Copenhagen Fintech is connecting Nordic fintech experience to the broader international finance and know-how sectors to make sure that Nordic startups are related to the most effective on the planet.
The startup incubator and accelerator was based in September 2016 by the Monetary Companies Union Denmark, the Metropolis of Copenhagen and the Danish Bankers Affiliation.
In the present day, with monetary backing from the Danish authorities in addition to monetary providers corporations from the Nordics and past, it’s connecting the Nordic tech sector to the worldwide fintech ecosystem.
Copenhagen fintech is constructing relationships with international organizations that current the most important problem for Nordic fintech, based on Thomas Krog Jensen, who turned the entity’s first CEO shortly after its launch in 2016. He mentioned the founding members realized they might by no means be the most important fintech. ecosystem, however due to the attract of Nordic technological innovation, it will probably forge hyperlinks with the remainder of the world.
The Copenhagen fintech needs to carry these relationships to its startups, mentioned Krog Jensen. “We’re based mostly in Copenhagen, however with a Nordic focus, and we’re constructing a worldwide community. We already realized that we might by no means be the biggest ecosystem, however we’re probably the most related on the planet. One can purpose to change into one of many ecosystems.
There are sometimes 35 to 40 startups in Copenhagen utilizing their bodily location. Since its inception, 150 to 170 corporations have been part of it. It has over 300 within the wider Denmark and over 1,000 within the Nordic area.
Blockchain information platform supplier Chainalysys is considered one of its success tales. “It was established in Denmark earlier than we began, however was considered one of our first residents,” mentioned Krog Jensen. “It now has over 900 folks headquartered within the US. It has labored with the FBI and the CIA and different intelligence businesses and banks to analyze cryptocurrency misuse and assist uncover felony rings around the globe. ,
Krog Jensen identified that the Nordic area has large advantages for fintech. “The infrastructure constructed over a few years among the many Nordic international locations has created an space that’s the most digital,” he mentioned. “The Nordic international locations are actually forward and this infrastructure advantages from what is going on in monetary providers.”
He added that the Nordic area additionally ranks excessive by way of innovation. “For instance, when Mastercard and Visa wished to amass open banking platforms, they purchased into the Nordics.” Mastercard acquired Denmark-based open banking fintech Aea final yr, scorching on the heels of Visa’s €1.8bn acquisition of Sweden’s open banking fintech Tink in June.
However international networking is a problem. “In case you are a startup in London, you profit from entry to capital and a great deal of potential companions,” mentioned Krog Jensen. “For those who’re based mostly in Copenhagen and the Nordics on the whole, you don’t have entry to capital and worldwide banks at your step. We have to construct that community for them to assist them scale up.
He mentioned the method was helped by the area’s repute in know-how. “A number of organizations need a piece of the Nordic ecosystem and we discover it simple sufficient to attach with giant monetary establishments and governments around the globe.”
For this, Copenhagen Fintech has agreed to accomplice with Mastercard. “You may get partnerships within the Nordics to start out, however there aren’t any Nordic-based international monetary establishments and tech corporations,” mentioned Krog Jensen.
Rune Mai, Senior Vice President of Mastercard and Co-Founding father of Aia, mentioned: “Copenhagen Fintech is a vibrant innovation hub that not solely creates profitable startups, however has change into a hub of know-how and innovation that energizes and conjures up everybody in fintech. In a brand new capability as Mastercard, we now have the chance to assist new fintechs drive Nordic monetary providers innovation even additional in shut collaboration.
Krogh Jensen has over 30 years of expertise in banking and monetary providers, working in asset administration in addition to enterprise consulting at giant banks together with Nordea and Danske Financial institution.
“I perceive each the legacy aspect of huge monetary establishments and their decision-making course of, in addition to the know-how stack and a community throughout the business,” he mentioned. “Since I’ve been into digitization for a while, I perceive the position know-how performs in finance and altering enterprise fashions.”
