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Nordic Fintech Snippets – January 2021

Nordic Fintech Snippets – January

The first month of 2021 came with both good and confusing news. While the world’s focus has been on shutting the spread of the new Covid-19 mutations, the financial world has seen some fairly strange times.

The new-gen Z investors, who during last year rushed into trading platforms such as Robinhood and eToro, have found the power of the internet, and through online communities such as Reddit have joined forces to inflate stocks such as Gamestop and AMC. While these stocks have normally been small and thinly traded “penny stocks”, this week they found Nokia.

Astonishingly, Nokia’s market cap temporarily increased by 130% from €24B to €55B. Nokia was the first European company under this kind of manipulation.

Will this be temporary or change things for good? We are quite sure that the regulators are racking their brains. Certainly, this seems to be an auspicious time for investment analysis software developers to start including more social media to their sources 😉

In the currently more conservative-looking investment area, venture capital, the year has started with a positive vibe, as multiple Nordic fintech companies already announced new funding rounds.

Talking about events, next month is very interesting as we will see both STHLM Fintech Week and RegTech Day showcasing what is next for finance and fintech.

This is Nordic Fintech Snippets, the combined effort of all the Nordic Fintech Hubs, sharing the most important and latest news in fintech and digital finance from each country.

Nordic highlights

Trustly, a Swedish payments firm is reportedly plotting a second quarter IPO that could value the company at €9 billion. Like other payments processors in Europe, Trustly is riding a wave of investor interest as the Coronavirus pandemic pushes more transactions online.


Wolt, a Finnish food delivery and payment startup has raised €440 millions in a round led by ICONIQ Growth to expand its speedily-growing retail delivery service faster and further. “The opportunity is to equip brick and mortar stores to compete with Amazon and Alibaba — and be better than them,” says Wolt CEO Miki Kuusi.


Minna Technologies, a subscription management tool for banking customers, raises $18.8M in Series B fundraising from Element Ventures, MiddleGame Ventures, Nineyards Equity and Visa, to expand its open banking technology to banks globally.



Country specific news



Finnish food delivery and payment startup Wolt raises 440M€

Calqulate raises €1.5 million to transform financial reporting & forecasting for startups and growth companies

Fintech companies LVS Brokers, Enfuce and Fennoa made it to the Deloitte Fast 50 list

Nordea: No deployment of CBDCs in 2021 but greater clarity is coming

Nokia stock went 133% up in a week after being discussed on Reddit’s Wall Street Bets



Copenhagen Fintech released their updated overview of the Danish Fintech Startup Scene

SimCorp SFTR solution goes live at Denmark’s ATP

Pleo’s been named Startup of the Year at the Global Startup Awards!

The Danish Industry Foundation released a report about Copenhagen Fintechs cluster development



Lucinity adds Head of Legal and Compliance and Global Head of Sales

Meniga and UniCredit continue successful collaboration to launch enhanced version of the “Mobilna Banka Go!” app in Slovenia



Nordic payments project P27 appoints chairman

Swedish banks formalise AML information sharing pact with police

Minna Technologies, a subscription management tool for banking customers, raises $18.8M

Sweden’s Trustly sets course for potential €9 billion IPO

Buy Now Pay Later space is getting more competitive in Europe, as new startups chase Klarna’s crown

Fidesmo and Visa enter a collaboration



Astat – A new Norwegian bank challenger for SMBs has closed NOK 4,5 Million on its first round of funding.

NCE Finance Innovation released a report: AI in the Norwegian Banking Sector



Future events

9.-10.2. Sthlm Fintech Week

11.2. The Future of Nordic Retail Banking

16.-18.2. RegTech Day

17.3. Nordic Fintech Summit


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