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Sweden’s Regulatory Compliance Landscape Supports Fintech Growth

Stockholm, Sweden - As one of the largest and most prominent tech ecosystems in Europe, Sweden has emerged as a fintech powerhouse. The country is now home to nearly 400 companies that leverage technology and digital platforms to support, enable or innovate banking and financial services.

To better understand the Swedish fintech landscape, we have selected seven fast-growing private fintech companies and explored their recent developments. These companies are setting the pace for innovation in the industry, and regulatory compliance plays a crucial role in their success.

Fintech Companies Driving Innovation

Here are some of the fastest-growing private fintech companies in Sweden:

Klarna: Expanding Digital Banking Services

Founded in 2005, Klarna is one of the most highly-valued private fintechs globally, with a valuation of US$31 billion. The company provides online financial services such as payments for online storefronts, direct payments and post-purchase payments (buy now pay later). Klarna has expanded into digital banking, launching a consumer bank account in Germany earlier this year.

Tink: Leading Open Banking Company

Founded in 2012, Tink is one of Europe’s leading open banking companies. Its platform connects to more than 3,400 banks that reach over 250 million bank customers across Europe. Tink serves more than 300 banks and fintechs in 18 European markets.

Milvik (Bima): Microinsurance Company

Founded in 2010, Milvik is a microinsurance company operating in emerging markets across Asia, Africa and Latin America. The company uses mobile technology to deliver affordable and easy-to-use digital health and insurtech services to over 35 million consumers.

Anyfin: Digital Lending Platform

Launched in 2018, Anyfin provides a digital lending platform focused on refinancing. Users can upload their latest credit card or loan statement to receive a new offer with better loan terms. The app also offers smart budgeting tools and a “credit blocker” feature to prevent users from taking out additional debt.

Minna: Subscription Management Solutions

Founded in 2015, Minna is a subscription management solutions provider that helps customers cancel unwanted subscriptions and avoid unnecessary charges. The company has seen sharp demand for its services amid the growth of the subscription economy.

Qred: Business Financing

Launched in 2015, Qred is a market leader in business financing, providing small and medium-sized enterprises (SMEs) with fast, flexible and safe loans. The company has been granted a payment services license from Sweden’s financial regulator and launched its credit card in partnership with Visa.

Rocker (Bynk): Digital Banking Platform

Founded in 2017, Rocker operates a mobile-based digital banking platform offering products and services including a savings account, debit card, personal financial management tools and consumer loans. The company has raised EUR 76.5 million and is valued at EUR 220 million.

Regulatory Compliance Landscape

Sweden’s regulatory compliance landscape plays a crucial role in supporting the growth of these fintech companies. The country’s Financial Supervisory Authority (S-ESA) provides guidance on payment services, insurance and other financial services, ensuring that fintechs can operate safely and securely.