Why is the Nordic region full of fascinating Fintech businesses?

The Nordic region has a highly educated workforce, relatively high labour costs and quite a small population. This gravitates the Nordic nations to ‘win the game they wish to play’ – focusing on ideas that can scale in their region, and ideally globally. The high level of English (and in some cases, German) make entering the UK / USA / Germany feel less of a jump than for companies based in other regions – this offers a faster scale-up opportunity.

Nordic nations take a long view

Nordic nations generally take a long view – working hand in hand between government and private enterprise to create hubs of excellence in areas they feel they

have a competitive advantage. From bio-sciences to hearing aids to windmills to blockchain – Nordic nations identify pockets of profitable growth and build solutions to occupy them. Fintech is the latest example – with Stockholm and Copenhagen in a friendly fight to be the dominant hub in the region. Sweden has focused more on private capital whereas Denmark has worked harder on public-private collaboration and creating the optimal ecosystem.

Here’s 6 Fintech companies featured in Northern Lights

This is not an exhaustive list, just an example of some of the exciting companies working in the region. Covered by Full Reachwho seek to work with disruptive businesses in Marketing, Creative & Strategy. If you have a recommendation to be featured in the series – reach out – we want to hear from you! More on Full Reach (in Danish) can be found here:

Led by Ken Villum Klausen, Lunar Way is a fast-scaling bank which has very recently raised an additional EUR 13m in funding to aid growth across the Nordics. Having started in Denmark, the bank is now expanding. Read more here.

Insurtech is hotting up and ripe for change. This Swedish scale-up is eyeing the global market. Not only are they changing the digital insurance model, they are also looking to adapt the value proposition. Read more here.

Two-for-one, actually two businesses with Rune Mai as co-founder. Spiir is targeting millennials with data driven banking while the API Gateway is a B2B offering enabling multiple products to be offered from multiple data sources. Read more here.

Gothenburg-based Minna, led by Joakim Sjöblom offering B2B white-labelling of subscription management giving consumers a better experience and more control of their finances. Read more here.

Founded by Sophie M. Bohr Grønbæk this is a Danish based insurtech that targets millennials with simplified fast and fair insurance products, using a fresh and direct tone of voice. Read more here.

Grandhood, co-founded by Jon F. Lieberkind seeks to create an insurance product that reflects the reality of modern life where people move jobs multiple times and need a more flexible pension product to match their needs. Read more here.

BROUGHT TO YOU BY FULL REACH

Full Reach is a strategic and creative marketing agency based in London and Copenhagen.

“We’re fascinated with companies that have a disruptive mindset, global growth and internationalization. If you look at most Nordic businesses, they have no option but to take this route due to the limited size of the domestic market. By their nature, they are disruptive and looking globally from day 1 – we’re hoping to work with them.” enthuses Max, who will lead the Nordic office, relocating from London to start up the new team.

Martin Max started working together at WorldRemit – a money transfer Fintech company based in London. Founded in 2009, it now has 750 employees worldwide and is valued at more than $650m – being tipped to become the next UK tech ‘Unicorn’

The Nordics – it’s personal as well as professional!

Max is moving to Denmark for the second time – “I’ve studied here and I have a deep network of friends in Denmark. For me the key to success in Denmark is the long view people take. Whether it’s about self-development or building a business, Danish people are amazing at thinking ‘where does this take me in 5 years’ time’ – which is why I think the country is so good at building global businesses.”

For Martin, Danish companies are what gave him his global career – starting with GN Store Nord / Jabra and continuing with Carlsberg. “I was headhunted and relocated to Denmark for an international role at Jabra. I never could have imagined that this would lead to a 12-year journey with Danish companies that would take me to 5 different countries!”

Martin is now the Managing Director of the agency Full Reach and CMO for Social Shopping scale-up WeShop, and was previously Head of Brand Marketing, EMEA Marketing and Global Marketing Partnerships for WorldRemit, where he delivered the global campaigns ‘Money in Safe Hands (2016) and A better way to send money (2017). In 2018 Martin supported WorldRemit’s expansion of mobile wallet services in Africa. Martin has an international career spanning several countries including Director of Marketing for Carlsberg Group, and several senior Director positions in Russia, Asia and Scandinavia.

3 ways we can help Nordic businesses scale & grow 

There’re three things we can help with and we’ve proven it with the global growth achieved at WorldRemit and other clients in the UK & Europe.

Global Growth – when a company gets a wave of investment, the targets immediately rise but the team stays the same in the short term. Recruiting the team to scale up is not easy. We can support offering scale up strategy & project management to build out the plan and execute it across global markets.

Marketing Strategy – having worked in Fintech, e-tail, FMCG, sports and sponsorship, Full Reach can support proposition development and marketing positioning all the way through to a creative execution of the plan. “We can take the idea, and make it global product-market fit”

Creative – We have a Creative office in Central Europe with 35 team members. It gives us the possibility to offer London quality creative from TV to display and digital, at a cost scale up brands can afford. Making good creative need not be a £1m budget project these days!

Ready to scale? Reach out!

Full Reach // Maxime – Nordics (Eng, French) // Martin – London