More statistics and numbers can be found on our page Fintech Landscape.
Fintech Farm’s annual overview is once again ranking the Finnish fintech companies based on their financial figures from 2022 and providing an overview of the industry’s development.
The number of Finnish fintech companies has stabilized at around 210. Although we do see new companies launching annually, a similar amount of companies have gone out of business recently, e.g. Airpay Digital, Realsource and Calqulate. Consolidation is also contributing to the phenomenon, for instance with Sambla Group acquiring LVS Brokers, Salus Group and Eone.
Despite the number of Finnish fintech companies staying more or less the same over the past couple of years, their total revenue increased over 20% from €1.4 billion in 2021 to nearly €1.7 billion in 2022.
Epassi’s impressive leap from €289 million to €416 million in revenue is the largest individual contributor toward the industry’s growth. However, the clear majority of fintechs, from early-stage startups to established companies, steadily grew their revenues in 2022.
Consumer lending companies haven’t fared quite as well, as the effects of tightened regulation continue to burden e.g. OPR Finance and C-Finance, who have seen their revenues crash from millions to mere thousands over the past few years.
AlphaSense has been fundraising very actively during 2022 and 2023, reaching $770.1M in total funds raised. Since the majority of their business comes from the US, their revenue numbers are not public, but their 2022 revenue is expected to be well over €100 million.
TOP20 Finnish fintech companies in 2022
We have divided the listings into 3 categories.
Startups – Companies founded 2018 or later
Scaleups – Companies founded between 2013 and 2017
Established Companies – Companies founded before 2013
Fintech startups
This is the category of impressive growth and fresh success.
The cryptocurrency exchange NorthCrypto is clearly leading the way with an amazing 2960% increase in revenue compared to 2021. Web3 builder Equilibrium managed to lock in second place by demonstrating a steady, exponential growth rate every year since its founding in 2018.
It’s interesting to note that loan comparison startup Sortter managed to grow even though Sambla took over most of the market. Financial software continues to play a big role with companies such as Snowfox, Finazilla, and Finadeck. Expense management card solutions are also showing signs of breaking through as we can see from Zevoy and Pliant.
Scaleups
The gold investment solution Voima Gold went from leader in the startup category last year, straight to the lead position among the scaleups as well. However, it’s worth noting that they count all their customers’ investments as revenue, while their own margin is around 3%.
Card-as-a-Service company Enfuce managed to accelerate their growth by more than 50%, and so did the accounting technology company Fennoa. RegTech company iconicchain produced the highest growth rate among all scale-ups and established companies listed.
Although blockchain and crypto companies fared well in the startup category, their influence in the more mature categories waned compared to the previous year.
Established companies
Epassi’s employee benefit payment ecosystem has been on an impressive growth trajectory. Future growth is to be expected as they’ve continued acquiring competitors in 2023, e.g. from the UK and Italy. Once again, it’s good to note that Epassi’s revenue includes all the money charged to their customers’ wallets, while ca. 96% of it is passed on to the merchants.
Samlink’s latest financial year was 15 months, so this naturally skews the revenue comparison a bit, but even a conservative estimate of the 12-month revenue wouldn’t change their well-earned third place on the ranking.
Profit Software from last year’s list has continued to demonstrate steady growth at 10%, nowadays operating under the name Evitec after having merged with the Swedish firm in May of 2022.
Saldo restructured part of its business into a new LLC, Tact Finance Oy, at the end of Q1 2022.
Conclusions
The Finnish fintech landscape has exhibited resilience and growth in the face of market uncertainties. The number of companies within the sector has remained relatively stable, with the exit and consolidation of some businesses being offset by the emergence of new startups. Notably, the total revenue of Finnish fintech companies has seen a significant increase, indicating a healthy expansion within the industry.
73% of the companies that reported revenue in 2022 managed to grow compared to the previous year. However, ten companies that had revenue in 2021 have not yet reported their 2022 financials.
It’s interesting to observe how the leading business areas in each of the maturity phases significantly differ from each other this year. Yesterday’s growth stories are generally able to graduate into the Top 20 scaleup and established categories, even though we rarely see cases of outright disruption. Finnish entrepreneurs seem to be finding lucrative niches through which to contribute to the overall growth of the industry alongside the country’s incumbent companies.
Although it has not been the best year for lending, especially with struggles in consumer lending, loan brokering is consolidating and skyrocketing. Financial software and banking tech providers are also performing solidly.
As the industry moves forward, we’re excited to follow how these companies adapt to new regulations, market conditions, and technological advancements in order to maintain their growth and relevance in the global fintech arena!
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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
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