Finland is home to more than 200 fintech companies, which have raised a combined EUR 450 million in funding, and generated EUR 1.3 billion in revenue in 2019, data from industry trade group Fintech Farm Helsinki show.
These fintechs have grown tremendously over the past years, with several of them expanding overseas and reaching global recognition. To get a sense of Finland’s biggest, most successful fintech companies, we’ve compiled a list of nine Finnish fintechs that have demonstrated strong growth and which deserve to be followed very closely.
For this list, we’ve selected independent, private Finnish fintech companies and excluded publicly traded fintechs such as Ferratum.
Established in 2016, Enfuce provides payment, open banking, and sustainability services for corporates and other fintech small and medium-sized enterprises (SMEs). The startup has developed a sustainability service tool, My Carbon Action (MCA), which tracks the user’s carbon footprint of all products, services and activities.
Eufuce has a global customer base spanning 16 countries, and 10 million end users. It serves clients including company payment solution Pleo and Icelandic neobank Indo, and was recently named one of 24 emerging Nordic fintechs to watch out for by Copenhagen Fintech and Innovation Lab Asia.
Enfuce has raised EUR 15 million in funding so far, the latest round in March 2021 which it said it will use to expand its growth in Europe and beyond, as well as eyeball future acquisitions to further accelerate growth.
Founded in Finland in 2011, AlphaSense provides an artificial intelligence (AI)-powered search engine for market intelligence to be used by financial firms and corporations across industries and geographies. Its search technology leverages AI and natural language processing to parse topics, concepts and ideas semantically and uncover the most relevant insights from previously fragmented data sets.
Today, AlphaSense powers data-driven decision making for more than 1,000 leading organizations, including Google, Microsoft, and most of the Fortune 50. The startup is the most well-funded fintech companies in Finland at EUR 78.8 million, according to Fintech Farm Helsinki. It has since moved its headquarters to New York.
Founded in 2015, Rundit is a portfolio management and monitoring software platform that enables venture capital funds (VCs), investment companies, family offices, and other professional investors to get regular real-time investment reports.
Rundit’s platform software facilitates a seamless data flow by bringing portfolio companies, VCs and fund administrators onto a single platform. The platform automatically generates analytics from tracked key performance indicators (KPIs) and data, enabling real-time monitoring and on-demand reporting.
Additionally, the platform also offers access to a global network of more than 5,500 VCs for fundraising.
Rundit currently operates in more than 30 countries across the world, and has so far raised EUR 1.6 million in funding, the latest round being in December 2020.
Founded in 2010, Zervant offers cloud-based invoicing software with integrated payment and financial products for freelancers and micro, small and medium-sized enterprises (MSMEs) across Europe.
The company’s software creates, sends, digitizes electronic invoicing to send an unlimited number of invoices and boost cash flow, enabling micro-businesses, entrepreneurs and freelancers to follow up payments and receivables, and report for accountants.
Zervant’s core markets are Finland, Sweden, Germany, the UK, Belgium, Austria, and France where it’s the market leader in invoicing software, and among the top 20 biggest fintech scaleups in Finland based on 2019 revenue, according to Fintech Farm Helsinki. The startup has raised more than EUR 13.5 million in funding, according to Crunchbase.
Saldo Finance is a Finnish financial services company and a leading provider of fully automated credit solutions in Finland. Saldo Finance offers flexible loans and car financing for both consumers and businesses. Its automated credit approval system enables loan services to be tailored to the specific characteristics of each market it operates in, which currently count Finland, Sweden and Lithuania.
Saldo Finance reported revenue growth of 20% for 2019. It saw significant growth in 2019, with the Finnish firm exceeding average growth in the fintech sector by 59%. Saldo Finance is currently the seventh largest fintech company and second largest in the lending space in Finland.
LVS Brokers is one of the leading brokering services in Finland, developing brokering technology for financial solutions, electricity, and insurance services. Its goal is to connect customers with the right financial providers, insurers, banks, and creditors.
LVS Brokers’ AI-based brokering process is fully automated and acts as a mediator for any kind of financial services. The startup has already helped more than half a million consumers connect with more than 50 financial institutions in Finland, Poland and Denmark.
LVS Brokers is one of the fastest-growing fintech companies in Europe (Financial Times FT1000 Europe) and one of the fastest growing tech companies in Finland (Deloitte Technology Fast 50 Finland 2020).
Founded in 2007, ePassi Payments is a leader in account-to-account mobile payments for employee benefits. Part of Tech Consulting Group, ePassi Payments offers a comprehensive service for managing non-taxable employee benefits that’s available to corporations as well as SMEs.
ePassi Payments, which operates in Finland and Sweden, has 1.5 million users and 35,000 merchant sites in the Nordic countries. It was named by the Financial Times as one of the fastest growing companies in Europe in 2019, and is currently the fourth biggest fintech company in Finland, generating EUR 84.6 million in revenues in 2019, according to Fintech Farm Helsinki.
ePassi Payments has raised more than EUR 41 million in funding, according to PitchBook.
Founded in 2012, Invesdor Group is a crowdfunding startup operating two digital investment platforms: Invesdor.com, which offers mostly equity issues by Finnish and Nordic companies; and Finnest.com, which is more specialized in mezzanine funding with target companies mostly from the German-speaking DACH (Germany, Austria and Switzerland) market.
Invesdor’s platforms connect ambitious businesses from the Nordic countries and the DACH region with retail and institutional investors from more than 80 countries worldwide. Funding on the platforms raised a total of EUR 29.7 million through 6,110 investment transactions in 2020. The group is headquartered in Helsinki, with offices in Vienna and Berlin.
It’s one of the top funded Finnish fintech companies at EUR 6.2 million, according to Fintech Farm Helsinki.
Founded in 2012, Ukko.fi is the leading invoicing service platform for self-employed and freelance professionals in Finland. Ukko.fi takes care of all paperwork related to billing and payroll, as well as handling government notices and payments on behalf of their clients.
Ukko.fi claims it has over 100,000 active users in Finland, and according to Fintech Farm Helsinki, it was the biggest fintech scaleup in Finland in 2019 in terms revenue at EUR 104 million.