Denmark has emerged as a significant player in the global fintech landscape, characterized by a robust ecosystem that fosters innovation and growth. The country's fintech sector has witnessed remarkable expansion over the past decade, driven by a combination of technological advancements, a supportive regulatory environment, and a strong entrepreneurial spirit. This article delves into the top ten biggest fintech companies in Denmark, exploring their histories, products, services, market shares, projected profits and revenues for 2024, employee counts, leadership structures, relevant statistics, and future growth projections for 2025.
Founded in 2008 and headquartered in Copenhagen, Inpay has established itself as a formidable force in the cross-border payments industry. The company positions itself as an alternative to traditional SWIFT wire transfers, offering businesses and financial institutions a more efficient and cost-effective solution for international transactions. Inpay has experienced rapid growth, processing millions of payments annually across over 100 countries. As of 2023, the company employs more than 120 individuals and has garnered attention as the fastest-growing fintech in Denmark, with a staggering 1,229% increase in revenue between 2017 and 2020. For 2024, Inpay is expected to continue its upward trajectory, with projections indicating a significant increase in market share as more businesses seek alternatives to conventional payment systems.
Pleo, founded in 2015, has quickly become one of Denmark's flagship fintech unicorns, revolutionizing the way businesses manage expenses. The company provides smart company cards and an expense management platform that simplifies financial processes for over 20,000 businesses across Europe. With its headquarters in Copenhagen and additional offices in London, Berlin, Stockholm, and Madrid, Pleo has ambitious plans for global expansion, aiming to increase its workforce to approximately 900 employees by 2022. Following a successful funding round in 2021, Pleo was valued at $4.7 billion, making it one of the most valuable fintech companies in the region. In 2024, Pleo is projected to maintain its growth momentum, with expectations of substantial revenue increases as more companies adopt its innovative expense management solutions.
Lunar, another prominent player in the Danish fintech scene, is a digital challenger bank that has garnered a customer base of over 500,000 individuals across the Nordic region since its inception in 2015. Headquartered in Aarhus, Lunar offers a comprehensive suite of financial services, including credit services, loans, checking and deposit accounts, as well as a cryptocurrency trading platform and B2B payment solutions. With a workforce exceeding 450 employees, Lunar has raised over €345 million in funding, attracting investments from notable venture capital firms and high-profile individuals. As the company continues to expand its offerings and customer base, it is expected to achieve significant revenue growth in 2024, further solidifying its position in the competitive fintech landscape.
Established in 2016, Cardlay has carved out a niche in the corporate payments sector by providing businesses with corporate cards and spend management solutions. The company operates from its offices in Copenhagen and Odense and has developed a white-label solution that enables banks and card issuers to streamline their payment processes. With a workforce of over 50 employees, Cardlay has successfully raised €30 million in investor funding to date. As businesses increasingly seek efficient ways to manage expenses, Cardlay is well-positioned for growth, with projections indicating a rise in market share and revenue in 2024 as it continues to expand its client base.
Danish Fintech Timeline
1992
Saxo Bank founded
2008
Inpay established
2014
Coinify and ViaBill founded
2015
Pleo and Lunar launched
2016
Cardlay established
2018
Likvido founded
2022
Upfin launched
ViaBill, founded in 2014, has emerged as the leading provider of buy-now-pay-later solutions in Denmark, offering interest-free payment options for merchants and consumers alike. Headquartered in Denmark, the company has expanded its operations to include offices in New York and Madrid to cater to international markets. ViaBill has raised a total of $177.3 million in funding, with its latest round securing $120 million in February 2022. As the demand for flexible payment solutions continues to rise, ViaBill is expected to see substantial revenue growth in 2024, further solidifying its position as a market leader in the buy-now-pay-later space.
Founded in 2014, Coinify has established itself as the leading virtual currency payment service provider in Europe, bridging the gap between the cryptocurrency and traditional financial industries. The company facilitates payments in over 15 major cryptocurrencies and offers transaction settlement in 20 different currencies, making it a versatile platform for businesses looking to accept digital currencies. Coinify's acquisition by the US-based cryptocurrency broker Voyager Digital in 2021 for approximately $84 million has further bolstered its market presence. With the growing acceptance of cryptocurrencies, Coinify is projected to experience significant revenue growth in 2024 as more businesses seek to integrate digital currency payment solutions.
Saxo Bank, a well-established player in the Danish fintech landscape, specializes in online trading and investment across global financial markets. Founded in 1992 and headquartered in Copenhagen, the bank serves over 850,000 clients worldwide and handles approximately 270,000 daily trades, representing £70 billion in client assets. Saxo Bank has raised over $345 million across multiple funding rounds and has expanded its services to include a wide range of investment products. As the demand for online trading platforms continues to grow, Saxo Bank is expected to maintain its strong market position and achieve significant revenue growth in 2024.
Likvido, founded in 2018, is a fintech company focused on automating accounts payable and receivable processes for small and medium-sized enterprises (SMEs). By streamlining the invoicing and payment processes, Likvido enables businesses to focus on their core operations while improving cash flow management. The company has quickly gained traction in the market, attracting significant investor interest. As SMEs increasingly seek solutions to enhance operational efficiency, Likvido is well-positioned for growth, with expectations of increased market share and revenue in 2024.
Sepior (Parent Company Blockdaemon)
Established in 2014, Sepior specializes in digital asset security, providing businesses with solutions for cryptocurrency wallets, private blockchains, and SaaS applications. Headquartered in Copenhagen, with additional offices in California, Sepior's innovative services include digital asset wallet security, custody cold storage security, and blockchain key management. The company has raised $17 million in funding, with its last funding round occurring in late 2018. As the demand for secure digital asset management solutions continues to rise, Sepior is projected to experience significant growth in both market share and revenue in 2024.
Launched in 2022, Upfin is a pioneering fintech venture fund aimed at nurturing and developing revolutionary fintech companies in Denmark and the Nordic region. The fund provides essential early-stage capital, strategic guidance, and access to an extensive network of industry connections to its portfolio companies. By empowering startups to thrive in a rapidly evolving digital economy, Upfin plays a crucial role in fostering innovation within the Danish fintech ecosystem. As the fund continues to invest in promising fintech ventures, it is expected to contribute significantly to the overall growth of the sector in 2024 and beyond.
Conclusion
The Danish fintech landscape is characterized by a diverse array of companies that are driving innovation and reshaping the financial services industry. With a combination of established players and emerging startups, Denmark's fintech sector is well-positioned for continued growth in the coming years. As these companies expand their offerings and adapt to the evolving needs of consumers and businesses, they are expected to achieve significant revenue increases and market share gains in 2024 and beyond. The future of fintech in Denmark looks promising, with a strong emphasis on technological advancement, regulatory support, and a vibrant entrepreneurial ecosystem.