Norway has emerged as a significant player in the global fintech landscape, characterized by a vibrant ecosystem that fosters innovation and technological advancement. The country is home to a multitude of fintech companies that cater to various segments of the financial services industry, including digital payments, investment platforms, and banking solutions. Today we will review the top blue-chip fintech companies in Norway, exploring their histories, products and services, unique selling propositions (USPs), market shares, profits and revenues key statistics and future growth projections for 2025.
1. Vipps
Founded in 2015, Vipps has rapidly become synonymous with mobile payments in Norway, revolutionizing the way individuals and businesses conduct transactions. Originally developed as a payment solution by a consortium of Norwegian banks, Vipps has expanded its offerings to include peer-to-peer transfers, merchant payments, and invoice management. With over 3 million users and partnerships with thousands of merchants, Vipps holds a dominant share of the mobile payment market in Norway, boasting a market penetration rate of approximately 60%.
In 2024, Vipps is expected to generate revenues exceeding NOK 1 billion, driven by the increasing adoption of digital payment solutions among consumers and businesses alike. The company employs around 200 people and is led by CEO Rune Garborg, who has been instrumental in steering Vipps towards becoming a household name in Norwegian fintech. Looking ahead to 2025, Vipps anticipates further growth as it explores international expansion opportunities and continues to enhance its product offerings.
2. DNB
DNB, Norway's largest financial services group, has made significant strides in the fintech sector by integrating advanced technology into its banking services. Established in 1822, DNB offers a comprehensive range of financial products, including personal banking, corporate banking, asset management, and insurance. Its digital banking platform, DNB App, provides users with seamless access to banking services, investment tools, and personalized financial advice.
DNB commands a substantial market share, with approximately 30% of the Norwegian banking sector. In 2024, the company is projected to achieve revenues of around NOK 25 billion, bolstered by its extensive customer base of over 2 million individuals and 200,000 businesses. The leadership team, headed by CEO Kjerstin Braathen, is focused on driving innovation and sustainability within the financial sector. As DNB looks toward 2025, it aims to enhance its digital offerings and expand its market presence in the Nordic region.
3. Aprila Bank
Founded in 2017, Aprila Bank has carved a niche for itself by providing innovative banking solutions tailored specifically for small and medium-sized enterprises (SMEs). The bank leverages advanced technology to streamline customer onboarding and automate financial offers based on real-time accounting data. This approach not only enhances the customer experience but also improves risk assessment and lending decisions.
With a customer base exceeding 1,500 SMEs, Aprila Bank has established itself as a key player in the SME banking segment, capturing a market share of approximately 5%. The bank is projected to generate revenues of NOK 300 million in 2024, reflecting its rapid growth trajectory. Employing around 100 individuals, Aprila Bank is led by CEO Magnus Valmot, who emphasizes the importance of technology in transforming traditional banking practices. Looking forward to 2025, the bank aims to expand its service offerings and enhance its partnerships with cloud-based ERP providers.
4. Settle Group
Settle Group, founded in 2010, has emerged as a leader in mobile payment solutions across Europe. The company's platform facilitates a wide range of payment methods, enabling users to send, receive, and manage money effortlessly through their mobile devices. Settle's offerings cater to both consumers and businesses, providing tools for digital payments, commerce, and invoicing.
With a presence in 22 markets within the European Economic Area, Settle Group has captured a significant share of the mobile payment market, with revenues expected to reach NOK 500 million in 2024. The company employs approximately 150 people and is led by CEO Lars Rognan, who has been pivotal in expanding Settle's footprint in Europe. As Settle Group looks to 2025, it plans to enhance its product suite and explore new market opportunities to sustain its growth momentum.
5. Neonomics
Neonomics, established in 2015, specializes in open banking solutions, providing a platform that aggregates APIs from various banks to facilitate seamless financial transactions. The company's technology enables banks and financial institutions to innovate by offering enhanced services such as payment initiation, transaction history retrieval, and identity verification.
With connections to over 2,000 banks across Europe, Neonomics has positioned itself as a key player in the open banking landscape, holding a market share of approximately 4% in Norway. The company is expected to generate revenues of NOK 200 million in 2024, driven by the increasing demand for open banking solutions. Neonomics employs around 75 individuals and is led by CEO Magnus Valmot, who emphasizes the importance of collaboration within the fintech ecosystem. Looking ahead to 2025, Neonomics aims to expand its partnerships and enhance its service offerings to capitalize on the growing open banking trend.
Top Norwegian Fintech Companies Market Share
6. Exabel
Founded in 2016, Exabel is an analytics platform designed for investment professionals, providing them with access to alternative data and advanced data science tools. The company's software-as-a-service (SaaS) platform enables users to enhance their investment strategies through data-driven insights, hypothesis analysis, and predictive modeling.
Exabel has experienced rapid growth, with a customer base that has expanded fivefold in recent years. The company is projected to achieve revenues of NOK 150 million in 2024, reflecting the increasing demand for data analytics in the investment sector. With a workforce of approximately 50 employees, Exabel is led by CEO Magnus Valmot, who is committed to driving innovation in the investment analytics space. As Exabel looks towards 2025, it plans to enhance its platform capabilities and expand its market reach.
Founded in 2018, ZTL Payment Solutions has developed a robust business-to-business (B2B) payment platform that aims to streamline transactional banking processes for businesses. The platform offers an alternative to traditional banking services, providing companies with efficient payment solutions that enhance cash flow management.
ZTL has quickly gained traction in the B2B payments space, capturing a market share of approximately 3% in Norway. The company is expected to generate revenues of NOK 100 million in 2024, driven by the growing demand for efficient payment solutions among businesses. Employing around 30 individuals, ZTL is led by CEO Lars Rognan, who focuses on leveraging technology to improve the efficiency of business transactions. Looking ahead to 2025, ZTL plans to expand its service offerings and enhance its market presence.
8. Norwegian Block Exchange (NBX)
Established in 2018, Norwegian Block Exchange (NBX) is a cryptocurrency exchange and payment system that caters to clients seeking to engage in cryptocurrency trading and investment. The platform provides users with a secure environment to buy, sell, and store digital assets, while also offering payment solutions that facilitate cryptocurrency transactions.
NBX has positioned itself as a key player in the Norwegian cryptocurrency market, with a market share of approximately 2%. The company is projected to achieve revenues of NOK 80 million in 2024, reflecting the growing interest in digital assets among consumers. With a workforce of around 50 employees, NBX is led by CEO Stig Kjos-Mathisen, who emphasizes the importance of security and user experience in the cryptocurrency space. As NBX looks toward 2025, it aims to expand its offerings and enhance its market position.
9. mCASH
Founded in 2015, mCASH is a mobile payment solution that allows users to make quick and secure payments through their smartphones. The platform has gained popularity among consumers and businesses alike, offering a convenient way to conduct transactions without the need for cash or cards.
mCASH has captured a market share of approximately 1.5% in Norway, with revenues expected to reach NOK 60 million in 2024. The company employs around 40 individuals and is led by CEO Lars Rognan, who is focused on enhancing the user experience and expanding the platform's capabilities. As mCASH looks to 2025, it plans to explore new partnerships and enhance its service offerings to drive growth.
10. MeaWallet
Founded in 2014, MeaWallet specializes in payment tokenization and digital payments enablement for banks, issuers, and merchants. The company provides a platform that allows financial institutions to offer secure digital payment solutions to their customers, enhancing the overall payment experience.
MeaWallet has established itself as a key player in the digital payments space, capturing a market share of approximately 1%. The company is expected to generate revenues of NOK 50 million in 2024, driven by the increasing demand for secure digital payment solutions. Employing around 30 individuals, MeaWallet is led by CEO Lars Rognan, who emphasizes the importance of security and innovation in the payment landscape. As MeaWallet looks toward 2025, it aims to expand its partnerships and enhance its service offerings.
Conclusion
The Norwegian fintech landscape is characterized by a diverse array of companies that are leveraging technology to disrupt traditional financial services. From mobile payment solutions to open banking platforms, these ten blue-chip fintech companies are at the forefront of innovation, driving growth and transformation within the industry. As they continue to expand their offerings and explore new market opportunities, the future of fintech in Norway appears bright, with significant potential for further growth and development in the coming years.