A teller terminal in your phone and post payments. Which new developments does the world owe to the Nordic fintech? Marina K. Follow Aug 15, 2017 · 5 min read

Nordic countries were among the first in Europe to accept digital banking and electronic payments.

A well-developed digital infrastructure and smooth collaboration between the government and businesses have become a fertile ground for the growth of fintech projects. Below you will find ten most interesting companies.

iZettle. A teller terminal in your phone (Stockholm, Sweden)

Founders of the company have developed an ingenious and simple gimmick, turning an ordinary smartphone into a card payment terminal. Their main product is a mini card reader that connects to a phone or tablet. Thanks to the card reader, private entrepreneurs and small businesses do not need to sign many documents to use a terminal. They can accept payments through their smartphones instead.

iZettle signed partnership agreements with many international payment systems, including two major companies Visa and MasterCard.

Klarna. No need to pay until your order is delivered (Stockholm, Sweden)

Klarna started promoting a payment system, developed by three Swedish students. It rests upon a very simple idea: “Don’t pay for goods until they are delivered”. Online stores use Klarna system and users just have to specify their email and accurate postcode for the good to be delivered. An important benefit of such an approach: customers do not have to provide their banking data on the Internet.

Today over 60 million people throughout Europe use the system and Klarna is estimated at $2.2 billion.

BehavioSec. Recognizes users by the way they type (Lulea, Sweden)

The fintech company developed a user authentication system that uses behavioral biometrics. To put it simply, BehavioSec created the system that recognizes a user by his typing speed. Computer access is blocked if software identifies that a false person uses the keyboard. It is a kind of password substitution. By the way, the project was also developed by Swedish students — two friends, studying at Lulea University.

Today, the company offers three products: computer web version, application to identify smartphone users, and corporate software. Financial organizations of North Europe actively use the product.

Tink. Finance management through your smartphone (Stockholm, Sweden)

Tink is a fintech startup that created a mobile app of the same name to manage finances. Bank accounts and cards can be synchronized with Tink. The app tracks and categorizes your spending. However, Tink shows not only the flow of funds. It also allows making bank transfers using your phone as well as paying for goods and services.

Over 350 thousand Swedish citizens use Tink today. Project managers are planning to expand operations across the rest of Europe.

Trustly. Direct bank transfers for gambling business (Stockholm, Sweden)

The payment company was founded in 2008. It provides direct bank transfer services in a number of European countries. Its distinctive feature lies in the fact that it is most frequently used in the gambling business. Why? Because customers can transfer funds directly to their online casino accounts without registration. At the same time, Trustly uses the same encryption and protection systems as bank institutions.

Trustly has also launched a payment tool, allowing users to make purchases in one click. In case of a refund, money will be returned to the account used to make a payment.

Zmarta. Selects beneficial insurance program (Angelholm, Sweden)

The most experienced company on the list. Initially, Zmarta provided only insurance services. However, the company has recently transformed in Zmarta Group, consisting of seven brands that operate in the markets of various countries.

Zmarta helps customers to find the most beneficial loan plan for different purposes. For example, a person wants to get a loan in order to build a house. Zmarta analyzes all offerings and shows the most beneficial options. The company fulfils the same task in the insurance market. Besides, users can open a fixed-rate savings account at Zmarta.

Meniga. A bank in your phone (Reykjavik, Iceland)

The company develops software with functions similar to Tink: it tracks and categorizes spending. However, Meniga distributes its products for bank institutions using the white label model. Meaning that the company sells the product and the buyer uses it under his own brand. Despite the fact that Meniga sells software to banks, the programs are intended for bank customers.

Meniga system can also provide advice on optimal funds management for your account. Moreover, you can ask for recommendations on spending money on social networks.

Coinify. Direct cryptocurrency transfers (Copenhagen, Denmark)

Coinify startup was originally created as a platform to sell and buy bitcoin. However, eventually the company has become one of the major players in the cryptocurrency processing market. Now, Coinify allows European retailers to accept bitcoin and a number of other digital currencies. Transactions are based on the blockchain technology. The company believes it will become a new milestone in the development of e-commerce.

Coinify is one of the few fintech companies in North Europe that strives to promote the cryptocurrency turnover.

Lendino. A platform where startups and investors meet (Copenhagen, Denmark)

Danish fintech startup that literally brings together investors and companies that seek for investments. How does it work? At first, both parties register on the website. Then, startups fill in the form, specifying company information, needed investment amount, interest rates, and interest dates. Afterwards, startups appear on the local map. Investors see the map and choose the project they would like to finance.

Lendino does not have subsidiaries. All activities are run on the Internet. In such a way, they are creating a real alternative to banks. In Denmark, at least.

Fixura. Simple crediting system for people (Vasa, Finland)

The fintech company was founded in 2009 and started to operate in 2010. The idea of the project bases upon the oldest crediting principle: people are lending money to each other. Naturally, the company website contains the inspiring description of high ethics and distinctions from other participants of the financial market. It looks like a luscious advertising, but it contains a grain of truth. The service offers registration for investors and people that need loans. Every user has trustability rating that depends on the fulfilled obligations.

The field of fintech developments will be highlighted at Blockchain & Bitcoin Conference Stockholm with the analysis of specific case studies. The event will take place in the capital of Sweden on September 7. It will unite the keynote European specialists in financial services, blockchain, and cryptocurrencies. Participants will examine the fintech market, elaborate on the topic of ICOs, and discuss the legal issues related to blockchain implementation.

Author: Sergey Karpov