10
Nordic Innovation is taking frontstage as the region continues to produce a streak of winning fintechs and unicorns that are redefining financial services across Northern Europe and the rest of the world. We asked some of the most visionary thought leaders in fintech, what, in their view, makes Nordic innovation special.
Trust is the number one currency in today’s fintech ecosystem. The Nordics bring values to the table that set the standard for what customers need next in the world of fintech: Authentic commitment to trust, activation of sustainability, and distinction as a responsible orchestrator of innovation.
I
Andrea Kates, Partner at Suma Ventures
bring a perspective as a tech leader who lives in Silicon Valley and works with global players in fintech. As the global forces started to shift the center of gravity from traditional banking credit,
insurance, and payment companies toward fintech leaders, the world of financial services started to optimize for new skills that are inherently part of the Nordic DNA.
TRUST IS THE CENTRAL CURRENCY...
T
he Nordic region represents a set of values that addresses today’s central currency in Fintech: Trust. From a strictly transactional perspective, everyone can be a fintech company now. Payments are embedded into services; tech companies and retailers have entered the payments world. He who earns the trust of the cus-
tomer through a consistent set of values earns permission to transact. The Nordic region has been home to companies like Danish company Lunar, which has earned the trust of the gaming community and Dreams, a Swedish neobank that has earned the trust of small investors by creating an engaged community.
SUSTAINABILITY NEEDS ACTIVATION...
RESPONSIBLE ECOSYSTEM ORCHESTRATORS ARE KEY...
N
ordics are ahead of the curve in not only talking about sustainability but living it. The last mile in sustainability comes through companies like Solstroem, a Danish company that enables carbon financing, Sweden’s Earthbanc and Normative —all dedicated to incorporating sustainable decisions into financial transactions, seamlessly.
N
ordic companies have demonstrated their talents in bringing together technology, customers, and complementary players in refreshing and important ways. The technologies at the core of fintech are evolving quickly, giving tech companies an advantage over incumbents in the design and implementation of global currency exchange options, cryptocurrencies, blockchain, innovations. Companies that enable many players to thrive by enabling the use of advanced technologies will win. Examples: Chainalysis’s platform for block-
Transparency Rules Financial transactions are increasingly interconnected on a global basis, and data transparency is the new standard. In today’s market, companies need to stand for fairness versus winner-takeall profit taking. Look at Wise’s stance on “extreme transparency”—and their
chain, Tink’s open banking platform, and Vipps’s seamless mobile payment application. Nordic companies have proven themselves to be fair brokers in emerging markets, opening the door for more widespread participation in saving, credit, investment, flexible transactions, and commerce. Inclusion is the critical factor in truly solving the underlying priorities for a huge population of what has previously been called “the unbanked”—people who were not served by traditional financial institutions. Inspiring companies
emergence as a unicorn—as a driver of their growth. Incumbents that need to reinvent can learn from the leadership priorities of companies like Saxo Bank, whose core commitment to psychological safety creates a Petri dish for broad participation in corporate innovation.
like Dreamplan, Pleo, and Holvi bring platforms, products and services that widen the net of the community that can participate. The Nordics represent core values that are aligned with the principles that drive growth in fintech today. Nordic fintech companies are well positioned to not only serve existing customers with more flexible, transparent, and trustworthy options, but broaden and diversify the community of people who can take advantage of innovative services that are specifically invented to address unmet needs.
