20
Strongholds of the Nordics Despite, or maybe because of the Covid-19 pandemic, the Nordic fintech community is growing, innovating and making headlines.
T
he Nordics have a history of digitally-savvy citizens and companies who are willing and able to pick up new technology. The pandemic forced the entire world to do more online and move parts of life into the digital realm that was once done mostly offline; for example shopping, banking and working. Suddenly, the demand for digital solutions to traditional financial problems was more pressing. Nordic fintech took advantage of the challenges and turned the pandemic into an opportunity for change and to make things better faster. With the Nordic history of trusting in the governments and institutions and trusting each other, the Nordic fintech space has blossomed into a global success story. Of course, there are challenges but in general, this small region of the world lives up to its reputation for innovating for a better world focusing on its citizens and the environment. We have chosen ten remarkable fintechs from the five Nordic countries who have not only survived the pandemic but have shown that it is possible to thrive even through hard times as long as we help each other and support a bigger common goal: a better future for all.
Total number of Fintechs per Country:
Finland Norway
93
202
179
Iceland
Denmark
320 472
Sweden
ICELAND
Lucinity
Solving FinCrime with Human AI
C
ompliance professionals are facing ever more complexity and ever more criminal creativity. Despite regulations, only around one per cent of all money laundering cases are detected or recovered. That is where Lucinity comes in. The Icelandic SaaS and AML compliance platform is on a mission to make money good by combining the best of human and artificial intelligence. They call it human AI. Lucinity was founded in 2018 in Reykjavik. The team has experience in bank-
ing, compliance, regulation and data science which they use to tackle money laundering with simple-to-use systems. They believe technology should complement human skills to achieve a great goal: stop the funding of serious crime around the world. With the Lucinity platform, compliance teams can observe and understand customer activity reducing caseloads by up to 50 per cent and increasing capture rates through behavioural detection. The technology
supports and empowers AML analysts to identify risk exposures and suspicious behaviour faster with data-driven decision making. Instead of relying on static rules and self-reported KYC, the continuous behaviour analysis gives a holistic view of the customer’s risk score which is automatically and continuously updated based on the customer’s actual behaviour. Lucinity operates globally with offices in Reykjavik, London and New York.
