Fintech Hub Finland

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Finland is becoming an important fintech hub in Europe. This Nordic nation is not just known for its picturesque landscapes and high quality of life; it’s also carving out a significant niche in the fintech industry. Here’s a quick look at why Finland is the place to watch for fintech innovation.

The Finnish fintech industry is thriving

Finland's fintech sector is booming. As of 2022, over 210 fintech companies were operating within the country, collectively generating more than €1.7 billion in revenue. According to Statista, the market volume for digital payments is projected to reach an outstanding US$29.37bn. This robust ecosystem is a testament to the country's commitment to fostering financial technology innovations. These companies are not only providing cutting-edge solutions but are also creating significant economic value and employment opportunities.

To provide more insight into the Finnish fintech ecosystem, we met with Tanuj Pasupuleti, the Ambassador of the Finland Fintech Association. Watch our brief interview with him to learn more about his views on the Finnish fintech ecosystem and what he thought about #FIBE24.

Five reasons why you need to watch out for Finland

1. Government Support

The Finnish government plays a crucial role in the development of its fintech industry. With a supportive regulatory environment and strong government backing, Finland has become an ideal breeding ground for innovation. Regulatory bodies work closely with fintech companies to ensure compliance while encouraging experimentation and growth. This collaboration has led to a vibrant, dynamic fintech landscape that continues to attract global attention.

2. Focus on Inclusion

One of the standout features of Finnish fintech is its commitment to financial inclusion. Many startups in Finland are dedicated to making financial services accessible to everyone, regardless of their socio-economic status. This focus on inclusion ensures that technological advancements benefit a broad spectrum of the population, contributing to overall economic growth and stability.

3. Digital & Contactless Payments

Finland is highly digitalized, especially when it comes to payments. The country's digital infrastructure supports seamless and secure transactions, enabling a cashless society. Contactless payments are also widely used in Finland. An online interview conducted by Statista found that more than 70% of Finns use contactless payment methods extensively, making cash transactions a rarity. The widespread adoption of contactless payments is supported by Finland's robust digital infrastructure, which ensures that transactions are not only fast and convenient but also secure.

4. P2P Payments

Digital methods dominate person-to-person (P2P) transactions in Finland. A BearingPoint survey found that over 70% of Finns prefer using digital means for P2P payments, with mobile wallets being the most popular choice. This trend highlights the trust and convenience that digital payment solutions offer to consumers.

5. Open Banking and Innovation

Open banking regulations in Finland further fuel fintech innovation. These regulations allow fintech companies to access and utilize financial data securely, leading to the development of exciting new financial products. This open approach promotes competition and innovation, benefiting consumers with better services and more choices.

Our finnish FIBE partners in 2024

This year, we are thrilled to have partnered with four innovative Finnish fintechs, including Enable Banking, Saldo Bank, Bankify and Receipt Hero. By joining us as a partner at FIBE, you will have the unique opportunity to showcase your brand directly to your target audience and actively participate in on-stage events. For more details on partnership opportunities, click here.

Ready to join us? Register here.