Denmark has seen incredible growth in the Fintech sector in recent years, increasing by 144% since 2016. A trend observed throughout the Nordics, where investments in Nordic Fintech increased from USD 340 million to USD 1.2 billion between 2017 and 2020, making Fintech the largest and fastest growing investment vertical in the Nordic startup ecosystem.
In 2015, the FinTech sector grew exponentially with proliferating investments, due to tech-driven advances. Observing this trend, a group of Danish financial sector leaders examined Copenhagen's potential as a significant Nordic Fintech hub. They decided that the rise of Fintech constituted a significant opportunity for Copenhagen and Denmark to grow.
As a result, Copenhagen Fintech was created to tap into unrealized potential, with the objective of transforming Copenhagen – and by extension, Denmark – into a prominent FinTech hub in the global financial services sector. It aimed to accelerate current enablers, laying the groundwork for a vibrant Fintech community by bringing together active established companies, risk finance, political support with a favorable regulatory environment, talent access, and a brand as a FinTech Hub. Since its establishment as the Nordic region's first of its sort, Copenhagen FinTech has attracted over 250 start-ups
The global acknowledgement of the Danish expertise in AI, blockchain and cybersecurity is important for Copenhagen FinTech’s future partnership opportunities, and 75% of start-ups responded that Copenhagen Fintech has had a positive impact on the development of their business in the latest ‘Corporate & Start-up Survey’ from 2020:
“It is really easy for start-ups to waste precious time working with the wrong partners. Copenhagen Fintech helped us allocate time and attention to the valuable partnerships”
Emil Fuglsang, COO, Matter (Copenhagen Fintech -Successful cluster development, 2021)
From a political perspective, there is also growing support of integrating FinTech within the Danish financial sector, which is why The Danish Financial Supervisory Authority (FSA) is developing FinTech Lab, a regulatory sandbox, as part of its initiatives to promote the use of innovative technology in the financial sector. The Danish FSA’s sandbox project will allow selected businesses to test their inventions in a controlled setting, and the overall purpose of the FT Lab is to:
”I anticipate Copenhagen Fintech to become the leading fintech hub in the Nordics, and look forward to continued close collaboration with Copenhagen Fintech, to make a stronger link between Copenhagen FinTech and Invest in Denmark.”Joachim Arup Fischer, Special Advisor, Invest in Denmark
FinTech's future is bright, as its impact has already revolutionized the financial sector. Not only do hubs such as Copenhagen Fintech keep a close eye on the space these days; so does Invest in Denmark.
Fintech is rapidly changing client demands and expectations
Contact Invest in Denmark if you want to be part of Denmark's vibrant FinTech industry, we will connect you with the right partners for your future success.
Title: Team Leader - Tech
Area: Copenhagen
Email: [email protected]
Phone: +45 3392 1467
