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Loan and instant money transfer tops fintech startups in Sweden

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One way to find interesting ideas for a successful startup it to look at what is going on in other countries. Even if Europe as a whole is somewhat lagging behind the innovative Californian environment there are still some hotspots for interesting startups. Sweden is particularly interesting when it comes to Fintech and can be an interesting market to study.

Fintech stands for “Financial Technology”. It is a term used in the financial world to describe the latest innovations and solutions in IT technology developed with regard to the needs and demand of the financial world.

Simply described, fintech companies provide the financial industry with software solutions to meet consumer demands for easy digital financial services.

This need has mainly arisen due to, or thanks to, the fact that today’s generically built hardware is both slow and transparent. This in turn has meant that the need for faster, safer and above all more automated payment solutions and processes has grown stronger in recent years.

Some successful Swedish fintech startups


This account-to-account network allows consumers to make quick, easy and secure payments directly from their bank accounts. Trustly manages the entire payment flow, which sets us apart from our competitors and allows us to offer an attractive alternative with a lower cost than traditional debit cards.


Klarna is a Swedish fintech company founded in 2005. The company provides payment solutions for the e-commerce industry, where consumers get the item first and pay afterwards when shopping online.

Online loan comparison

Early startups as Lendo, Zmarta and Advisa have led the way for other successful loan comparison websites like the popular lastoffer and many other online loan portals.

Second generation open banking

2022 will be the year when banks start looking at new collaboration opportunities with the help of open banking. This opens up great opportunities for Fintech companies that specialize in creating connections with banks. This will also lead to even more intensive cooperation between Fintech and banks.

Instant cross-border payments

Perhaps one of the most deprived areas of banking will finally see a positive change. In B2B, the way you do business is becoming more and more globalized. We see that the ability to make international payments in real time not only reduces the risk of currency fluctuations, for example, but also significantly improves the ability to conduct business abroad.

More and more investor will look for startups in this area in 2022. We see that trials are underway in many places, and every day we are closer to a world where a payment to the other side of the world can take place in real time.

Banking service

As we see more neobanks (a neobank means a digital bank with no physical offices, often controlled from a mobile app) as well as large companies with many customers providing financial services, the need for players providing frameworks and infrastructure to get started is growing faster than the lead time we have seen so far.

Other successful Swedish startups

The consulting firm McKinsey has recently mapped Europe’s top 1,000 startups in the technology sector and notes that 64 of the companies are Swedish. According to the survey, Sweden as a startup country ranks fourth in Europe.

Budbee, Exeger, Powercell and Voi – these are some of 64 the Swedish startups that have made it onto a European list of 1,000 prominent technology companies.

How a startup becomes successful

The McKinsey report’s conclusion: Successful startups have made one of four successful choices.

McKinsey notes in the report that successful technology startups usually focus on one of four successful choices: Becoming a leading network company that quickly gets many users, creating a scalable business model and quickly gaining large revenues, making sure the product or service is best in class, or that the technology behind the business idea is world-leading.

Here are some of the Swedish successful tech startups, according to McKinsey:

Powercell Sweden

PowerCell Sweden is active in fuel cell production. The technology is patented with cutting-edge technology and the modular system of fuel cell platforms is powered by produced hydrogen with electricity, heat and water as emissions. The fuel cells are also designed to handle hydrogen from biogas, natural gas or biodiesel. The head office is located in Gothenburg.


Exeger has developed a patented photovoltaic technology that can use all the light and convert it into electricity. Now the focus is on supplying electronic equipment with solar cells so that they become self-charging.


Budbee delivers climate smart to the customer’s door in the evening or to a nearby Budbee box receiver. When delivering home, the customer decides how your goods will be delivered – whether to knock, call or leave the package outside the door. Through the link or through the app, the recipient always has full control of your delivery!


The market for electric scooters, or electric scooters, is a little crazy. Voi is one of many companies here in Sweden and they were first out. It will now be in 150 cities. At the same time, they have built their very own electric scooter, which makes it a little more reasonable to get this business going around.


Kossi Adzo is the editor and author of He is software engineer. Innovation, Businesses and companies are his passion. He filled several patents in IT & Communication technologies. He manages the technical operations at

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