Are we going Crypto Crazy again? | Nordic Fintech Highlights January 2025
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)
Fintech Daydreaming are back with the second Nordic Fintech Highlights of Season 11! As always, we teamed up with Janne Salminen from Helsinki Fintech Farm to break down the biggest fintech news from across the Nordics, this time, focusing on January 2025.
If you caught our first Nordic Fintech Highlights of the season, you’ll know we kicked off the year with a review of December 2024 and a deep dive into the trends that shaped the whole of last year. Now, we’re fully into 2025, and things are already getting spicy.
While funding is still slow (no surprise there), crypto is back in the headlines in a big way. From a MiCA-regulated memecoin to Lunar Bank jumping into crypto trading, this episode had no shortage of strong opinions (and a few fintech hot takes).
So, let’s dive in and look at the January headlines
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MiCA-Compliant Memecoins: Is This Real Life?
One of the most head-scratching fintech stories of the month was brought to us by Janne: Finland now has its first MiCA-compliant memecoin.
Yes, you read that right. Swan, a Finnish company, has launched a legally regulated joke coin.
For those unfamiliar, MiCA (Markets in Crypto-Assets regulation) was introduced to make the European crypto market more transparent and accountable. And now, thanks to MiCA, we have a government-approved joke currency.
Ville Sointu ’s reaction? Predictable.
So basically, if you admit in your white paper that your memecoin is a scam, but you’re honest about it, then it’s MiCA-compliant? Got it!
Regulated or not, memecoins have always been speculative at best. But with formal approval, does this mark a shift where more joke assets become legally recognized? Or is this just another example of regulation being twisted into something it was never meant for?
Either way, it’s a sign that crypto isn’t going anywhere, at least not in 2025.
Lunar Bank Brings Crypto Trading to Norway
Speaking of crypto moves in the Nordics, Lunar Bank (one of the leading neobanks in the region) introduced crypto trading for Norwegian customers.
Now, we’ve seen this before, Revolut has been offering crypto trading for years, but Lunar’s move is still interesting.
Is their logic something along the lines?
People are going to trade crypto anyway, so we might as well provide a safer, regulated way for them to do it
On the surface, this sounds reasonable. But as we pointed out in the discussion:
This is like saying, “People are going to do drugs anyway, so we might as well sell them in our bank branches to keep them safe”
While a bit harsh, the point stands. Crypto remains highly volatile and largely speculative. If Lunar isn’t careful, it could end up hurting the very customers it’s trying to serve, and damaging its own brand in the process.
But hey, if nothing else, it’s proof that crypto isn’t dead yet - unfortunately.
MobilePay Introduces Fees for Large P2P Transactions
Let’s move away from crypto for a moment and talk payments.
One of the biggest shifts in January was MobilePay introducing new fees for large P2P transactions.
Here’s the deal:
.- If you transfer more than €400, you’ll now pay a fee on the excess amount.
.- This applies only to person-to-person payments, merchant transactions remain free.
.- Trying to avoid the fee by splitting payments? MobilePay is on to you. If you send two payments within 24 hours to the same person, they’ll still charge you.
Now, the big question: Is this a smart business move or a surefire way to push users to alternatives?
Let’s be real, P2P payments don’t generate revenue. Therefore, is this fee is MobilePay’s way of trying to build a sustainable business model?
But will users accept the fee or find a workaround? That remains to be seen. For now, MobilePay is still a major player, but with instant account-to-account payments gaining traction, this could push customers toward other options.
Nordic Fintech Funding: The New Reality
Based on analysis from Helsinki Farm, there is a shift in funding. Compared to the investment frenzy of previous years, January’s funding rounds were noticeably smaller. Investors are being more selective, demanding real business models and clear paths to profitability.
The good news? Nordic fintech is maturing. More companies are shifting from the growth at all costs mentality to sustainable, revenue-generating models.
The bad news? Raising capital is tougher than ever. If you’re a fintech founder, you need more than a great pitch, you need proven traction.
The days of massive pre-revenue funding rounds? They’re gone.
Final Thoughts: A Year of Fintech Reality Checks?
Has January 2025 set the tone for the year ahead:
.- Crypto is back, whether we like it or not.
.- Payments are evolving as companies chase profitability.
.- Fintechs need real business models to survive.
But at the same time:
.- Meme coins are now legally recognised (somehow).
.- Fintech funding is more selective than ever.
.- Banks dabbling in crypto could be playing with fire.
As always, we’ll be here to break it all down, no hype, no nonsense, just real fintech talk.
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What’s Your Take?
.- Are we going crypto crazy again, or is this just another short-lived hype cycle?
.- Will MobilePay’s new fees push users to other platforms?
.- Is fintech funding just slower, or is this the new normal?
Drop a comment and let me know!