FINTECH

Stockholm strengthen itself as Europe’s 3rd biggest fintech hub

The 2021 edition of the yearly Stockholm Fintech Guide showcases a flourishing market, with a growing presence of green fintechs.
By ERIK SEDIN
October 13, 2021

Every year, Invest Stockholm releases the Stockholm Fintech Guide that provides an overview of Sweden’s financial landscape. This year’s guide states that Stockholm is not only a central hub in Sweden, but also throughout the Nordics. Stockholm-based companies account for nearly 85% of all fintech investment deals in the Nordics, and 90% of the Swedish ones.

Internationally renowned fintech startups like Klarna, Tink, Anyfin and iZettle have helped to establish a strong reputation for the Swedish capital, which only sees itself beat by Berlin and London for the number one spot. Klarna is also the highest valued private FinTech company in Europe, raising of $1 billion USD in equity funding for international expansion in March 2021, which has paved the way for other FinTechs.

— Stockholm’s fintech sector continues to show its strength, creativity, and resilience during an extraordinary period. One of the City’s key focus areas is to continue our support of both the local ecosystem and collaboration with key financial players in the Swedish and Nordic markets, in order to reinforce our position as the financial centre not only for financial innovation, but also for green and sustainable finance, says Anna König Jerlmyr, Mayor of Stockholm.

The guide also explains how Stockholm managed to stay afloat during the recent pandemic. Rather than turning to digital ways of payment as a result of the pandemic, Sweden’s leading position as a cashless society gave them a head start.

— With our well-developed digital banking infrastructure and relentless efforts towards becoming the world’s first true cashless society, I firmly believe that Sweden and Stockholm are well-positioned to inspire further innovation within the financial sector, aiming for a more sustainable economy. We’d like to welcome all founders, companies and investors with a similar vision to come along on this journey and innovate with us, says Jenny Berthling, responsible for the report and Head of Fintech at Invest Stockholm.

The full guide can be read here.

Related