Finland has roughly 200 fintech companies in the fields of payments, cryptocurrencies, blockchain, insurance, security&compliance, APIs&platforms, data&analytics, customer services&acquisition, financial software, wealth management, investing and financing. One of the strongest areas in Finland are financial software, back-end technologies, financing and payments.
We have divided the landscape into 12 categories where:
1. APIs & Platforms category consists of 17 companies. Three of them have licenses. In total their revenue was 166M€, marking the second most revenue per company on average. Funding they had raised in total 21,4M€.Blockchain category has with the insurtech category the least number of companies, 4 companies with revenue in total 1,5M€.
2. Blockchain category has with the insurtech category the least number of companies, 4 companies with revenue in total 1,5M€.
3. Cryptocurrencies group is represented by 7 companies, from which more than half have licenses, 4 to be precise. Their businesses have generated revenue in total of 27,8M€ and funding they have raised 23,8M€.
4. Customer Service & Acquisition category consists of 14 companies. The amount of funding raised in total is 3,2M€, and their revenue was 27M€ which marks 29% increase from the previous year’s. Three of the companies had a licence.
5. Data & Analytics companies have raised the second largest amount of funding among other categories, in total of 109,3M€. Those 16 companies’ revenue in total was 9M€.
6. Financial Software is strongest represented in terms of the amount of fintechs; 43 companies. They came second in revenue comparison, generating 333M€ and has raised the amount of 82M€.
7. Financing category succeeded in every aspect. It had the largest revenue in total 423M€, generated by 28 fintech companies. The category’s companies generated the most revenue per company on average. This category was also successful raising funding in total, 117,5M€.
8. Insurtech category consists of 4 fintechs with revenue of 5,1M€ in total.
9. Investing fintechs raised 3,6M€ funding in total with 6,1M€ revenue. Among 13 companies, 2 of them had a licence.
10. Payment’s category had the second biggest number of companies represented, 39 fintechs. Their revenue in total was 249M€, being third in terms of revenue compared to other categories. Payment companies raised 127M€ in total, meaning that this category raised the most funding to the date.
11. Security & Compliance category has 15 companies who created revenue of 3,4M and raised 3M in total.
12. Wealth Management category generated 17,8M€ revenue by 10 fintechs. They raised 4,2M€ funding in total.
Check out always up-to-date statistics at https://www.helsinkifintech.fi/fintech-landscape/