The startup industry is rapidly flourishing in the world. Even more, we are witnessing a huge surge in fintech-startups which are slowly overtaking the whole financial industry. During the coronavirus pandemic, we saw how important it was to digitalize the channels associated with business and finances.
Financial technology is experiencing a surge. Almost daily there are new companies providing a variety of services, from online payments to cryptocurrencies according to Business Insider. So it is necessary for the startup industry to develop in any part of the world.
Nordic countries in this regard are very famous, as they offer incredible startup innovations to their citizens. They vary from finances to gaming and technology. It is incredible how far Scandinavian countries went forward in this field. In this article, we will talk about 5 interesting startups that originate from Nordic countries.
Yggdrasil Gaming
It is no more a surprising fact that the iGaming industry made a huge leap in the world. Various operators emerge almost every month and they try to distinguish from others with the services they offer. At the same time, casino game developers are also very popular.
Sweden has probably the most popular casino game developer in the Nordics. Yggdrasil Gaming is a developer of casino games and partners with very famous names in the iGaming industry. It was founded in 2013 and has since emerged as one of the industry’s most respected and renowned operators.
Yggdrasil Gaming has a wide range of activities and operates in the following: Casino Slots, Table Games, and Bingo. Since its establishment, Yggdrasil has embarked on a solid growth trajectory enabled by a strong culture that is focused on innovation, creativity, quality, and technology leadership.
In neighbouring countries, Yggdrasil is considered the #1 developer. Their games are in huge demand. Not only Nordic casinos but also websites that review and explore various developers are also actively featuring Yggdrasil. According to statistics, Nyecasino.ninja website from Norway is probably the most popular website that constantly publishes guides for Yggdrasil Gaming. This startup is gradually gaining a foothold in other European countries as well.
Developing games is a very difficult job. You have to understand what people want, what kind of games they like. Yggdrasil understands the concept of meeting people’s needs so it is clear how this company managed to achieve great success in a very competitive environment.
OptiFriction
OptiFriction is a Swedish startup that develops energy-efficient and environmentally friendly hydrophobic surfaces for skiing and external coating of small ships. The company offers strong and durable surfaces, providing the same glide every time the product is used. OptiFriction’s goal is to replace fluoridated ski ointments and boat paints with environmental and sustainable alternatives.
Klarna
Another Swedish online payment startup located in Stockholm. It was founded in 2005 and the company allows any retailer to add to the resource the ability to quickly buy a product. Customers only need to enter an email address and a postcode to purchase. The buyer then receives an email from Klarna offering further payment and delivery data. In the meantime, Klarna pays for the goods to the retailer. It will receive its money after the payment of the goods by the buyer. Klarna is the so-called “unicorn.” The company’s value is estimated at $2.25 billion.
Lendino
Lendino is a Danish platform for peer-to-peer lending located in Copenhagen, Denmark. Founded in 2013 the Danish market credit platform for institutional and individual investors, specializes in business lending opportunities in the local region. Recently, the well-known London venture fund Passion Capital invested in the development of Lendino, although the exact amount of investments was not announced.
Almi
Almi is a business incubator owned by the Swedish government and serves as the parent company for 16 regional branches with 40 offices across the country. Almi offers consulting services, loans, and venture capital to foreign start-ups at all stages of business creation. One of the powerful advantages is the opportunity to get advice (discussion and evaluation of the idea, budget planning, registration of the enterprise) in the applicant’s native language. Almi works with several types of financing: microloan, loan for enterprises, loans for the development of innovative projects.
Honorable mention – Finland
Startups and Finland – lately they are almost as synonymous. Tens of thousands of people, thousands of companies, millions of investments in startups – it’s all about Finland and its ecosystem.
The spirit of entrepreneurship in Finland is so strong that from autumn 2017 a test stream of The Startup Gymnasium, where 100 students of Finnish schools will teach the culture and practice of start-ups, is launched.
The country that gave the world Nokia and Angry Birds, famous for its extraordinary approach, which brings up a generation of incredible people, invites the international community to join this event.
Conclusion
London became the European capital of financial technology. It is here that $5.4 billion of investment has been invested in the fintech sector over the past five years. In the rest of Europe, $4.4 billion was invested in financial technology.
However, Scandinavian countries: Denmark, Sweden, Iceland, Norway, and Finland, also boast the dawn of the startup sector. Scandinavia has already become home to several so-called “unicorns” – companies worth more than $1 billion. A really incredible statistics.
What these countries should do is to increase the conditions for people to establish startups. Of course, the current situation is already an oasis for young entrepreneurs but still, there is still more to be implemented in this regard.
