Invest in Oslo - Fintech

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Published by Oslo Business Region, 09 November 2021

Opportunities in fintech

Norway is home to over 120 fintech companies with the vast majority of solutions focused on mobile payments and online banking. Other key segments include data and analytics, insurtech, data and analytics, and wealthtech.

More than 100 of these startups are in Oslo, where Oslo Fintech Hub, the independent fintech hub, is located. The hub’s mission is to provide a unified fintech platform for innovation, by bringing together fintech startups, financial institutions, regulators, service providers, and investors. It is operated by ICT Norway in collaboration with TheFactory, the largest Nordic fintech and proptech incubator, accelerator, and early-phase investor.

Investment highlights:

Norway’s divestment from oil has increased investment opportunities in other areas. While the Sovereign Wealth Fund mainly focuses on renewable energy, a significant portion of the investment is currently being directed towards tech startups that are mainly software-based including machine learning technologies and fintech solutions.

According to the Private Equity Funds in Norway Report prepared by Menon in 2021 Norwegian PE firms' investments by sector and phase in 2020 were 20 MNOK (€1.9m) to financial services and there were 5 investments by Norwegian PE firms. It is evident that the Norwegian fintech industry is attracting several investor networks. In 2018, over 600 MNOK (€59.2m) was invested in Norwegian fintech startups.

Three promising companies from Oslo:

  • Aprila bank offers capital to small businesses more efficiently than the large banks. They challenge the banks' handling of small and medium-sized enterprises. It is one of the most well-funded fintech companies in Norway with €46m in funding according to Crunchbase.
  • Lexolve, founded by Lawbotics in 2017 and led by CEO Merete Nygaard, is a legal document flow system targeting businesses and law firms. The company aims to make the legal market more effective, transparent, customer friendly, and open for innovation. Lexolve raised €2.5m from Norwegian investors including Altitude Capital and MP Pension.
  • Neonomics arose as a direct response to the impending challenges facing the banking industry during its radical transition into the era of PSD2 and open banking. They are a growing team of 100+ people from 25+ different nationalities based across various locations around Europe. The company’s headquarters are based in Oslo, and they are connected to more than 2,000 banks across Europe. The startup has raised more than €2m in funding, according to Dealroom.

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