Helsinki Fintech Guide - Helsinki Fintech Farm
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Helsinki Fintech
2020
Guide
1 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 2
CONTENTS
05 THE FINNISH FINTECH LANDSCAPE
Fintech Farm is an independent financial technology hub
and a digital finance service company connecting banks
and other entities with fintech companies. Fintech Farm 07 TOP 20 FINNISH FINTECHS IN 2020
provides innovation, knowledge, acceleration, matchmaking,
and training services for the financial industry. Fintech 11 OPEN BANKING INSIGHT: ACCOUNT
Farm is a part of HUB13 Ltd. and has built a vibrant AGGREGATION PLATFORM
COMPARISON
community of over 100 financial industry organizations
within the last 4 years. 15 HOMEBUYING GETS A BLOCKCHAIN
MAKEOVER
19 REHN: EUROPE’S FINTECH FUTURE
www.helsinkifintech.fi BRIGHT DESPITE PANDEMIC
CHALLENGE
23 HOW TO INTERACT WITH FINNISH
BANKS?
29 WHAT HAPPENED IN FINNISH FINTECH
SINCE THE LAST GUIDE?
Our partners:
31 VALUE THROUGH PARTNERSHIPS
33 FINLAND’S MOST REVOLUTIONARY
FINTECH: CLOUDASSET
37 OUR GLOBAL NETWORK
PUBLISHER Emmi-Julia Tiitta
39 ‘NETFLIX FOR MOBILITY’:
HOW A FINNISH MOVEMENT WANTS Fintech Farm emmi-julia@hub13.fi
TO CHANGE THE WAY WE GET HUB13 Oy
AROUND GRAPHIC DESIGN
Sofiankatu 4 C Ghost Con Oy
43 HIGHLIGHTING THE DEVELOPMENT 00170 Helsinki
OF PAYMENTS www.helsinkifintech.fi
3 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 4
STORMY IN
FINTECHLAND
Text: Janne Salminen
A year ago, we published the first Helsinki The thing is, that digital finance will be a
Fintech Guide to provide the industry winner in a pandemic like this. It is only
a guidebook to the Finnish fintech the first shock that slows down business,
landscape. The reception was great, and whether it makes any sense or not. While a
it did gain some long-needed visibility to traditional bank may be struggling to keep
the industry, not only in Finland but all over up with its everyday operations during a
the world. crisis, a new age bank has been like a fish
in the water, truly showing what agility and
In general, 2019 was a year of success. resilience is.
Finnish startups gained most VC
investments per capita in the entire As we get back to normal, without a doubt,
EU, where fintech played a major role. digitality and scalability will be higher
Big individual investments, such as priorities in every company, and we have
AlphaSense’s and ePassis’s +40 M€ rounds already seen several digital leaps due to
together with a whole lot of smaller rounds the coronavirus.
summed up into a total 150 M€ in 2019,
which is more than one-third of the total At Fintech Farm, we were also well-
fintech investments ever in Finland. positioned for the year with several new
partnerships and services to launch. The
Collaboration, which is one of the strengths pandemic has been a challenge, but we
in Finland, also took significant steps will push through. As the cancellation of
forwards, particularly in the field of public- Slush this year in Helsinki has been a big
private partnerships and data economy. loss for startups, we will host a replacing,
finance and fintech specific gathering -
For 2020, everything was well-positioned Nordic Fintech Summit in November.
and Finland finished a world happiness
hat trick, but then everything changed. In this publication, we will introduce you to
COVID-19 struck every single industry the key players, figures and events in the
and made companies rethink their Finnish fintech landscape. We hope you
strategies, values, and budgets. For find them useful.
fintech companies, this meant frozen
investments and massive hindrances in For always up to date information and
new partnerships. news, visit our recently renewed website
www.helsinkifintech.fi
5 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 6
We have divided the landscape into 12 categories where:
THE FINNISH 1. APIs & Platforms has 19 companies, with a revenue of around 160 M€. Five companies
within this sector have received funding and two companies are regulated by the
FINTECH LANDSCAPE Finnish FSA.
2. Blockchain sector has 4 companies, generating a revenue of 1.7 M€ in 2018.
Statistics: Fintech Farm © 3. Cryptocurrencies has 7 companies, generating a revenue of 28.5 M€. One company
is regulated and one company has received outside funding.
4. Customer Service & Acquisition has 10 companies generating a revenue of 20.9 M€.
One company within this sector is regulated by the Finnish FSA and one company has
raised funding.
5. Data & Analytics has 14 companies, generating revenue of 12 M€. Three companies
within the sector have received funding and one is regulated.
6. Financial Software is the largest sector with 37 companies. The companies generate a
total revenue of over 290 M€. None of the companies are regulated. Seven companies
have received external funding.
7. Financing has 27 companies generating revenues up to 364 M€. 10 companies are
being regulated and 7 have received funding.
8. Insurtech has 3 companies out of which one is regulated. They generate a revenue of
4.2 M€.
9. Investing category has 12 companies generating a revenue of 5 M€. One of the
companies has a license and another one has applied for one.
10. Payments is the second-largest category with 32 companies. They generate a revenue
of 218 M€. 11 companies are regulated and 9 have received funding.
11. Security & Compliance has 12 companies generating a revenue of 2.7 M€. None of the
companies are licensed. Two companies have received external funding. Majority of
the companies have been founded after 2014.
12. Wealth Management has 9 companies generating a revenue of 11.4 M€. The
companies are not regulated. One company has received funding.
Key Figures
190 +
fintech companies
1 120 M€ in revenue
Always up-to-date statistics available at
www.helsinkifintech.fi/fintech-landscape/
+7 380 employed
445 M€ in funding
Please note all revenue figures are from 2018, license status checked June 2020.
7 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 8
Top 20
areas that have attracted funding are financing, APIs & platforms and payments. Overall,
we do see an increase in gathered funding for Finnish fintech companies, which shows
that the ecosystem has matured slightly and receives more attraction internationally. That
noted – most of the companies are still non-funded.
Finnish fintechs in 2020 Overall, Ferratum kept its place as Finland’s largest fintech company with Basware and
Samlink following nearby while Enfuce is currently the largest company in the startup
Statistics: Fintech Farm © category. Since the revenue figures reported here are still the figures from 2018, we are
interested to soon see, has there been changes in the top three.
The amount of fintech companies in the impact of the current reality is fully
Finland has steadily grown throughout expected to be visible in a few years’ time. Top 20 companies
the past year. Today, we have around 190 Financial software, financing and
Company Founded Revenue (K€) Profit (K€) Funding (K€)
fintech companies delivering solutions payments companies bring currently the
Ferratum 2005 262 148 37 799 48 000
that range from sustainability calculators largest revenues out of all the categories.
Basware 1985 141 417 -15 052 8 200
to helping SMEs secure funding and more. There is clear growth in APIs & platforms
Samlink 1994 103 100 10 500
Out of the currently active companies, 50% and we expect to see more companies
UKKO.fi 2012 84 974 1 380
have been founded in 2014 or after. The succeed in this area in the coming years.
ePassi 2007 63 207 1 688 41 500
ecosystem is continuously evolving and Blockchain companies are still relatively
Saldo Finance 2010 44 938 19 936
out of the companies featured last year, for uncommon in Finland but through
Finago 1990 39 884 1 89
example, Poplatek was sold to Nets, Eone initiatives like DIAS, we expect growth in this
Crosskey 2004 32 945 1 491
Oy to Speqta and Futusome to Mohawk area.
Mash 2007 28 900 8 600 63 100
Analytics. Some companies, such as Klever
Profit Software 1992 24 676 2 066
App ended up ending operations. As of May 2020, 72% of the fintechs OpusCapita 1984 24 104 690
employed 20 or less people, with only a LocalBitcoins 2012 23 897 13 863
Out of the 143 companies in our database handful of companies employing over 300 Blue Finance 2011 20 030 11 446 40 000
that reported revenues in 2018, 45% people. The numbers employed by fintech Fellow Finance 2013 11 959 3 357 10 000
reported profits. The amount is lower companies in Finland are growing and Eone 2001 11 950 1 384
than in the previous year, as many of the currently, 14% of the companies employ Administer 1985 11 082 290 5 000
companies have been in the midst of 50+ people. Lemonsoft 2006 9 484 1 912
large-scale development projects that LVS Brokers 2012 8 922 -112
allow them to develop their products Fundingwise, 2019 was a successful year Smartum 2006 8 826 340
further. Therefore, we expect to see them for fintech in Finland, as one third of all Privanet 2000 8 292 -3382 4 988
turn more profitable in the coming years investments were completed during
and this is part of the normal growth cycle last year. Majority of this funding was
for early-stage companies. It should be secured by AlphaSense and ePassi that
noted that the 2020 revenue figures are both secured investments worth over 40
expected to fall due to COVID-19, so once M€. Out of the sectors, data & analytics
we are able to report the 2019 figures, they secured a majority of the funding (mainly
will not represent the current situation and due to the success of AlphaSense). Other
9 HELSINKI FINTECH GUIDE
ACHIEVE YOUR GOALS WITH HELSINKI FINTECH GUIDE 10
FINLAND’S DIGITAL STRENGTHS
Top 20 startups (Founded since 2014)
World-class technology, a talented workforce, excellent R&D opportunities, great place for
Company Founded Revenue (K€) Profit (K€) Funding (K€) you to live – these are just a few of the reasons to establish operations in Finland.
Enfuce 2016 4 136 -233 5 000
ENABLING THE FINTECH TRANSFORMATION
Voima Gold 2017 1 568 -1 169 3 200
Tomorrow Tech 2016 1 391 431 Finnish fintech companies create new Foreign companies can harness
Silo.AI 2017 1 230 -564 10 000 solutions for the ongoing transformation Finland’s fintech ecosystem for research,
Streamr 2014 1 188 265 26 000 of banking and financial services. Finland’s development and innovation activities.
Cloudasset 2014 1 143 336 strengths include cybersecurity, mobile Our companies also have customers that
UB Rahoitus 2015 1 117 -271 E2E solutions, open-source software, user are early adopters of new fintech solutions
Privaon 2014 1 104 72 experience and artificial intelligence. The in their business.
Siltaraha 2016 1 055 32 launch of the Second Payment Services
Fennoa 2014 659 44 Directive (PSD2) within banking services in
GetJenny 2016 548 -94 2 000 Europe and open banking have boosted
VertaaEnsin.fi 2015 474 -1 258 the number of innovative Finnish fintech
Empirica 2015 349 -83 companies.
SkenarioLabs 2015 288 -78 DID YOU KNOW
WHY FINLAND IS THE PERFECT SPOT FOR DIGITAL TRUST RELATED BUSINESS?
Lumoame 2016 246 -176
Renance 2015 210 -7
Zapflow
Avalo
Aibidia
2015
2015
2014
197
173
166
-140
-8
3
700
1 st
digital
1 st
availability of
1 st
mobile
Groundfunding 2015 150 -78 competitiveness latest app
in the EU technologies creation
Why Finland?
2 nd
quality of
1 st
in the EU to develop an official artificial
math and intelligence strategy, and the government is
science committed to turning Finland into
education the leading country in the application of AI
1 st 1 st 1 st 1 st
Safest Happiest Soundest Best CONTACT US
country in Country in the banks in governance
the world World the world in the world Want to know more about the privacy respecting transparent society?
www.businessfinland.fi/en/do-business-with-finland/explore-finland/ict-digitalization/digital-trust/
Interested in developing or using Digital Trust solutions in business operations? Check out the funding and
internationalization services of the Digital Trust Finland program.
www.businessfinland.fi/en/for-finnish-customers/services/programs/digital-trust-finland/
1. The Fund for Peace, Fragile States Index
2. Sustainable Development Solutions Network, World Happiness Report
3. World Economic Forum, The Global Competitiveness Report
4. Legatum Institute, The Legatum Prosperity Index
1. Digital Economy and Society Index 2019
2. WEF Global Competitiveness Report 2017–2018
3. Global Innovation Index 2019
11 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 12
In this study, we compared the companies across 11 categories that we identified as
important for the buyer looking for a platform: Technology, Products, Services, Connected
OPEN BANKING INSIGHT: Banks, Compliance, License as a Service, Data Ownership, Partner / Premium API, Enriching
Data, Deployment Time and Pricing. The companies included in this study are: Crosskey,
ACCOUNT AGGREGATION PLATFORM COMPARISON Enable Banking, Enfuce, Klarna, Neonomics, Nets, Nordic API Gateway, Tink and Token.
By: Fintech Farm Functional Capabilities: Overview of all compared functionalities
Nordic
Enable API
Functionality Crosskey Banking Enfuce Klarna Neonomics Nets Gateway Tink Token
As the PSD2 deadline for banks to open up their APIs for Third Party Providers approached, it
Technology
created a fertile breeding ground for account aggregation platforms. Account aggregation ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
platforms, in their simplest form, are tools that connect to multiple banks through one API.
Products
— — ✔ ✔ — ✔ ✔ — ✔
These APIs are the heart of the whole open banking regime.
Services
✔ — ✔ ✔ ✔ — — — ✔
However, Open Banking is much more than just PSD2 APIs and many of the platforms offer
Connected
premium services like data enrichment services and beyond mandatory APIs and data. Banks — — — ✔ ✔ — — ✔ ✔
Compliance
This is a summary of our Open Banking Insight, that takes a deep dive into the API platforms — — ✔ ✔ — ✔ ✔ ✔ ✔
that connect to banks in Europe, especially in the Nordics and offer TPPs (Third Party
⛌ ⛌
License as a
Service ✔ ✔ ✔ — ✔ ✔ ✔
Providers) a one-stop-shop with access to multiple financial institutions.
Data
Ownership ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
⛌
Partner /
Visualisation of the Open Banking regime Premium API ✔ — — — ✔ ✔ — —
⛌ ⛌
Enriching
Data ✔ — — ✔ — — —
Deployment
Time ✔ — ✔ — ✔ ✔ ✔ ✔ ✔
⛌ ⛌
Pricing
— — — — ✔ ✔ —
✔
Implemented
— On Roadmap / not all functions
⛌
Not available
No company received a tick on all categories, showing that the platforms have chosen to
focus on certain categories over others. Overall, Klarna, Neonomics, Tink and Token have
the most functionalities available. However, it should be noted that Token’s presence in the
Nordic countries is limited compared to the rest of the compared companies.
13 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 14
Compliance and Security Conclusions: During the course of the study it became apparent that none of the platforms
Functionality:
Security & Crosskey
Enable
Enfuce Klarna Neonomics Nets
Nordic
API Tink Token
are alike and each has its own special features. The areas with the most similarities are
Banking
Compliance Gateway
technology and data ownership, while there is variance in all other categories. Klarna and
PCI DSS
✔ ✔ ✔ — ✔ Token have the largest amounts of connected banks globally while the others are more
compliant
regionally focused in the Nordics. Here, especially Nordic API Gateway and Tink have had
GDPR
compliant ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ success in collaborating with Nordic financial institutions, but newcomers such as Enfuce
are starting to achieve recognition for their technology.
Banking
FSA
⛌
PISP (Applied PISP PISP PISP PISP PISP
License PISP (UK)
license (Finland) (Finland)
(Sweden)
(Norway) (Denmark) (Denmark) (Sweden)
Crosskey, Neonomics and Nets are currently the only ones with real cases utilizing Premium
License as
a service ⛌ ⛌ ✔ ✔ ✔ — ✔ ✔ ✔ APIs. We expect to see further development in this sector in the coming years. Enriching
Data is another sector, where there is variance between the platforms but growth is
expected due to the benefits for the end consumer.
All open banking providers have to comply with data protection rules. In addition to the
key security measures, some companies are also Payment Card Industry Data Security Read the full insight with full details and more conclusions at:
Standard compliant, meaning they maintain a secure environment for all card information. www.helsinkifintech.fi/guide/open-banking-insight/
Most of the companies hold a PISP or banking license, and they aim to offer license as a
service for Third Party Providers without heir own license.
Products
Functionality: Enable Nordic API
Crosskey Enfuce Klarna Neonomics Nets Tink Token
Product Banking Gateway
Consumer
Account
information ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
service
Consumer
REGTECH DAY
Payment
initiation ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
service
Consumer
Confirmation ✔ — ✔ ✔ — ✔ ✔ ✔ ✔
of funds
9.2.2021 Helsinki
Corporate
⛌
Account
information ✔ ✔ ✔ ✔ — ✔ ✔ ✔
service
Corporate
⛌
Payment
initiation ✔ ✔ ✔ ✔ — ✔ ✔ ✔
service
Corporate
Confirmation — — ✔ ✔ — ✔ ✔ ⛌ ✔
of funds
Buy your tickets now at:
All companies studied provided consumer account information and payment initiation
www.helsinkifintech.fi/regtech-day
services. Enfuce, Klarna, Nets, Nordic API Gateway and Token had the widest product
functionalities covering both consumer and corporate side services. Tink on the other
hand focuses only on consumer information.
15 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 16
HOMEBUYING GETS A
BLOCKCHAIN MAKEOVER
Text: James Etheridge
I
t is not often that we hear ‘blockchain’
and ‘success story’ mentioned in the
same breath. Since emerging ten years
ago with a promise of shaking up the
internet and financial world, the digital
ledger technology has so far struggled to
find a purpose beyond virtual currencies
like Bitcoin. Breakthrough commercial
applications remain few and far between.
executive. “We want to automate the whole agent receives their fees, and ownership
But one initiative in Finland’s real estate process.” records are updated in the Finnish land
sector is giving blockchain’s supporters registry. Finally, the taxman collects its
reason to cheer. Launched last summer, After handling its first sale – of a property dues. “If you’re buying a home, you can still
DIAS, a digital trading platform built on a in the town of Tuusula – last June, DIAS finalize everything over a cup of coffee or a
form of enterprise blockchain technology, says that it is now glass of champagne with
is changing the way people buy and processing trades your agent,” Honkonen
sell homes, turning a process laden with worth “tens of explains, “but instead of
paperwork into one as easy as transacting millions of euros” a
it took us twenty signing physical paper
in a company’s stock. week. documents, everyone
or thirty meetings now pushes buttons on
The brainchild of Helsinki-based software Deals are executed to get them on their smartphones. Doing
company Tomorrow Tech, and developed electronically on a board with our things digitally means
together with Finland’s major banks, DIAS is decentralized digital
idea. you can also handle
quickly building a reputation as a time and ledger where all everything securely from
money saver. parties can easily your own sofa.”
track their progress.
“Our goal is for you to be able to execute Once the contracts are digitally signed, a Presently, almost half of trades occur in
Sami Honkonen
is the CEO of Tomorrow Tech and a real estate transaction in a matter of chain of events is set in motion: the bank the evening as customers take advantage
Digitaalinen asuntokauppa DIAS Oy. minutes,” says Sami Honkonen, DIAS’s chief transfers funds to the seller, the estate of the ability to trade remotely. That partly
17 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 18
reflects the need for social distancing amid back-and-forths between all the parties. agents – more than 3,000 in all – are also
the COVID-19 outbreak. People also simply Nor is there a need to store documents in equipped to use the platform.
like the convenience. a physical vault below the bank. All that
could significantly reduce costs for banks Next up is a possible move into the
Buying a home can be a toilsome affair. and estate agents. commercial property market.
From the point of agreeing a price with
the seller, the process can run for several “When we started to engage the banks, “One of the hardest things has been
months, testing the nerves of even the they were of course already studying building the platform.
most patient dealmaker. Inspections must blockchain and seeing how they could use
be performed, house papers examined it in their business. They were receptive,” Getting through the security and
and a mortgage approved. Honkonen says. “Still, it took us twenty compliance requirements that eight
or thirty meetings to get them on board banks have, that was the difficult part,”
In some cases, the paperwork may with our idea. We were a three-person says Honkonen. “But implementing new
have errors or be out of date. Records company.” processes is much simpler when you
detailing the work repairs on a property, have a platform that’s already secure and
for example, are usually passed around in In late 2018, DIAS formed a joint venture compliant.”
PDF format. By closing, they may be three with some of its banking partners, with
months old and missing information about OP, Nordea, Danske and Aktia each taking DIAS is also exploring whether it could
any recent work carried out. That can delay a minority shareholding. Bolstered by expand outside of Finland, though
proceedings. new funds, development of the platform Honkonen is mindful of the challenges
accelerated. Then followed a mock tran- involved.
Honkonen believes much of the saction. Before long, DIAS was open for
homebuying process can be streamlined business. “The real estate business is broadly similar
and sped up. between countries,” he says. “However,
Today, the company has almost complete once you get into how the processes are
Placing everything on an incorruptible coverage of Finnish mortgage market. actually implemented, you see they differ
ledger reduces mistakes. There are fewer The vast majority of the country’s estate greatly from one country to the next. So it’s
not necessarily a case of flicking a switch
and scaling from one market to another.”
“We’ll see how this plays out.”
Implementing new processes is
much simpler when you have a
platform that’s already secure
and compliant.19 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 20
REHN: EUROPE’S FINTECH Innovations in the financial sector are an
important part of the toolkit to overcome
FUTURE BRIGHT DESPITE the crisis
PANDEMIC CHALLENGE
Text: James Etheridge if fintechs can weather the storm, they will “We have a very well-developed payment
emerge to find more opportunities than infrastructure in Europe, which enables
In every before. real-time payments across the continent,”
downturn, “The pandemic has hit the economy hard,
he says. “The Eurosystem is also playing
an important role in developing this
there will be a and all industries will face challenges in infrastructure, providing a solid basis for
few winners. the near future,” he tells Fintech Farm. “At the development of safe and efficient
C
the same time, digitalization has taken a financial services in Europe.”
ould fintech be big leap forward as work and all kinds of
one this time? Olli transactions take place more and more The result today, Rehn says, is that citizens
Rehn, governor of remotely. This will have a lasting impact and businesses “can have confidence
the Bank of Finland on the development of working life and in the services they use and in their data
and former EU economy consumer behavior.” protection.”
commissioner, thinks so.
For many Europeans, adapting to life in With a wave of pandemic-inspired
Faced with a dramatic slump lockdown has meant taking a crash course fintech products incoming, the question
in consumer spending and in Zoom video conferencing software and now facing policymakers and financial
tightening funding conditions filling online grocery baskets. But, Rehn supervisors is how they can sustain that
as the coronavirus pandemic notes, the tumult has also brought into confidence.
takes its toll on the global sharper view the benefits and necessity
economy, many of Europe’s of an array of fintech services, such as The European Commission, which is
crop of young fintech digital banking, payment systems and currently consulting on a new long-term
companies will be enduring crowdfunding platforms. digital finance strategy, knows that it has
their toughest test yet. a delicate balance to strike: ensuring the
“Innovations in the financial sector are an stability and integrity of the bloc’s financial
But the crisis is also catalyzing important part of the toolkit to overcome system without stifling innovation.
a welcome change: amid the crisis,” he says.
the lockdown, people are Among its key focus areas, the Commission
increasingly taking to digital A big part of Europe’s fintech success is is mulling how to further reduce finance
services to buy, sell, borrow down to forward-thinking regulation that secfor fragmentation within the single
and lend. can accommodate new types of financial market, promote data-driven platform
Olli Rehn services. In Rehn’s view, supervision has models, and bolster the sector’s digital
Photographer: Karoliina Vuorenmäki
For Rehn, there is a sense that © Suomen Pankki been working well. operational resilience in the wake of the21 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 22
virus outbreak. Any future regulatory
framework, it warns, must not “unduly
hinder” new technologies and innovative
business models. At the same time,
consumer protections must be safe-
guarded.
Rehn is optimistic that the right balance
will be found.
“Europe’s strengths,” he says, “are to be
at the forefront of industry regulation
that creates a safe environment for
operators and users. The purpose of
financial regulation is to create an equal
and safe operating environment in which
companies have good opportunities to
grow, internationalize and innovate.”
Granted, mid-pandemic fintechs may
have more immediate priorities than to
dream of the world stage. But Rehn urges
them to continue to think long-term.
The hope in Brussels is that, whatever
The purpose of financial regulatory design does take shape, Eu-
regulation is to create an rope will offer a springboard for home-
equal and safe operating grown fintechs to develop ultimately into
truly global digital platforms.
environment in which
companies have good “The corona crisis will eventually be
opportunities to grow, overcome, and digitalization in some
internationalize and parts of Europe is only just beginning,” he
says.
innovate.
“The financial sector is one of the digital
Olli Rehn pillars of the economy, so fintech’s future
Photographer: Karoliina Vuorenmäki
© Suomen Pankki prospects are quite bright despite the
temporary challenges.”23 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 24
1. CAN YOU EXPLAIN YOUR overall strategy of being a great asset
BANK’S APPROACH TO FINTECH manager and the good bank.
COLLABORATION AND ECOSYSTEM
DEVELOPMENT? OP - KRISTIAN LUOMA
We scout fintech startups for two purposes:
NORDEA - VESA RIIHIMÄKI 1) to find partners we can work with to
Nordea has had several years already a accelerate fulfilment of our strategic
collaboration and partnership strategy. priorities and 2) to understand what
We understand that the transformation is capabilities are necessary for the future
so fast and big that the only way to ensure competitiveness for the finance industry.
great customer experience is to partner For our partnership and ecosystem
selectively with the best and grasp the new development, we operate multiple
opportunities that arise. This is the best, accelerator partnerships to find the
the most cost effective startups we want to
and the fastest way. work with. We also
Nordea Ventures and make investments
Nordea Open Banking to relevant startups
have made several We see fintech based on partnerships.
CVC type invest- and start-up
HOW TO INTERACT WITH ments, partnership partnerships as a DANSKE BANK -
FINNISH BANKS? agreements, but also a
lot of collaboration and
growing area for
adding value for
TEPPO HAVO
We strongly believe
open ecosystem type that we can create
of co-creation via our our customers more value for our
sandbox. customers through
Finnish banks are in various stages of maturity when looking at their interaction and
partnerships, which
engagement with fintechs and startups. Nonetheless, they all committed to boosting the
AKTIA - KIM ALEN is a core pillar in our
ecosystem and supporting growth as this is seen as pivotal for the future of banking. But
Collaboration is one of our core values. strategy, and talented fintech companies
how does each bank approach collaboration and the ecosystem? To shed some light
Aktia is the right size bank for the fintech are playing an important role in this.
on this matter, we interviewed the Heads of Fintech Engagement at Aktia, Danske Bank,
collaboration and for supporting eco- By being an integral part of the fintech
Nordea and OP. Each bank answered the following questions:
system development. We are not a too large ecosystem, we are able to gain insights
1. Can you explain your banks approach to fintech collaboration and ecosystem or too small bank. This enables us to work on how the solutions of tomorrow will be
development? in an agile way with fast decision-making. shaped – business model-wise as well as
2. What obstacles do you see as hindering cooperation and ecosystem growth? We are systematically screening value- technology-wise.
3. How has COVID-19 impacted your fintech strategy and overall digitalization efforts? adding potential strategic partnerships in
4. What is to be expected in the horizon post COVID-19? both the personal and corporate banking However, if you truly want to be a part of
5. Any tips, comments or greetings to our readers? segment. We see fintech and start-up the ecosystem, it means that you also
partnerships as a growing area for adding have to give. Not just fulfilling regulatory
In the Picture: Teppo Havo Danske Bank, Vesa Riihimäki Nordea, Kim Alen Aktia, Oki Tåg NewCo Helsinki, Kristian
Luoma OP, Emmi-Julia Tiitta Fintech Farm
value for our customers according to our requirements, like offering basic API’s, but25 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 26
other things as well. Sparring, investing and implementation efficiency. big organization like Danske Bank has
offering a wide variety of opportunities for still a lot of inertia slowing things down
fintech companies are some of the ways Collaboration is the key for solving these in certain situations. There is will to get
we are trying to make ourselves useful for issues. Further, banks’ legacy systems and things done, but there are also regulatory
Even though
the whole community. old core banking systems slow down the issues, acceptances, product approvals
development and increase costs when and many other things that can often be
COVID-19 has
2. WHAT OBSTACLES DO YOU SEE partnering up with fintech and start- frustrating for more nimble partners. caused negative
AS HINDERING COOPERATION AND ups. Luckily, we in Aktia finalized the core impacts for
ECOSYSTEM GROWTH? banking renewal project a few years ago. 3. HOW HAS COVID-19 IMPACTED
individuals,
YOUR FINTECH STRATEGY AND
NORDEA - VESA RIIHIMÄKI OP - KRISTIAN LUOMA OVERALL DIGITALIZATION EFFORTS? companies and
Banking market in Finland and in the Nordics Finland has a lot of interesting ecosystems the society, it has
is limited compared to the UK or Europe or in growth, and that obviously influences NORDEA - VESA RIIHIMÄKI also shown how
Global opportunities. It is the amount of talent Nordea has not changed the strategy,
not always viable for a available in the we continue to support our customers
important fintech
fintech startup to build fintech space. We and drive for better value offered to our and digitalization
a business case within are still lacking big customers going forward. In practice strategies are in the
relatively small volumes Finland has a fintech exits, that many digitalization projects have gained
banking of today.
markets. Fintechs do lot of interesting would enable us to even more focus – it has already helped us
not always have the ecosystems in have 2nd generation to serve our customers faster and better.
needed capabilities founders and 3rd
and resources to ensure
growth, and generation founders AKTIA - KIM ALEN 100% digital real estate trading process.
big enough penetration that obviously in fintech startups Even though COVID-19 has caused negative In addition, mobile payments are a nice
with a limited amount of influences the (like some of the other impacts for individuals, companies and the example of initiating payments in a fast but
banks involved.
amount of talent European Fintech society, it has also shown how important also safe way without touching payment
hubs have been able fintech and digitalization strategies are in terminals.
AKTIA - KIM ALEN
available in the to do). Cooperation is the banking of today.
I think everyone has the fintech space. always relevant to the OP - KRISTIAN LUOMA
willingness to increase strategic priorities, Our digital efforts during the COVID-19 We do see a fast acceleration of digital-
partnerships which is so it is natural that have increased in Aktia and we have first products and changes in the way data
important. There is a lot of willingness and partnerships don’t always form. We scout recently signed new start-up and fintech is being used. This is an exciting time to be
various innovative solutions available, but startups from 64 regions and countries to cooperation agreements which add value working with fintech.
the question is how to find the best possible find initiatives that we can work with. for our customers digitally. It is delightful to
partnerships efficiently, which would see how customers can do daily banking DANSKE BANK - TEPPO HAVO
add value for all stakeholders including DANSKE BANK - TEPPO HAVO with modern digital tools. COVID-19 has definitely had some effects.
customers, partners and the bank. In To be honest, from bank perspective one As the burden in daily operations of
addition, further European and global API of the most crucial things is the way we If we think about other examples, imagine business and retail activities has risen due
standardization is needed to increase time operate. Although significant leaps have how many dream house deals have to increased service demand, there has
to market and to increase the ecosystem been taken during the last few years, a been finalized with DIAS, which enables a been a lot of discussion for new measures27 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 28
Participant banks
fintech companies – and, in turn, speed up
the process.
5. ANY TIPS, COMMENTS OR As it becomes clear fintech is in
the heart of digitalization for all
GREETINGS TO OUR READERS?
banks interviewed and despite the
potential found in the Nordics, these
NORDEA - VESA RIIHIMÄKI banks cannot only rely on the home
Nordea is a relevant partner candidate also market for innovation hence they
during and after COVID-19. As a startup you have teams scouting far and wide
for innovation.
can always discuss with Nordea Startup
of streamlining the work – and about the are going to be permanent. Many & Growth in any of the Nordic counties –
Engagement processes and or-
alternative ways of doing so. customers have realized the benefits of they can help you with financing growth or ganisations vary which poses
and learned to use new digital solutions opening relevant equity partner doors and complexities for fintechs looking for
On the other hand, the situation has had which further decrease the need for cash. they can also sit down and have business new business opportunities with the
similar effects to us than it has had in the COVID-19 has also shown us that remote mentoring regarding your growth plans. banks. Therefore, to improve access
and the feedback loop, Fintech Farm
Venture Capital business. For many VC’s, working and online meeting tools are an
teamed up with NewCo Helsinki to
the first driver during the crisis has been efficient way to manage the workday. Even AKTIA - KIM ALEN create a new collective screening
to ensure the robustness of their existing though digital capabilities have increased I encourage to think further despite the service for these participant banks.
portfolio before reaching out to the market during COVID-19, I suppose the need for COVID-19. We will win this crisis and go
again. For us, COVID-19 has probably various social activities and services forward. I also encourage to contact us If you are interested in cooperating
with the banks, visit our website at:
altered our partnership approach a bit; have also increased, which will support with new collaboration ideas as old ways
helsinkifintech.fi/matchmaking/.
as there are lot of ongoing projects and economic growth post COVID-19. won’t open new doors. You can easily
investments, we have to concentrate more reach our open banking & fintech team via There you will find an introduction to
on them. OP - KRISTIAN LUOMA openbanking@aktia.fi. I would also like to the new service and a form to submit
Most customer interaction will take place wish you a nice and relaxing summer. your proposal. All submissions will
4. WHAT IS TO BE EXPECTED IN THE over digital interfaces, at least more be collected and pre-screened
by us, after which they will be
HORIZON POST COVID-19? often than now. We will also find models OP - KRISTIAN LUOMA
shared with the banks. You will also
to evaluate risk that is more realtime by With COVID-19 we’ll have to find new ways receive feedback for all proposals.
NORDEA - VESA RIIHIMÄKI nature (incl. but not limited to data assets to craft partnerships. Being open and clear If you have any questions - please
There is a global strong public discussion that indicate performance). about the intent and strategic goals is contact emmi-julia@hub13.fi for
on how COVID-19 has pushed digitalization crucial for both startups and incumbents more information.
an extra boost. We do also see similar DANSKE BANK - TEPPO HAVO to find collaborations that are fruitful.
future – digitalization is getting more In the long term, I am interested in the
focus and it helps us also to enhance our development of the Finnish and Nordic DANSKE BANK - TEPPO HAVO
customer experience. Fintech market. UK is still the most mature Finnish startup ecosystem has an
market in Europe, but how quickly can we acknowledged reputation of openness
AKTIA - KIM ALEN catch up? I believe that the ongoing wave and cooperation, hoping to do my bit for
I think many new ways of remote working of strategic development in Nordic banks the fintech community and help as much I
habits and customer behaviour changes will offer significant opportunities for many can – so let’s be in touch!29 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 30
WHAT HAPPENED IN FINNISH
FINTECH SINCE THE LAST
GUIDE?
21.10.2019
17.6.2019 13.1.2020
Mash Secures 30.9.2019 Finland as a Fintech
Invesdor raised 25.5.2020
Hub study by
25 M€ ePassi secures a 1.9 M€ for Enfuce receives PISP
Deloitte and Fintech
institutional equity 41.5 M€ strategic
Finland published
9.1.2020 international growth license
investment 17.7. 2019 growth investment
Nets bought Poplatek
AlphaSense and Poplapay
raises 50 M$
27.2.2020
RegTech Day
14.9.2019
PSD2 came into
effect and Skadi
received Finland’s
26.6.2019
first AISP license
22.10.2019
Digital housing Cloudasset
trade launched crowned as the
with DIAS most revolutionary
fintech of 2019
31.12.2019 7.5.2020
Pneumonia of Virtual Future Digital
14.8.2019 21.11.2019 unknown cause Finance Forum 9:
The first ever reported to WHO Business Banking
Fintech Farm research
Helsinki Fintech China Office 2.3.2020
reveals Finnish fintech 29.4.2020
industry surpassed 1.9.2019
Pool during Slush 25.11.2019 LVS Brokers named one
Palkkaus.fi raises
Enfuce raises of Europe’s fastest-
the 1000 M€ in Flexible credit 1.3 M€ in funding
growing companies by
revenue in 2018 interest rate cap 5 M€ funding
Financial Times31 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 32
VALUE THROUGH
PARTNERSHIPS
Everybody knows Citi. It has been in business for more than 200 years and it is one of the
world’s largest banks. The bank has been present in the Nordic countries since 1970 and
the Helsinki office was established in 1977. In Finland, Citi serves corporations, financial
institutions and the public sector, as well as provide services to subsidiaries of foreign
multinational companies. In the Picture: Citi team visiting Fintech Farm, from left: Rinku Goel, Ornit Shinar,
Ari Makela, Ola Sundell, Janne Salminen, Anneli Sundstrom and Emmi-Julia Tiitta.
HOW DOES A COMPANY THIS BIG AND OLD
STAY RELEVANT TO ITS CUSTOMERS? FINANCIAL INSTITUTIONS HAVE SIMILAR CITI ACCELERATOR
CHALLENGES ALL OVER THE WORLD AND
One of the answers is fintech partnerships. ARE INTERESTED IN STARTUPS THAT CAN Citi Accelerator is a program designed
Citi collaborates with fintech companies RESOLVE THESE ISSUES. ORNIT SHINAR for commerce & payments, fintech, data
to support their growth and scale-up and HAS BEEN A REGULAR VISITOR TO THE analytics & AI, cybersecurity & enterprise,
invests in fintechs through Citi Ventures and NORDIC REGION DURING RECENT YEARS prop-tech & digitization start-ups.
Citi’s accelerator program. Their goal is to TO MEET WITH FINTECH ENTREPRENEURS. The program is focused on advanced
identify the most compelling ideas that companies that have a working product
could create value for customers, partners, Ornit Shinar also sees many opportunities and preferably multiple clients.
and themselves. They aim to test and in these uncertain COVID-19 times – to
validate ideas with customers rapidly, to get birth new domains, and adopt more The companies participating in the
them to market as fast as possible. efficient models and methods. Many of program receive the opportunity to gain
the large companies around us were access to Citi worldwide as well as its
During the recent year, Citi has been created during the previous crisis. network. The companies are mentored by
engaged in screening and identifying key decision-makers from the bank. The
candidates in the Nordic region that would “It is all about building bridges between goal of the mentorship is to understand
match their criteria. The methodology In the Picture: Ornit Shinar, Head of External brilliant ideas and the potential market. how to best tailor a product to a large
focuses on mentoring in the startups’ Innovation and Venture Investing Israel at Citi. Fintechs come to us with amazing financial organization’s needs, as well as
Photo by Sivan Farag
specific financial fields and product ideas and we guide them along the to define and access relevant customers,
development for the global financial capital. The role of the accelerator is to path to success. In the Nordics, you and may potentially result in pilots or
industry. explore emerging trends in technology have many interesting fintechs, not POCs with Citi or other companies.
and financial services and accelerate least within payments and the open-
“We want to identify and connect with the engagement process of innovative banking area that could scale up and Citi has eight innovation labs around the
fintech companies ready to scale up and go startups with Citi,” says Ornit Shinar, go global when we find them and world and the accelerator in Tel Aviv to
global – to support their growth and provide Head of External Innovation and Venture when there is a right match,” she adds. build bridges between brilliant ideas and
access to our global network and global Investing Israel at Citi. the market.33 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 34
FINLAND’S MOST P3, so the brands support each other, but China. They represent a massive breadth of
REVOLUTIONARY FINTECH:
fundamentally solve different problems. products, focused on the telecom business
side and gave insight into how China
CLOUDASSET TELL US A BIT ABOUT YOUR
LIFE AND CAREER PRIOR TO
operated – that was gold dust for me.
After that I joined AGT, a Swiss high-tech
FOUNDING CLOUDASSET? company focused on homeland security
I have been working now for quite a while. and the protection of critical assets using
I was doing some smaller technology jobs highly advanced data fusion technology. It
Cloudasset was chosen as Finland’s
when I was in University and making four was a complete eye opener, really seeing
most revolutionary fintech during
pounds an hour, five pounds an hour, which how technology plays such a massive role
the Future Digital Finance Forum of
October 2019, following an open call was phenomenal as a student. It was in the lives of individuals.
for candidates and a judging done always in e-business or IT – the two industry
by Jupe Arala from Vendep Capital, buzz words back then. People like me were Year 2014 was when I hit 40, and as it was
Sami Toivoniemi from Deloitte and in demand because we understood what my lifelong ambition that no matter what
Isobel Nordström from Citi. In this e-business was and how to use it to engage I was doing, I will quit my job and I will
interview, we discuss Cloudasset with with customers. When the first dotcom setup on my own. Despite being recently
its founder Hasan Malik, hear about boom & bust cycle happened, I was promoted to Head Global Sales, I thanked
how he founded the company and working for BT and had the good fortune to my leadership and put in my resignation
what problems it is here to solve. work with some very large customer cases. papers. In September 2014 Cloud Asset
We had the largest enterprises of any was born.
nature as customers, so a lot of very strong
In the Picture: Hasan Malik
PLEASE INTRODUCE US TO grounding happened during those days. WHAT WERE YOUR MAIN
CLOUDASSET BT gave me a great opportunity to move to GOALS WHEN FOUNDING THE
Cloudasset is a Helsinki headquartered that the world’’s payment system is old, Singapore where I ran
COMPANY?
high tech company with two separate disjointed and has no transparency. P3 an alliance between The main drive was to
lines of business; RAMP focused on AI links three different attributes: People, BT and HP. After that I look at complex use
and Decision Systems and P3 which Payments and Product (hence the name joined HP itself and had
P3 was born out cases – when we setup
is the fintech line of business. RAMP ‘P3’) by creating a single, unified digital a number of emerging Cloudasset the first
solves mega scale use cases that have payments platform enabled by modern markets under me in
of the problem use case that we had
significant impact on the quality of life. technology, without the burden of Asia. statement that the staring us in the face,
It has been used by the Government of legacy, tying together all back-end flows. world’s payment was the way financial
Thailand to create a digital water resource This gave me a lot
system is old, technology is evolving
management system, with capabilities This platform is scalable, fitting the of good exposure to with small iterations on
for capacity planning on an annual basis, needs from small and medium-sized upcoming markets
disjointed and has top of the old and that
allocating water resources and even financial institutions and corporations and at large the no transparency. was not in my opinion
predicting floods to ensure continuity for to national scale services creating business opportunity the perfect way of going
manufacturing and agricultural processes. payment ecosystems in real time. RAMP’s across South East Asian region. Following about it. The second thing was that there
enhanced data technology and machine this I worked for a JV of HAIER, one of the was a lot of hype around bitcoin and while
P3 was born out of the problem statement learning skills have been plugged into largest electronics conglomerates from knowing how the technology works, I see it35 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 36
more of a swap mechanism, more like an made things too easy; the focus would lockdown)! The team will grow this year –
intermediary rather than a currency. I don’t have gone away from solving problems to we need key hires: we need someone to Key Figures:
see it has a real intrinsic value instrument making fast revenue gains as our external spearhead our Business Development &
compared to for example gold that has investors would expect rapid returns and Market Penetration Strategy and leads for
Founded in
been there for ever and will continue to we needed time to realise our products managing key large accounts. This has to
be or conventional currencies that are
the primary mechanism of commerce
and promise to the market without any
distraction. But what has happened during
be very much Europe focused as we go
deeper into engaging in Finland as well,
2014
and exchange today. So, our focus was the years is that we as a team have matured we are building a strong go-to market on
on those tried and tested methods used a lot, the company has matured a lot and the sales side. On the operations side we
in commerce and our products are now need to run 24/7 managed services for Revenue
~1 M €
payments inter- real with good market our large customers, so we are hiring very
actions – so for us fit. We have under- strong players to enrich our team. We also
P3 was a very clear stood in the process need to bring people on board for product
concept right from that whilst we can creation and product design – so a lot of
External funding
the beginning. What develop phenomenal people will join the team this year. We need
we started with was
would have made technology, we need to to ensure we deliver on time and monetise
Employees
the payment system
of the future and
things too easy; the
focus would have
also develop excellent
business context with our
our customer engagements so we have
inflow of income which we can continue to
37-40
at the same time technology capability. Of invest in the company. by end of year 60-65
gone away from
having worked in that business context,
public safety and solving problems one aspect is the value There is a possibility that later this year we
Based in
to making fast
HELSINKI
security, I thought proposition and the will bring onboard a strategic investor now
water was a major revenue gains other aspect is the that we feel that we are absolutely real. The
threat. Cross border universe you live in, the investor would function as a parent or a
payments came later relationships you build big sister that can help us scale rapidly. We
followed by use cases with potential partners would have done it earlier this year, but this
Offices
for future health. and enablers. Similarly, we have learned COVID-19 disruption came in and I had to
to leverage the likes of AWS, rather than really reassess the impact on our business.
THAILAND
HOW HAVE THESE GOALS doing everything ourselves. You cannot As things are now stabilising a little bit, we PAKISTAN
CHANGED OVER THE TIME? rush a good dinner; you have to let things see that we can learn from this so that the ISRAEL
We have stayed quite consistent to be progress nicely, so we have taken our time impact on us will be positive. We are going HELSINKI
honest. Never raised external funding, we to really create our purpose in this world. to open an office in London later this year
SOON
had some basic ideas that we need to be when the COVID-19 situation calms down LONDON
really focused on solving problems and WHAT IS NEXT FOR and we are going to announce a very
fulfilling needs: what are the customer’s CLOUDASSET? strong strategic partnership in Asia as well;
real needs and what are the real problems First – find a way to get back to Helsinki we are in discussions with a very large
that we are seeking to address. I wanted (Hasan was in Pakistan for customer technology company there that thinks we
to keep that pressure, continued focus as engagements during the interview with are doing good things and they would like
a reminder. External funding would have no return flights due to the COVID-19 to collaborate with us.37 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 38
BE PART OF A JOIN THE FINTECH FARM
GLOBAL FINTECH DEAL FLOW PROGRAM
COMMUNITY Fintech Farm Deal Flow Program is a
The Fintech Farm community is made of service, where Fintech Farm connects
fintechs, banks, service providers and investors its clients with potential investors and
brought together to network, develop and co-create. industrial customers through Fintech
An important part of this community is our global partner Farm’s global network.
network. To support our members with international growth, we
have teamed up with the other hubs from the Nordics and beyond. Our The service is customized based on the
global network partners also include visibility platforms and due diligence Fintech’s needs, identified when joining
support to ensure secure internationalisation. the program. Our network consists of
investors and financial institutions from
Northern Europe, Central Europe and Asia.
Our network of partners is expanding
steadily globally.
Investors
DD-
Coaching
Ready™
Interested? Join the Deal Flow Program at
www.helsinkifintech.fi/deal-flow39 HELSINKI FINTECH GUIDE HELSINKI FINTECH GUIDE 40
proposition for cities everywhere. Since City residents are not the only audience
the application debuted in Helsinki three MaaS Global is trying to win over. The
years ago, users have made more than company has been on a years-long
eight million trips so far. Alongside a pay- roadshow from city to city to sell the
as-you-go option, there are three monthly benefits of MaaS to transport operators,
subscriptions. For about 60€, you get public politicians and the numerous other
transport, bikes and four short taxi rides stakeholders vital to getting the technical
each month. A 249€ tier adds scooters, infrastructure in place. Hietanen estimates
discounted taxis and weekend car rental. that he has spoken at more than 2,000
Then there is the 499€ ‘Whim Unlimited’ events, across all continents.
option offering a vehicle whenever you
need it. The service is rolling out to other “MaaS is a movement. It is the kind of
cities in Europe and Asia using the same concept that really takes a village to build.
model, albeit with localized pricing. A huge ecosystem has to be moved. And
then everybody has to
MaaS Global believes kind of take a leap of
Whim can entice faith at the same time,”
urbanites
their
to
private
ditch
cars,
We have to he says.
offer a service
‘NETFLIX FOR MOBILITY’:
especially if they It is a gamble many
can get greater that guarantees seem willing to take.
HOW A FINNISH MOVEMENT WANTS TO convenience and your individual MaaS Global’s recent
save money in the growth drive has brought
freedom.
CHANGE THE WAY WE GET AROUND process. In Finland, the app to Birmingham,
for example, the Antwerp and Vienna, with
Text: James Etheridge In the Picture: Sampo Hietanen average monthly Tokyo and Singapore
cost of owning a car exceeds 600€ when deployments underway and a U.S. launch
accounting for maintenance, insurance on the cards. The company last year also
During a champagne-fueled flight from London to Helsinki one April evening in 2006, civil and parking. (And that for an asset that is attracted three new investors, with BP
engineer Sampo Hietanen was suddenly struck by a crazy idea: what if a city’s residents idle 95% of the time and does not cover all Ventures joining Mitsubishi Corporation
could access all the transport they ever needed using a single digital key? They would no transport needs.) and Toyota Financial Services in taking
longer have to navigate dozens of different applications to plan, book and pay for trips. stakes.
And with every form of mobility available on tap, they would have no reason to own a car. Hietanen is under no illusions, though.
“People love cars,” he says. “For us to Since then, the pandemic-induced
Fast forward to 2020 and Hietanen is looking to deliver on that vision through an application convince people about MaaS, we need lockdown has dented revenues, though
called Whim. “The app is a promise of anywhere, anytime, on a whim. It’s a promise of to be better than owning a car. We have Hietanen remains optimistic about
freedom,” he tells Fintech Farm during a video call. to offer a service that guarantees your the company’s future prospects given
individual freedom.” continued urbanization and the need to
Hietanen runs MaaS Global, the company that aims to develop Whim into a viable tackle a bigger crisis: climate change.You can also read
