Sweden is more than just IKEA and Spotify. The scandinavian country has indeed a lot to offer in terms of innovation and investment. In fact, despite having a considerably high tax rate, Sweden has seen a massive increase in the startups realm, more than 10,000 startups came to life in 2019 (almost one every ten thousand people!). So what are the main areas of expertise for startups here? Some of the businesses that have come out of the country include music giant Spotify and e-commerce behemoth Klarna. At the same time many more fintech startups concerning finance and banking have come up. Let’s take a look at the most interesting Swedish startups to watch in the upcoming future.
Steven
Steven is that one friend you don’t really like, yet you need. Founded in 2016, Steven is a fintech company that operates via mobile app which helps people settle their personal debts while not being too invasive. It sends people notifications when they’ve paid off their debts, and sends formal automatic reminders to those who still haven’t. The app also allows splitting payments thus making it easier for people to meet they needs, making a plan that they can afford in practical terms.
The Stockholm-based company successfully raised about 2 and a half million dollars to fund new project for its product portfolio; this funding has been raised by seven different investors, which will most likely see a further increase in the coming year.
Insurello
Unlike Steven (reminding you to pay debts), Insurello is that one friend you both want and need. It is an insurance startup that seeks to make insurance claims easier and at the same time maximize the reparation received by customers. This Stockholm-based startup achieves this through its smart technology which screens each applicable insurance policy. Through their insight, you can create new insurance cases through Insurello should anything happen to you. This makes the process of claiming quicker and easier.
Insurello has successfully acquired 11,7 million dollars in startup funding since its birth in 2016. The funding came from a total of eight investors, with the latest being achieved in June last year. This shows faith in the business model and their potential to make insurance easier for people in Sweden and beyond.
Lendify
Lendify is challenging other banks. It is looking to attack the market share of traditional banks by offering customers a better portfolio of services. These include better banking services, lower interest rates, better loans and higher rates of return on their savings.
Since its birth in 2014, Lendify received unprecedented and levels of investment from third parties. It raised with 553,4 million dollars from a total of three different investors. Considering the expansion of new generation banking services which focus on each customer and with this level of backing, it’s very likely that Lendify will enter a strong position in the Swedish banking market in 2021, and making a good entrance in 2022.
Bitrefill
Bitrefill and other startups like it are paving the way for people to who wanna find a practical use for cryptocurrencies. Founded in 2014 and headquartered in Stockholm, Bitrefill is a cryptocurrency-related startup that offers customers the opportunity use cryptocurrencies to purchase a variety of goods or services. Among these we find gift cards, mobile credit top-ups, and other services. Their services are available to purchase goods and services in 170 countries and are totally privacy-friendly, since registrating is not required.
At the moment, Bitrefill has gathered to achieve an investment of 2,1 million dollars from six investors since its foundation in 2014. It wouldn’t be a surprise to see Bitrefill increase its value in 2021 and 2022 as the use of crypto is growing day by day.
Safello
Safelklo is a cryptocurrency and Fintech startup which combines the product and the service. In fact, it that operates its own cryptocurrency exchange and also offers the opportunity for businesses to invest in cryptocurrencies through their platform. This process is totally handled by them so no interferences from third parties like banks are an option. It also offers the possibility to buy and sell two of the most important cryptocurrencies, Bitcoin and Ethereum.
Since its birth is 2013 Safello has had a ling way. It first explored the cryptocurrency market and raised 2,1 million dollars through public crowdfunding since then. Currently, the company is currently looking towards an initial public investment to kickstart 2022.
I hope you enjoyed our top 5 list.
Thank you and till next time.
