September 7, 2018

Five for Friday: Fintech, part 2

Finnish companies have fintech in the palm of their hands.
Finnish companies have fintech in the palm of their hands.
Julia Bushueva

Finland’s financial tech sector is brimming with innovation.

All good things come in twos, right? Well, this week we decided to follow up our previous focus on fintech with another five of the best in the field from Finland.

Bankify

This fresh fintech startup wants to bring change to the dull aftermaths of shared Friday dinners. Spurred by the endless chats about ‘who bought what’ and ‘who owes whom’, the company embarked on a mission to make everyday finance fun.

“Finance is often seen as challenging, boring, complicated – everything but fun – so our motto is to change that,” co-founder Antti Tarakkamäki told us. “We want to highlight that anyone can be a banker in their own community and that finance management can be a social experience.”

Moni

You say ‘money’, this company says ‘Moni’. Founded on the idea of taking a 21st-century approach to consumer finance, the company has developed a platform that allows users to make payments, send and receive money, and link a debit or credit card to a Moni account. Even salaries can be deposited to a user’s account, which they can access via a prepaid Mastercard.

“Our big vision is that our technology makes it possible to have a ‘banking’ account on any mobile phone for any person on the planet,” said CEO and founder Antti Pennanen.

Mash

Mash handles consumers’ financial obligations so that businesses can benefit from being paid instantly and focus on serving their customers.

“We think of ourselves as the third option at point of sale,” explained CEO James Hickson, after inking a lucrative deal with Verifone. “Today’s in-store financing solutions are not seen as a source of competitive advantage by business owners. They are hard to use and create a large degree of friction at point of sale.”

Enterpay

Specialising in developing credit management and invoicing service solutions for B2B e-commerce, Enterpay has set out to expand its operations to other Nordic countries after securing an investment from Swedish NFT Ventures last year.

The news was seen as an important step for the company “as [NFT] can support our international growth not only through its investment but also through its knowhow and international networks,” CEO Jarkko Anttiroiko said last year.

XMLdation

This company saves time and reduces financial burden by ensuring that money flows seamlessly between banks and businesses in Europe. Its solutions fall into four main categories: corporate support and onboarding, fintech developer support, supporting payment test scenarios and payment ecosystem content.

“We are unique as we sit between the startup fintech space and the established banks, and our product makes their integration easier,” said CEO Jarkko Leppälahti

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