New Year, Same Tricks | Nordic Fintech Highlights December 2024
P?l Krogdahl
Executive Banking Consultant & Director of Advisory Services @ Samlink | Co-host @ Fintech Daydreaming Podcast | Keynote Speaker and Author (All views expressed are my own and do not represent those of my employer)
Welcome to 2025 and Season 11 of Fintech Daydreaming ! It’s good to be back, and diving into another year of fintech exploration. In our first episode of the season, we teamed up once again with Helsinki Fintech Farm and their CEO, Janne Salminen , for another round of Nordic Fintech Highlights. It’s become a bit of a tradition to kick off each season with a look at the trends and stories shaping the Nordic fintech scene, and this year is no exception.
From credit cards for SMEs to fintech mortgage disruptors, the episode is packed with insights, humor, and a healthy dose of speculation about what lies ahead. Here’s a recap of what we discussed and why we’re already calling this season one to watch.
Trends That Defined 2024 and What They Mean for 2025
Janne led us through a high-level recap of key trends from the Nordic fintech world in 2024:
1. Funding Quiet, But Fintech Matures
While fintech winter dominated headlines with reduced funding activity, a silver lining emerged, many fintechs have matured into self-sustaining entities, generating revenue and growing without heavy reliance on external capital.
2. Nordic Fintechs Go Global
We saw more Nordic fintechs expanding internationally, not just to nearby markets like the EU or UK, but also to Canada, the U.S., Mexico, and Southeast Asia. Nordic innovation is reaching new shores, and we’re here for it.
3. Open Banking Momentum
Open banking remains hot, particularly account-to-account payments. However, while interest is high, significant real-world adoption and production remain a work in progress.
4. Banking as a Service Becomes Strategic
Nordic banks are no longer dabbling in innovation, they’re embracing new partnerships and banking-as-a-service strategies as part of their core operations.
5. Embedded Finance Explodes
From grocery cards to SME credit solutions, embedded finance is taking off in the Nordics, with banks like SEB Embedded and Alisa Bank leading the way.
Nordic Fintech Highlights: The News We Covered
Alisa Bank and Enfuce: SME Credit Cards and Embedded Finance Leadership
In Finland, Alisa Pankki Oyj | Alisa Bank Plc and Enfuce have partnered to launch credit cards tailored to SMEs, expanding their embedded banking solutions. What excites me most about this partnership is how it reflects a shift toward making financial tools more accessible and scalable for smaller businesses, a segment often underserved by traditional banks.
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Lunar Bank’s Leap into Mortgages in Sweden
Lunar Bank’s move into the mortgage space is a bold step toward becoming a full-service bank. Partnering with a traditional institution, they’re combining fintech’s agility with banking’s stability to offer a modern take on home loans. As someone who’s often debated whether mortgages are still the cornerstone of a bank’s revenue, this story struck a chord. Could this be a sign of things to come?
SEB Embedded, Enfuce, and Hemk?p: Grocery Payment Cards
In Sweden, SEB Embedded collaborated with Enfuce and Hemk?p to launch a co-branded grocery payment card. While store-specific cards aren’t new, this one hints at the growing role of embedded finance in everyday transactions—and how fintech partnerships are enabling faster, more flexible solutions.
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Looking Ahead: 2025 Predictions
In true Fintech Daydreaming fashion, we couldn’t resist a bit of crystal-ball gazing. While we’re careful not to fall into the “me-too” trap of making overly bold predictions, a few themes stood out:
? Payments Continue to Dominate: From instant payments to account-to-account solutions, payments remain the hotbed of innovation and competition.
? Embedded Finance Expands Further: Expect more embedded solutions across industries, particularly in the Nordic region, where the groundwork is well underway.
? Regulation Opens Doors: Initiatives like the Payment Services Regulation (PSR) and Settlement Finality Directive could accelerate fintech adoption and innovation in Europe.
We Need Your Help
As Fintech Daydreaming grows, so does the need for extra hands behind the scenes. We’re on the lookout for someone to help with editing and post-production. If you or someone you know is passionate about podcasting, fintech, and storytelling, let’s connect! You’ll find the full job description in our previous LinkedIn post, or reach out directly.
Season 11 is just getting started, and we’ve got a fantastic lineup of guests and topics ahead. Whether you’re tuning in for the fintech insights, the Nordic flavor, or just the bad jokes, we’re thrilled to have you along for the ride.
So, what are your thoughts on the trends shaping 2025? Let us know in the comments—we’d love to keep the conversation going.
Here’s to another year of dreaming big in fintech!