Sweden, entrepreneurship and Fintech

Sweden has for a long time been seen as a bit of a startup wonder. Companies such as Spotify, Truecaller and Skype are all world leaders and internationally known. In recent years, one of the world’s strongest industries has been Fintech, ie technology for economics, and even here there are many heavy Swedish players. Improvements in the financial industry and the technology industry have always gone hand in hand. This is clearer than ever before and is clearly noticeable in the plethora of start-up Swedish companies that are trying to enter the market and revolutionize the market. Swish stepped into the Swedes’ everyday life already at the end of 2012 and changed how we handle our money fundamentally. From the beginning, it was intended as an easier way to transfer smaller amounts between individuals. But the app quickly came to be used for the purchase of used goods, simpler services and even food. Today, it is one of our most common payment methods – with almost eight million users in 2019 – and the service has inspired many more. Many areas to simplify Companies working with Fintech aim to make it faster, easier and safer for their users to manage their money. It can be about quicker payments, comparing different lenders or developing safer ways to work with your online credit. The purpose of Fintech is to develop an online product that can compete with traditional methods and services in the financial market. The product is one in a series of financial services that have been added in step with the digitalisation of society, where smartphones and financial banking applications such as BankID have made everyday life easier for many people. Perhaps the most famous name that came from Sweden during this explosion of new payment companies is Klarna. The company started in 2005 and is a payment service when you shop online and since 2019 is Europe’s highest valued company within Fintech. During the first half of 2020, the company received $ 200 million in investment. But Sweden has also contributed challengers to Swish as Trustly. Companies that want to challenge the banks by offering simpler and better loans like Lendify. Platforms where self-employed people and others who want to fulfill their big dream can apply for funding such as Qred. Specialists at Crypto to help you navigate the exciting world such as Vinter Kapital and Quickbit eu AB. Companies also work actively with their online security to make users feel safe. The big banks work hard for fintech solutions that make it easier to counter money laundering and other financial crime. This makes it attractive for sharp brains to start companies that work with online security and identification. New companies that help people save money The clearest trend among Swedish fintech companies is to want to attract people who seek savings help. More and more Swedes are saving monthly and also for more money every year. To offer help with this, there are lots of options. Companies like Anyfin, Dreams and SAVR, to name a few, have solutions to various problems you may have with your savings and help you use the money in new ways to break expensive habits. Fintech is just growing and growing all over the world. Easier ways to pay, help with personal finances and new ways to make money grow are attracting more and more users. Swedes at the forefront of innovative industry Swedish companies are leaders in many of the industry’s areas and hundreds of millions are invested annually in further developing and improving services. The people who work in the sector are driven and find new creative solutions to problems that exist. They make life easier for anyone who runs a business in the modern world and they help individuals save money and achieve financial goals.

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