More statistics and numbers can be found on our page Fintech Landscape.
Fintech Farm’s annual overview once again ranks Finnish fintech companies based on their financial figures from 2024, providing a comprehensive view of the industry’s development. For those who want the complete revenue, growth, profitability and funding data, the full PDF report is now available.
The total number of fintech companies in Finland has continued to grow slowly and is now around 230. New companies emerge each year, others shut down, and several continue to consolidate into larger players. Overall, the landscape remains steady and healthy.
The biggest company by every financial metric again this year would be AlphaSense. It does not appear in the official charts because they do not report their full revenue in Finland, or anywhere as a complete figure. However, the company announced in October that their global ARR has passed 500 million dollars. By that measure, AlphaSense would take the clear lead.
Below are the updated Top 20 lists for startups, scaleups and established companies.
TOP20 Finnish fintech companies in 2024
We have categorized the companies into three groups:
Startups – Companies founded in 2020 or later
Scaleups – Companies founded between 2015 and 2019
Established Companies – Companies founded before 2015
Top 20 Fintech Startups
This category again includes several promising growth stories. Narvi, founded in 2021 and known for its cross-border business banking account, grew 171 percent and reached almost 4.6 million euros in revenue with a 30 percent profit margin. Zevoy continued its steady development in expense management and business cards, while Puro.earth also delivered strong growth with its ESG and carbon data solutions.
Other notable performers include Inven, Kvarn, Kletta, Rensa and Caleido.io, all showing rapid early-stage growth from smaller revenue levels. A clear trend across this category, and Finland overall, is the very small number of consumer-focused fintechs. On the other hand, SME-oriented services continue to dominate, especially tools for accounting, payments and automation.
Top 20 Fintech Scaleups
Voima Gold appears at the top, but as usual, their figure reflects gross transaction volume rather than net operating revenue. Their actual margin is a couple of percent, but the reported growth from 50 to 87 million euros is still impressive. Behind them, Enfuce stands out as the true queen of the category.
ESG data company Upright Project grew strongly, with 84 percent growth driven by rising demand for sustainability-related analytics. Snowfox.AI, Avalo and Renance also continued their development. Overall, scaleups showed more moderate growth percentages than startups, which is typical for companies at this stage.
Top 20 Established Fintech Companies
The established category includes the usual heavy hitters. Multitude and Basware both delivered steady growth. A major change this year is that Epassi began reporting net revenue, which reached 126 million euros, up 162 percent from last year. Under the previous gross method, Epassi would already be well over one billion.
LocalBitcoins, despite shutting down, reported an exceptional 52 million euro profit. Fennoa moved into the established group and maintained close to 40 percent growth and profitability.
Key takeaways
- 91 companies grew, while 51 declined
- 85 companies reported a profit, 80 reported a loss
- SME finance tools remain one of the strongest themes
- ESG-related companies are popular among new founders and are now also showing traction in financial results
- Consumer fintech remains very small across all size categories
- Financing/lending is not a major growth driver in Finland
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Fintech Farm
Fintech Farm is a financial technology hub and a digital finance service company connecting banks, fintech companies and service providers. Fintech Farm provides innovation, consulting, acceleration, matchmaking, and training services for the financial industry. Fintech Farm Ltd. is privately held and has built a vibrant community of over 200 financial industry organizations since 2016.
Fintech Database
Do you want to know more about Finnish fintechs? We have an up-to-date database that keeps on growing with over 20 data points. Visit the tasting version at https://www.helsinkifintech.fi/database/ and ask for subscription options to get full access.
