
Copenhagen Fintech provides a 2-month Nordic Fast Track Program for non-Danish Fintech
companies looking to give their solutions a Nordic twist in terms of design, aesthetics, user
friendliness, and access to the European market.
Copenhagen Fintech is engaged in active partnerships with the Fintech Association of Japan,
Singapore Fintech Association, Fintech Philippines Association, and TUS Holding and Future
Sci-Tech City in China and has organized delegations to all these countries. Copenhagen Fintech is also the driver behind the Nordic FinTech
Alliance established in 2019, which connects themain Fintech associations in Norway, Sweden,
Finland, Iceland, and Denmark.
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YOUR ENTERPRISE PARTNER FOR
THE RESPONSIBLE USE OF AI

2021.AI2021.AI serves enterprises’ growing need for full management

Ambitions in Japan and Asia:and oversight of applied AI. Our data science expertise,combined with the Grace Enterprise AI Platform, offers a true

2021.AI has a partnership with Edge Technology, a Japanese

AI differentiator for clients and partners worldwide.

pioneer within AI development, with the aim of developing
the Japanese version of the platform. Now they are looking

Grace helps data scientists solve some of the most complex

to expand their network of distribution partners, clients andbusiness problems while also providing organizations withfunding.

comprehensive data and AI Governance capability for
responsible, transparent, and trustworthy model development.

Watch 2021.ai’s video pitch

2021.AI is headquartered in Copenhagen, with employees in 5
locations globally.
2021.AI can assist Japanese organizations and SMEs within allindustries and sectors to take advantage of AI opportunities.

COMPANYDATACountry:
Year of establishment:
Founder:No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:
10

Primary contact:
Denmark
2016
Mikael Munck
45
VC, PE
Seed
5.2 million
Mikael Munck, Vækstfonden

Christian Villumsen, Senior AI Advisor
cvi@2021.ai
2021.ai11

PROVIDING RISK MANAGEMENT SERVICES
AND IDENTIFYING PPORTUNITIESASSOCIATED WITH AGRICULTURALFINANCING

AGROCLIMATICA
Assessing the risks and opportunities associated with

Ambitions in Japan and Asia:

agricultural activities is often complex and nebulous, anddepends on a variety of interdependent factors: climate,

Agroclimatica is looking to expand their activities in 2021 into

geography, soil conditions, types of crops and livestock,

Asia which is home to some of the largest agricultural and most

farming skills, and market trends.

tech savvy markets in the world. They consider Japan the ideal
gateway to Asia and is looking for distributors, partners, clients

Agroclimatica

identifies

andquantifies

the

risks

and

and funding.

opportunities in a client’s agricultural portfolio, projects’
climatic variables and their impact into the future, and provides

Watch Agroclimatica’s video pitcha risk score with specific quantifications and climate smart
recommendations to the client based on a scientific based,
automated tool.
Agroclimatica’s products and services are used by different
stakeholders along the agricultural value chain, financial

COMPANY

institutions, insurance companies and farmers.
As Agroclimatica’s products cater to the United Nations SDGs

Primary contact:# 1 (No Poverty), # 2 (Zero Hunger), # 8 (Decent Work andEconomic Growth), and #13 (Climate Action), they have been

Esther Ribadeneira, Chief Business Officer

selected as one of the 15 companies of the UNDP Accelerator

ers@agroclimatica.com

Program. Agroclimatica is currently operating in Central andagroclimatica.com

South America and Africa.

12

DATA

Country:
Year of establishment:
Founder:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Investors:

Denmark
2020
Niels Ingemann Møller
1 - 9,999
21
Financing through startup’s own
company group (Ingemann Group)
Series A
Ingemann Group13

DEFENDING COMPANIES FROMCYBERATTACKS WITH INVISIBLE
END-TO-END WEB

CODESEALER
The threat from cyber criminals increases every year, and the

Ambitions in Japan and Asia:

COVID-19 pandemic has only made matters worse. More people
than ever have to use online platforms for work and shopping,

CodeSealer’s security solution applies well to large-scaleoften without any additional security measures. This leaves

enterprises with millions of end-users, and Japanese andboth companies and end-users more vulnerable than ever to

Asian markets are therefore highly relevant for CodeSealer.

cybercrime.

Currently they have partners and clients in Italy, Brazil, Dubai,
India, and indonesia. CodeSealer is now looking for distribution

CodeSealer helps companies protect their end users and theirpartners and clients in Japan and East Asia.

front-end, especially organisations where clients must pay
for services and where sensitive, fragile and important data is

Watch CodeSealer’s video pitch

processed. CodeSealer’s service protects against attacks likephishing, Man-in-the-Middle attacks, and Man-in-the-Browser
attacks.

COMPANYDATACountry:
Year of establishment:
Founder:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:
14

CodeSealer differentiates itself by providing invisible firewall/
Denmark
2018
Martin Boesgaard
10,000 - 99,999
6Angel, Debt
Seed
5 million
Stig Hølledig, Henrik Müller,Vækstfonden, and others

proxy protection against malicious malware, whereas othersolutions need installation of software on the device to work.
Codesealer currently provides two products, WSF andPrimary contact:

Bootloader, which detect and prevent advanced attacks
against online channels, secure online banking, public &Jeppe Lau Hansen, CEO

corporate institutions. CodeSealer is recognized by Gartner Inc.

jlh@codesealer.com

and has secured more than 59 billion sessions.

codesealer.com

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BUILDING THE NEXT GENERATIONBLOCKCHAIN FOR BUSINESSCONCORDIUM
Blockchain technology is one of the most important

Ambitions in Japan and Asia:

innovations of the digital era. However, the technology needs
further development with regard to safety, speed, scalability

Concordium is the first corporate Blockchain member of theand regulatory concerns before mainstream businesses will

FinTech Association of Japan. They are currently building astart building real infrastructure on blockchains.

community of distribution partners, developers, use caseclients, and talents. Moreover, they are exploringnew

Concordium provides mature Blockchain technology to thepossibilities in Japan, as Japan has some of the most modern

world through its public ecosystem with an ID-layer at the

Blockchain and crypto regulations in the world.

protocol level, allowing business to more effectively harness
the power of blockchain technology.

Watch Concordium’s video pitch

The system ensures full transaction accountability while
preserving privacy with an all-new protocol-level identity
framework. This enables businesses to meet regulatory
requirements while delivering a user-friendly platform forhandling smart contracts.
Concordium’s tech team includes researchers from top

COMPANY
Primary contact:

European universities, and the business team has top
management experience from organizations like Maersk

Maria Amalia Rojas, Communications Manager

and Saxo Bank. The Advisory Board includes Anders Fogh

mar@concordium.com

Rasmussen, Former Danish Prime Minister and NATO Secretaryconcordium.com

General, andHans-Ole Jochumsen, Former Vice-Chair of

NASDAQ and FCSE.
16

DATA

Country:
Year of establishment:
Founder:No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

Denmark / Switzerland
2018
Lars Seier Christensen
30+
Payment Token Sale
Private Placement
12 million
P&C
17

COMBINING BLOCKCHAIN TECHNOLOGYWITH TRADITIONAL FINANCEDIGISHARES
According to the World Economic Forum, 10% of the global GDP

Ambitions in Japan and Asia:

will be stored on the Blockchain by 2027. DigiShares is partof this movement, providing an infrastructure for issuing and

DigiShares is focused on the Japanese real estate market,

managing securities on Blockchain.

which is the world’s second largest. They are looking for
distribution partners, clients and funding. The team now also

The solution allows company shares and bonds to be digitizedincludes a Japanese business expert.

and issued as tokens on the Blockchain. A digital sharecertificate is stored within each token with each certificate

Watch DigiShares’ video pitch

representing one share in a given company. The token
technology also allows investors to trade and settle securities
instantly at any time, thereby increasing both the liquidity ofshares and market access for international investors.
DigiShares provides a dashboard from which the issuer andinvestor may complete their financial transactions.The platform

COMPANYCountry:
Year of establishment:
Founders:
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
18

also ensures that only whitelisted, verified and approved

DATA

Primary contact:

investors can buy the tokens, allowing for fewer errors andDenmark
2018
Claus Skaaning, Yuriy Zubarovskiy,
Mette Kibsgaard
12
Angel
Seed/A
700,000

more transparency in the trading process.

Claus Skaaning, CEO
cs@digishares.io

With the introduction of the amended Financial Instruments

digishares.io

and Exchange Act in May 2020 which introduces token
securities to Japan for the first time, DigiShares’ solution has
immense potential to vitalize the Japanese token trade market.

19

HELPING BANKING CUSTOMERSUNDERSTAND THE CARBON FOOTPRINT
OF THEIR PURCHASESDOCONOMY
Many customers wish to reduce their carbon footprint, but

Ambitions in Japan and Asia:

don’t know how to measure the environmental impact of theirchoices. Doconomy provides a mobile banking solution, the DO

Doconomy wants to expand their business in Japan and Asia,card, that enables account holders to check and mitigate thisand is looking for new clients to join the community. Doconomy

impact.

has partnered with Mastercard, which makes their service
available worldwide.

The DO card provides an automated breakdown of customer
spending by carbon footprint into fifty categories, from

Watch Doconomy’s video pitch

restaurants to health care to entertainment and transportation.
The calculations are powered by the Åland Index, the leading
index solution for CO2 emission calculations for payments andfinancial transactions. The DO card also enables the customer
to offset their associated emissions and invest for positive
impact.
Doconomy has partnered with Ålandsbanken, the UNFCCC

Primary contact:

and Mastercard to make their solution available and globally
scalable. Presently Doconomy has over one million users.

Mathias Wikström, CEODoconomy’s vision is to activate a circular ecosystem, by

mathias.wikstrom@doconomy.com

connecting the consumer, the producer, the retailer, anddoconomy.com

influencer to achieve a sustainable lifestyle for all.

20

COMPANYDATACountry:
Year of establishment:
Founders:
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

Sweden2018
Johan Pihl, Mathias Wikström
26
Corporate, VC
Series A
6 million
Founders, Mastercard,
Bank of Åland
21

PROVIDING THE WORLD’S FIRST OPEN
GREEN BANKING AND INVESTMENTPLATFORM

EARTHBANC
Green banks are focused on accelerating the shift towards a

Ambitions in Japan and Asia:

more sustainable society, and use financing to address climatechange and provide banking to the underserved communities.

Earthbanc is already involved in delivering impact investments

However, few green banks provide digital solutions.

in India, supporting microfinance to underbanked communities
and restoring large forest areas that generate carbon revenues

Earthbanc has created the world’s first digital open green

for local communities. Now, they are looking for financial

banking and investment platform, providing a wide range

product distribution partners, bank and financial institutionof services including personal financial management toclients and funding to help expand to Japan, Singapore andinvestment portfolio management with ESG screening and

The Philippines.

rating. Currently accounts and cards issued by 2500 banks
around the world can be connected on the platform.
				

COMPANY

Revenue 2020 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:
22

The platform automatically offsets all carbon emissions
associated with the bank accounts and cards offered as an

DATACountry:
Year of establishment:
Founders:

Watch Earthbanc’s video pitch

API & SDK product to other banks and financial institutions
Sweden2019
Tom Duncan, Rishabh Khanna,
Chau Duncan
100,000 - 499,999
12
Bootstrapping, Grants, Angel
Pre-seed
525,000
RVH, VC Funds, Angels

enabling banks and their customers to meet net-zero carbon
emissions targets. Earthbanc offers a broad selection of
investments including regenerative agriculture and renewableenergy. Through the dashboard users can also buy ESG stocks,

Primary contact:bonds, funds to support the global effort in mitigating climatechange and meeting net-zero goals.

Tom Duncan, Co-Founder / CEO
tom@earthbanc.io
earthbanc.io23

PROVIDING A BROAD PLATFORM FOR CARDPAYMENTS, OPEN BANKING SERVICES AND
CARBON IMPACT CALCULATIONSENFUCEWith 70% of all carbon emissions being generated by consumer

Ambitions in Japan and Asia:

behaviour, Enfuce is working towards changing consumption
patterns and lifestyles in a more sustainable direction.

Enfuce has seen a great interest in their sustainability service
My Carbon Action, and is looking for clients and possible

Additionally to offering payment and open banking services,

partnerships in Japan and Asia.

Enfuce has developed a sustainability service tool, My Carbon
Action (MCA), which tracks the user’s carbon footprint of

Watch Enfuce’s video pitch

all products, services and activities. Calculations are basedon country specific data and individual lifestyle choices.
MCA is based on a validated calculation method (Life Cycle
Assessment) and takes the environmental impact of a product’s				entire lifecycle into account. Stakeholders can thereby keep
track of their carbon emissions and get more insight into their

COMPANYenvironmental impact.
Currently, Enfuce has an ongoing PoC with three multinational

Primary contact:banks in Europe and are looking to expand into Japan andAsia. Enfuce has also been featured in Bloomberg and The

Ilona Kivimäki,

Economist.

Business Development Director of Sustainability Services
ilona.kivimaki@enfuce.com
enfuce.com

24

DATA

Country:
Year of establishment:
Founders:

Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

Finland2016
Monika Liikamaa, Denise Johansson,
Niklas Apellund, William Ekström,
Tom Gråhn
5 million +55
VC, Debt
Series A
10 million
Maki VC
25

USING AI TO PRICE INSURANCE PREMIUMSAND PREDICT COST FOR CAR ACCIDENTS

GREATER THAN
Today, automotive insurance companies rely on impersonalised

Ambitions in Japan and Asia:

datasets for risk assessment, preventing insurers fromproviding individually tailored pricing.

Greater Than is already providing predictive, AI powered motor
risk insights for insurance companies in Japan, Singapore,

GreaterThan

hasdeveloped

infrastructure

for

risk

an

innovative

assessmentofAI-baseddrivers.

This

Vietnam, Indonesia and Malaysia. They are currently looking for
distribution partners, clients, and new talents to join their team.

infrastructure is capable of processing large amounts of realtime, individual driving data. This enables insurers to provide

Watch Greater Than’s video pitch

better coverage and highly personalised service to theircustomers. Furthermore, the system provides more accurate
risk assessment and predictive insights of loss cost for every
vehicle, thereby increasing pricing visibility and allowing drivers
to better understand their own driving risks. This ultimately
encourages safer driving and reduces the number of accidents.

				COMPANYCountry:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:
26

Greater Than’s AI solution is also relevant for the emerging

DATA“new mobility” providers, owing to its highly accurate andSweden2004
Sten Forseke, Anders Lindelöf
500,000+
35
VC
Series A
25 million +Sten Forseke, Keel Capital,
Carn Capital, Virali

Primary contact:

personalised risk assessment capabilities.
Sten Forseke, Foundersten.forseke@greaterthan.eu
greaterthan.eu

27

DIGITALIZING THE CLIENT ONBOARDING
PROCESS WITH A FULLY COMPLIANT
PLATFORM AND A UNIQUE, NO-CODE
INTERFACEHELLOFLOW
HelloFlow provides a digital platform that allows companies

Ambitions in Japan and Asia:

to design and create an online onboarding flow using its
unique “drag-and-drop” interface. The platform also handles

HelloFlow is already working with clients from Singapore, andvalidation, and is seamlessly integrated with the largest identity

wants to expand to more Asian markets in the coming year.

and AML services from around the world.

Japan is at the forefront of digital development; as such, theJapanese market is especially relevant. HelloFlow is therefore

The solution reduces development costs for the company

looking for distribution partners and clients in Japan.

and significantly speeds up client onboarding, meaning thata process which used to take months can now be done in

Watch HelloFlow’s video pitch

minutes. Moreover, the digital flow ensures high security andan improved onboarding experience for clients.
During the COVID-19 pandemic, many companies worldwide

				were forced to quickly move their client onboarding process
online. Unfortunately, the best many could offer was a “contact

COMPANYus” form, often due to insufficient know-how or IT resources
to build such a setup. HelloFlow provides companies with thePrimary contact:

tools to optimize their digital onboarding process.
Mikkel Skarnager, Co-Founder / CEOm@helloflow.io
www.helloflow.io

28

DATA

Country:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

Denmark
2020
Mikkel Skarnager, Ciprian Florescu
Pre-revenue
7
Bootstrapping, Grants, Angel, VC
Seed
50,000SBRON ApS
29

FIGHTING MONEY LAUNDERING WITH
THE POWER OF HUMAN AI

LUCINITY
Financial firms are facing increased pressure in the fightAmbitions in Japan and Asia:

against money laundering and are allocating large resources
to the task. Lucinity has developed a Human AI cloud solution

Lucinity is looking to boost their internationalisation efforts,that helps banks improve regulatory compliance while lowering

and wants to engage in commercial agreements with leading

costs and understanding customer risk.

Japanese and Asian banks and Fintech companies.

Lucinity‘s sophisticated behavior detection is based on thePrimary contact:

company‘s proprietary Knowledge Graph. Lucinity stores all				COMPANY30

Darri Atlason, Head of Business Development

by Neo4J, and has translated them into behaviors observabledarri@lucinity.com

from transaction data. The advanced system continuously

lucinity.com

learns from analysts and AI feedback loops, while providing
visualisations, model explanations of findings and anti-money

DATA

Country:
Year of establishment:
Founder:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

regulatory requirements within its Knowledge Graph, poweredlaundering processes, so the surveillance team can spend
Iceland2018
Gudmundur Kristjansson
500,000+
30
Grants, Angel, VC
Series A
6.8 million
byFounders, Karma Ventures,
Crowberry, Preceptor Capital

more time on making decisions rather than making sense ofdata.
Lucinity has offices in New York and Reykjavik, and wasawarded with the best newcomer award at the Nordic Startup
Awards 2020.

31

ENABLING THE GENERATION OF DAI, AN
UNBIASED, DECENTRALIZED STABLECOIN

MAKER FOUNDATION
Major cryptocurrencies such as Bitcoin and Ethereum are

Ambitions in Japan and Asia:

highly volatile, making them unsuitable as a store of value,
unit of account, or medium of exchange. Stablecoins, on theAsia, including Japan, represents important markets for theother hand, offer sturdy prices pegged to government-issued

MakerDAO community, which seeks to create an inclusive

currency, cryptocurrency, or traded commodities that enable

platform for economic empowerment and democratize accesspeople to save and make direct transfers.

to the global financial marketplace. MakerDAO is looking for
more members to join its community, and partners to share

Dai is the first unbiased, decentralised stablecoin soft pegged

and integrate the stablecoin Dai.

to the US dollar, and one of the leading projects in the growing
decentralised finance (DeFi) space. Dai is generated on the

Watch Maker Foundation’s video pitch

Ethereum blockchain platform.
				

MakerDAO consists of stablecoin Dai, vaults, a set of software
called smart contracts, and of course its community. The

COMPANYcommunity includes active participants such as MKR holders,developers, users, partners, and the Maker Foundation, which
is tasked with bootstrapping the Maker project through32

development of the Open Source protocol.

Primary contact:

The Maker community is also the front runner in the DeFi

Kathleen Chu, Japan Leadmovement, aiming to create an open, permissionless financial

kathleen@makerdao.com

infrastructure that is both secure and inclusive.

makerdao.com

DATA

Country:
Year of establishment:
Founders:
No. of employees:
Funding types:
Investors:

Global with Danish founder2018 (Foundation), 2015 (MakerDAO)
Rune Christensen
approx. 100
VC
VC funds who purchased
governance tokens (MKR) include:
Paradigm, DragonFly Capital,
a16z Fund, Polychain
33

PROVIDING AN AUTOMATED SCREENING
TOOL TO HELP INVESTORS UNDERSTAND
THE SUSTAINABILITY OF THEIR PORTFOLIO

MATTER
Investments into sustainable solutions are increasingly

Ambitions in Japan and Asia:

expected to contribute to the achievement of climate andsocietal goals. However, investors often struggle to understandMatter already provides portfolio analysis and reporting

the actual impact and sustainability of their investments

solutions to clients in Singapore, including a global asset

through the lens of Environmental, Social, and Government

management firm, and is committed to expanding its activities(ESG) ratings.

in the Asian region, particularly Japan. They are currently
looking for distribution partners and clients to gain a better

				

COMPANY

understanding of the local market and factors that create value

information about investments, helping retail and institutional

for Japanese clients who focus on ESG investing.

investors to understand the sustainability profile of theirportfolio.

Primary contact:

Matter’s software automatically screens investment portfolios

Niels Fibaek-Jensen, Co-Founder / CEOon more than 60 different sustainability criteria in a few

niels@thisismatter.com

seconds, and creates an overview that is easily understood by

www.thisismatter.com

DATA

Country:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Investors:

34

Matter offers a SaaS-based screening that unlocks critical

Denmark
2017
Niels FIbæk-Jensen,
Emil Stigsgaard Fuglsang
100,000 - 499,999
15
Grants, Angel, CVC
Series A
Nasdaq Ventures, Nordic Fintech
Angels, TBL-Holding (Foundersof Nordic Real Estate Partners),
a number of business angels

both investors and end-users. Their specialized sustainability
metrics shed light on the classic ESG risks, but more importantly
they illuminate their actual impacts.
According to a 2020 report by Bank of Japan, one of the main
challenges for ESG investing in Japan is the lack of screening
information. Matter’s solution can provide a path to accelerate
the Japanese impact investing market.
35

PROVIDING A MOBILE PAYMENT APP FOR
KIDS AND TEENAGERS THAT TEACHESTHEM ABOUT FINANCIAL RESPONSIBILITY

MYMONII
MyMonii is a mobile payment app designed to help young

Ambitions in Japan and Asia:

people establish a healthy and responsible relationship withmoney in a cashless, digital economy.

MyMonii is looking for Japanese partners that can support
them in accessing the Japanese and Asian markets.

In a digitized world where children are easily reached asconsumers from a young age, it is vitally important to help

Primary contact:

them manage their expectations and wishes about earning,
spending and saving money. The app is designed to inspire andThor Angelo, CCO

teach children in a simple and fun manner.To date, more thanthor@mymonii.com

250,000 users have downloaded the MyMonii app.

www.mymonii.com

With the MyMonii Premium service, users can connect the
MyMonii Premium Mastercard to the functionalities in the app,allowing children to pay in both physical and online shops. The
digital app platform offers real-time monitoring and control
for parents, and can be integrated with regular allowances,for example in connection with house chores for their kids tocomplete.

36

				

COMPANYDATACountry:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

Denmark
2015
Louise Ferslev, Thor Angelo
10,000 - 99,999
12Angel, VC
Series A
1.3 million
Michael Schlussen,Vækstfonden, Thor Angelo
37

PROVIDING A GLOBAL ONLINE PLATFORM
FOR IDENTITY MANAGEMENT AND KNOWYOUR CUSTOMER HANDLINGNEWBANKING
NewBanking provides a SaaS-based platform that helps

Ambitions in Japan and Asia:

businesses comply with regulations, and facilitates the accessto and handling of customer data from both individuals and

NewBanking is looking for clients and distribution partners

companies.

across Asia, and sees many potential opportunities in fighting
money laundering in Japan by innovating the personal data

The NewBanking IDENTITY-platform provides a one-stopexchange processes.

solution for ensuring company compliance with GDPR, AML,
PEP, and KYC. The platform also offers a cost-effective way

Watch NewBanking’s video pitch

to create clarity for a wide range of clients, including financial
institutions, law firms and capital managers. Additionally, theplatform helps financial institutions prepare for any GDPR/KYC
audit or inspection by storing all the necessary data in an easily
				COMPANYDATACountry:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:
38

presentable format.
NewBanking can prevent Japanese companies from becoming
Denmark
2017
Christian Visti Larsen,
Morten Helles
100,000 - 499,999
12Grants, Angel, VC
Seed
3 million
The Danish state’s investment fundvictims of financial crimes.

Primary contact:

Being a cash-based society, Japan is vulnerable to money
laundering, and with the upcoming Tokyo Olympic Games

Christian Visti Larsen, Co-Founder / CEOand the lifting of the ban on casinos, new criminal techniques

cvl@newbanking.com

involving credit cards and cryptocurrencies may soon emerge.

newbanking.com

39

HELPING COMPANIES MEASURE THEIRSUSTAINABILITY AND REDUCE THEIRCARBON FOOTPRINTNORMATIVE
Measuring climate impact is the first step for companies toAmbitions in Japan and Asia:

reduce their carbon footprint. However, only a small fractionof companies actually measure their impact, and often only

Sustainability reporting is rapidly becoming a strategic focus

include emissions that are easy to track, such as electricity

area for Japanese corporations. Last year, the Japaneseand car fuel consumption. The problem is, these emissions

Government Pension Investment Fund (GPIF) invested JPY

are estimated to make up less than 10% of a company’s total

3 trillion in companies with strong sustainability records.

emissions.

Normative is looking for new clients in this growing andimportant market.

Normative has developed a digital solution that simplifies
sustainability accounting, and makes it accessible to companies

Primary contact:of all sizes. The AI-integrated platform automatically generates
reports from existing business systems and maps all emissions

Kristian Rönn, Co-Founder / CEOfor every product, service and activity performed by the

kristian@normative.io

company.

normative.io

The solution offers guidance through the sustainability
accounting process with visual analytics tools that provide
deep insight into the business’ environmental impact. Thus, thecompany can identify the organizational units with the largest
carbon footprint, as well as the units with best practices.
Leveraging this internal knowledge gathering empowers
companies to pave the way for more sustainable practices.

40

				

COMPANYDATACountry:
Year of establishment:
Founder:No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

Sweden2017
Kristian Rönn
16
VC
Series A
2.1 million
byFounders, Luminar
41

PROVIDING ERP PAYMENT MODULES
THAT OPTIMIZES THE PAYMENT AND
BOOKKEEPING FLOW FOR SMEs

NOVEMBER FIRST
November First has developed an international payment

Ambitions in Japan and Asia:

platform that provides maximum transparency and flexibility
for companies, as well as substantial savings. Presently, theNovember First has ambitions to enter the Asian market, and isplatform is used by more than 500 Danish companies, realizing

therefore looking for Japanese clients and funding. November

savings of 20-50% on the currency margin and 40-50% onFirst regards Japan as a good fit for their service offering, as

fees.

it is one of the biggest Microsoft markets with a high level ofdigitalization taking place in ERP systems.

NovemberFirst’splatform

allowsmultiple

banks

to

automatically bid on each payment in real time, providing

Primary contact:

unmatched transparency on real-time exchange rates andtransaction fees for the clients.

Mikael Nilsson, CEO / Founder
mn@novemberfirst.com

November First has developed a solid API that connects

				

COMPANY42

the payment platform with leading ERP, Salary and Invoice

DATA

Country:
Year of establishment:
Founder:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

novemberfirst.com

Approval systems. This removes the need for logging on to
Denmark
2015
Mikael Nilsson
100,000 - 499,999
16
Angel
Series A
7 million
Gregers Kronborg,
Danish Growth Fundonline banking, streamlines the process, and reduces the levelof tedious and faulty accounting, thus significantly improving
the efficiency of both in-house and outsourced accounting
and finance departments.

43

SIMPLIFYING TAX-FREE SHOPPING FOR
TOURISTS AND SHOPKEEPERSPIE SYSTEMS
Tax-free shopping is a privilege enjoyed by many tourists

Ambitions in Japan and Asia:

nowadays. However, claiming a tax refund is often complicatedand mired in queuing, delays, and red tape. Pie Systems offers

Japan is the third largest global tax-free refund market,

a digital solution to simplify and automate the tax refund

and therefore represents a huge market opportunity for Pie

process.

Systems. To date, they have signed contracts with Japanesebuilding management companies managing 15,000 retail

The free mobile app Pie VAT enables tourists to claim refunds

stores. Now they are looking for distribution partners, clients,on their mobile devices without having to wait in long lines atfunding, and new talent to join the team.

refund offices. Furthermore, customers can save money,thanks
to significantly lower fees than conventional refund service

Watch Pie System’s video pitch

providers.
				
For shopkeepers, Pie Systems’ platform is a transparent

COMPANYand flexible way of initiating and tracking refunds. The map

DATA

integrated in the app enables the shop to be easily identified,
Country:

and offers possibilities for targeted marketing for tourists.
Due to the Olympic Games in Tokyo, Japan can expect a

Primary contact:

significant increase of inbound tourists, making Pie Systems’
solution highly relevant for Japan in 2021.

Sunny Long, Co-Foundersunny@piesystems.io
www.pievat.com

44

Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

Denmark, Norway,
US (San Francisco), Japan2018
Sunny Long, Dominic Sheehy
10,000 - 99,999
10
VC
Series A
2.5 million
Green Visor, Digital Garage,
Bumble45

PROVIDING A SMART SOLUTION FORINVESTMENT MANAGEMENT AND
REPORTINGRUNDIT
Investment reporting is a cumbersome task for startups

Ambitions in Japan and Asia:

and VCs alike. The traditional spreadsheet-style reportingis disconnected and time-consuming, and the data is often

Rundit is currently operating in 30+ countries across theoutdated by the time the report is received. As more and more

world including customers in South East Asia. They are now

data metrics become available, many firms are struggling tolooking for Japanese VCs and investors to join their network,

efficiently utilise this multitude of data.

and partners who can help them to access the greater Asianmarket.

Rundit’s innovative investment monitoring and management
software facilitates a seamless data flow by bringing portfolio

Watch Rundit’ video pitch

companies, VCs and fund administrators onto a single platform.
The online platform automatically generates analytics fromtracked KPIs and data, enabling real-time monitoring and				

COMPANYbeautifully designed UI assist users to better manage their

DATA

Country:
Year of establishment:
Founders:
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:46

on-demand reporting. The integrated analytics tools andportfolios and make smarter decisions.
Finland2016
Jori Karstikko, Pekka Viilto,
Goran Bjelajac
1-10
Grants, Angels
Seed
1.6 million
Business Finland, Angel Investors
including Pierre Weimerskirch

Additionally, the growing platform also offers access to a global

Primary contact:

network of more than 5,500 VCs for fundraising.
Jori Karstikko, CEO / Co-Founder
jori@rundit.com
rundit.com

47

MAKING IT FAST, EASY AND AFFORDABLETO CREATE YOUR OWN CROWDFUNDING
PLATFORM

SMALLBROOKS
Crowdfunding isn’t just about creating revenue; it’s also about

Ambitions in Japan and Asia:

increasing your visibility, strengthening your brand, learning
about your crowd, engaging with your stakeholders, andDuring the pandemic, crowdfunding activity in Japan has

involving them in your decision-making.

boomed as citizens seek to aid each other through timesof hardship. Smallbrooks is looking for Japanese partners

Smallbrooks offers a “crowdfunding platform as a service” oninterested in having their own crowdfunding platform, as wella subscription basis, simplifying the process for businesses,

as investors to help them expand their international activities.

organisations and individuals. Whether you want to manage
stakeholders, consolidate your engagement, or anything in

Watch Smallbrooks’ video pitch

between, Smallbrooks’ platform is ideal..
Smallbrooks’ crowdfunding platform has built-in functionality
				for the four largest types of crowdfunding: Donations, reward,
debt, and equity crowdfunding. The platform can be adapted

COMPANYto fit your organisation’s needs, whether for the purpose of
earning profits or building communities.
Primary contact:
Smallbrooks is a sub-brand of the premiere crowdlending

48

platform, Lendino, founded in 2014, and is built on the same

Esben Bistrup Halvorsen, CEO

highly modular and flexible IT-system, allowing users to easily

esben@lendino.dk

customize and create their own unique crowdfunding platform.

www.smallbrooks.com

DATA

Country:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

Denmark
2014
Esben Bistrup Halvorsen, Andreas Rex
100,000 - 499,999
11Angel, One equity crowdfunding roundPre-series A
1.7 million
Torben Nordal Clausen andMorten Schantz
49

TURN ANY ANDROID DEVICE INTO
A CONTACTLESS PAYMENT TERMINALSOFTPAY
Traditional payment terminals usually rely on expensive andAmbitions in Japan and Asia:

inconvenient third party hardware. Now, Softpay.io is setting
new industry standards for wireless payment transactions by

Softpay is becoming a global payment solution, and will soon

enabling easy payment options on any Android device, whether

be able to integrate with JCB and provide services to thefor package delivery or sales in a shop.

Japanese market. They are now looking for partnerships withJapanese companies that can assist with funding, distribution

The system is app-based, takes only a few minutes to install ,and identifying clients to further develop their operations in theand removes the need for separate payment terminals. Their

Asian market.

ECR system is seamlessly integrated with the Softpay platform
on the same device. Users only have to pay for activation and aPrimary contact:

monthly license fee per payment terminal user.
Ivan Sandqvist, Founder / Part Owner

				

COMPANYDATAThe Softpay team was previously part of another company,

is@softpay.io

Unwire, which has more than 20 years of experience insoftpay.io

developing innovative end-to-end payment solutions for major
Country:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

50

Denmark
2019
Jacob Aisen, Ivan Sandqvist
Pre-revenue
22
Bootstrapping, Grants, Angel, Debt
Series A
1.6 million
Innobooster, Jan Lehrmann,
Jeppe Christiansen, Jacob Aisen,
Ivan Sandqvist

clients in the Nordics. The company integrates with VISA,
Mastercard, and others, furthering their vision of being a global
service provider.

51

HELPING CUSTOMERS CANCEL AND
MANAGE THEIR SUBSCRIPTIONSSUBAIO
According to a YouGov survey, 60% of all of bank customers

Ambitions in Japan and Asia:

have a subscription they don’t use very often, or don’t know
they are paying for. Moreover, 42% have difficulty cancelling

Subaio is looking for both clients and testing opportunities

their subscriptions.

to establish product-market fit. The subscription market isexpanding rapidly in Japan and Asia, and is therefore highly

Subaio provides an overview of all of the bank customers’

relevant for Subaio.

recurring payments, and helps them cancel unwanted
subscriptions. The solution is seamlessly integrated into the

Watch Subaio’s video pitchbank’s own interface in a white label format, giving the bankfull control of the data and all the credit for the solution.
Subaio is presently in operation with eight different banks in
Europe, including Lunar, ABN Amro, and Nordea, the biggest
bank in the Nordics. At Nordea, Subaio’s solution has been				

integrated with Nordea’s own mobile banking app. Withinjust three months of implementation, Subaio saved Nordea

Primary contact:customers about EUR 0.5 million.
Bruno Triani, Sales Executive

With Japan’s subscription market estimated to reach EUR 8

bruno@subaio.com

billion in 2023, Subaio’s solution is highly relevant for Japanese

subaio.com

COMPANYCountry:
Year of establishment:
Founders:

consumers.
No. of employee:
Funding types:
Funding state:
Investors:
52

DATA
Denmark
2016
Thomas Laursen,
Brian Jørgensen
27
VC
Seed
Nordea53

IMPROVING THE CONVERSION RATE TO
THE E-COMMERCE MARKET WITH A REAL
ONE-CLICK-BUY SOLUTION ACROSSWEBSITESSWIIPE
Nearly 70% of all online customers reduce or abandon their

Ambitions in Japan and Asia:

purchases before checkout. Much of this can be attributed tolong and confusing checkout processes and missing payment

Swiipe considers Japan the ideal location for gaining a foothold

options.

in Asia, and are therefore looking for distribution partners,
funding and acquisition opportunities in Japan.

Swiipe provides an open platform that allows consumers tocheckout and pay for their online shopping with a single click,

Watch Swiipe’s video pitch

ensuring that more customers complete their purchases.
Swiipe stores user’s payment information in a secure Swiipe ID,
that can be utilized on any webshop that uses Swiipe.
Swiipe is PSD2-compliant and targets e-commerce webshops
				

COMPANYand more than 40 webshops are joining every month. BasicDATACountry:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:
54

across Europe. Presently, 400 merchants are using Swiiipe,
services are provided for free, with premium functions added
Denmark
2017
Anders Riis,
Christian Normann Eiland
10,000 - 99,999
15
Angel, VC
Seed
2.5 million
Finstart Nordic, Angel Investors

Primary contact:for paid accounts.
Anders Riis, Founder / CEO

Swiipe Payments is mainly focused on the online market;

ari@swiipe.com

however, the company is continuously looking at new payment

swiipe.com

services such as biometric payment methods in physical shops
based on a SwiipeID.

55

ENSURING REFUNDS FROM PURCHASESCOVERED BY PRICE GUARANTEESTJOMMI
Very few consumers exercise their rights for price warranties;

Ambitions in Japan and Asia:

they may not track or monitor the prices, or know how toproceed for a refund, or feel embarrassed in doing so. As a

Tjommi is looking for distribution partners, funding, new talent,

result, consumers miss out on their claims for price-match

R&D, and new ideas in Japan, in order to strengthen theirwarranties, and retailers potentially lose out on loyalty fromfoothold in Asia.

their customers.
Watch Tjommi’s video pitch
Tjommi is an app that collects user’s receipts and automaticallytracks and price-matches the products. The user can manuallyscan and upload their receipts or have it automatically uploaded
from their email. The app registers the products in their
database, and refunds are then given to the user if the price				

drops. Everything is done through automated communication

COMPANYwith the store, and Tjommi takes a commission fee of 25% of
the difference they are able to save the user.

56

DATA

Primary contact:

Presently, Tjommi has over 30,000 downloads in Norway. With

Henrik Johannessen, Founder / CEO

E-commerce growing rapidly, Tjommi is now looking for global

henrik@tjommi.app

expansion, especially in Asia.

tjommi.app

Country:
Year of establishment:
Founder:
Revenue 2019 (EUR):
No. of employees:
Funding types:
Funding state:
Total funding amount (EUR):
Investors:

Norway2018
Henrik Johannessen
Pre-revenue
8
Grants, Angel, VC, Debt
Seed
1 million
Strawberry capital, Spring Capital,
Tinius Trust, VIS, Vækstfonden
Venture, Innovation Norway
57

GOINGCASHLESSThe Nordics are one of the most cashlessregions in the world. In Sweden, 40% of
the population hasn’t used cash within
an entire month, and cash transactions
in commerce constitute as little as 1% of
the total volume of transactions. Sweden
is now poised to be the first truly cashless society by 2023. In Norway, less than
4% of spending was made using cash in
the autumn months of 2020. In Finland,
the national bank has calculated that theuse of banknotes will end by 2029, at thelatest. This readiness to embrace digitalsolutions is a fundamental driver behind
Nordic Fintech innovation.
58

59

NORDIC FINTECH ALLIANCE
The Nordic Fintech Alliance is the association of Fintech
hubs across the Nordic region and consists of the following
six organisations.

NORDIC FINTECHECOSYSTEMS

60

COPENHAGEN FINTECHHELSINKI FINTECH FARM

Copenhagen, Denmark

Helsinki, Finland

Contact:

Contact:

Simon SchouJanne Salminen

Chief Innovation Officer

CEO

ssc@copenhagenfintech.dk

janne@helsinkifintech.fi

copenhagenfintech.dk

www.helsinkifintech.fi

THE FINTECH CL USTERNCE FINANCE INNOVATION

Reykjavik, Iceland

Bergen, Norway

Contact:

Contact:

Gunnlaugur Jónsson

Rea Parashar

CEO

Head of Innovation & Communication

gunnlaugur@fjartaekniklasinn

rea@financeinnovation.no

isfjartaekniklasinn.is

financeinnovation.no

FINDECTHE FACTORY

Stockholm, Sweden

Oslo, Norway

Contact:

Contact:

Anders Norlin

Hans Christian Bjørne

CEO

COO

norlinanders@findec.cohc@thefactory.nofindec.cowww.thefactory.no61

THE NORDIC FINTECH UNICORNS

THE NEXT NORDIC GENERATION...

Founded in Finland in 2011, AlphaSense provides an AI-powered

Founded in Denmark in 2011, Nordic API Gateway provides asearch engine for market intelligence to be used by financial

platform for other companies to access and collect data from

Founded in Sweden in 2015, Bambora is an online, in-store, andFounded in Sweden in 2005, Klarna provides online financial ser-firms and corporations across industries and geographies. Theybanks on behalf of their customers. The API facilitates access to

in-app payment processing provider serving 450,000 customers

vices such as payments for online storefronts, direct payments,

raised a USD 50 million Series B round in 2019.

more than 400 Nordic banks and can be built on top of any bank.

in 65 countries worldwide. In July 2017, Bambora was acquired

post purchase payments and more. In September 2020, Klarna

by Ingenico (now part of Worldline) for USD 1.8 billion.

raised USD 650 million and reached a USD 10.6 billion valuation.

Founded in Denmark in 2014, Chainalysis provides software forFounded in Denmark in 2010, Tradeshift is now one of world’s

cryptocurrency analysis and transaction monitoring for detect-largest cloud-based B2B platforms for supply chain payments

ing money laundering, fraud, and compliance violations. They

and marketplaces, and reached a USD 1.1 billion valuation in May

raised funding from MUFG in 2019 and announced distribution

2018. In October 2020, Tradeshift announced a partnership withpartnerships in 2020 with Hitachi and SB C&S. Chainalysis was

NTT Communications.

valued at USD 1 billion in November 2020.

Raised USD 5 million in 2020.

Founded in Sweden in 2017, Anyfin provides an AI-powered solu-

Founded in Denmark in 2019, Pleo offers smart corporate pay-tion that makes it easier to refinance or consolidate loans andment cards and expense management where every transaction

credit cards, thus reducing high interest rates and other costs.

is recorded automatically and managed on a single platform. In

Anyfin raised a USD 30 million Series B round in 2020.

January 2020, Pleo announced partnerships with J.P. Morgan
and Mastercard.

Founded in Denmark in 2015, Lunar provides 100% digital bank-Founded in Norway in 2007, Signicat provides digital ID solutions

ing and a signature app that enables users to better manage

that ensure compliance and improve customer experience. Their

their finances. Having received its full banking license in 2019,service is offered to banks, financial institutions, insurance com-

Lunar now offers personal and business accounts, and consum-

panies and government agencies.

er lending products.

Founded in Sweden 2010, iZettle was the first company to de-Founded in Sweden in 2008, Trustly provides a payment methodvelop a chip-card reader and app for smartphone-based mobilethat allows customers to shop and pay from their online bankFounded in Iceland in 2009, Meniga provides next-generation

Founded in Sweden in 2012, Tink provides an open banking API

commerce, while also meeting international security require-account, without the use of a card or app. Trustly was valued atdigital banking solutions with a strong focus on data, includ-that connects over 3,400 banks and reaches more than 250 mil-ments. iZettle was acquired by PayPal in 2018 for USD 2.2 billion.

USD 2 billion in 2020.

ing AI-powered personal finance management and transac-

lion customers across Europe. Tink has raised nearly USD 300

tion-based carbon insights. The company has offices in Reyk-

million, and was recently valued at USD 825 million, making it ajavik, London, Stockholm, Helsinki, Warsaw, Barcelona, andleader among aspiring Fintech unicorns.

Singapore.
62

63

This report has been developed by

In a collaboration with

With support from

Asia House
64|

Indiakaj 16, Copenhagen|www.innovationlabasia.dk|

hello@innovationlabasia.dk