From: RegTech Analyst
The Nordics’ FinTech scene is buzzing with potential, which was evident by the trailblazing companies recently attending Sthlm Fintech Week.
The Stockholm event was full of exciting insight about the role the Nordics and Sweden in particular are playing in the FinTech space. The panels and presentations included conversations about how Danske Bank’s money laundering scandal could pave the way for Nordic challenger banks, Visa revealing the impact of millennials and the future of RegTech to name just a few topics discussed.
The event outside of the panels also included a treasure trove of innovative FinTech companies. Here are eight of the most exciting ones you may have missed.
digisure is a Norwegian InsurTech startup that is on a mission to make insurance fairer for both insurers and their partners. The digitalised insurance-as-a-service solution is enabling its partners to sell insurance via their own brand and keeping customer ownership. The company leverages machine learning and artificial intelligence to make this vision a reality. The result is that digisure can provide efficient, flexible and fully digitalised insurance solutions that enable its partners to build their own insurance portfolio.
New Labs has positioned itself as a company that help bring next generation business ideas into fruition. It has previously helped FinTechs like digital transfer startup ZTL Payment Solution and robo advisory Quantfolio expand their offerings.
Metafore is a WealthTech consultancy and insurance portal based in Sweden. Its solution enable wealth managers to have all customers’ assets available at one place, ensure compliance and to automate some of the relationship.
Signicat has made a name for itself as a leader in verifying digital Identities since the Trondheim-based business was founded in 2006. Since then, it has helped companies like SurePay and Verimi boost their identification services. In July 2019, it made the news by acquiring fellow identification company Idfy.
Trustly has come a long way since it was first founded in 2008. The Stockholm-based PayTech company provides a simplified and secure internet solution for online payments through a bank. After raising €23m in a venture round in 2014, Trustly was acquired in 2018 by Nordic Capital, the private equity investor. The FinTech enterprise has gone from strength to strength since, having partnered with companies like e-commerce giant Alibaba and Latvian alternative lending marketplace Mintos.
RegTech100 2019 company ComplyAdvantage specialises in using data science and machine learning to reduce the risk of financial crimes, including money laundering. Its configurable cloud services automate the fraud detecting and compliance process. Founder Charles Delingpole launched the company in 2014 after he’d grown frustrated with the tools already on the market and their massive number of false positives. Recognising how bad systems impaired compliance professionals ability to protect financial firms from being used for money laundering and terrorism financing. Since then the company has partnered with companies like identity verification company Jumio, know your customer (KYC) company Aqubix and Payment Rails.
Napier has created a compliance portal leveraging machine learning, AI and big data to enhance its customers anti-money laundering abilities. Its goal is to combat evolving threats and reduce financial reputational risks.
Fraud prevention experts ZignSec is a Swedish RegTech company that went public in 2019. It recently made the news when it rolled out a new AML product. “This product will cover the entirety of the Nordics,” Jonas Ingelström, CEO of ZignSec, told RegTech Analyst at the launch. “Digital identities exist across the Nordics and with this solution you would be able to complete a full AML check within 60 seconds. Then you will have checked against all fundamental points that you have to check, which is fantastic. This is a great solution.” The ZignSec is firstly planning to introduce the product in Europe and then in the rest of the world.
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