More than $360m was raised in the ten largest FinTech deals in the Nordics during the first six months of the year

FinTech companies in the Nordics raised over $2.1bn between 2014 and H1 2019, with $429.7m of this invested in the first six months of this year. More than $363m was invested in the ten largest FinTech deals in the Nordics in H1 2019, equal to 84.5% of the total capital raised in the region during the period. A breakdown of the list by country shows seven deals involving companies in Sweden, three in Denmark and one in Norway, with six of the top ten deals taking place in Q2 2019.

Pleo provides companies with a smart payment card for their employees. The Copenhagen-based PayTech company raised $56m in a Series B round led by Stripes Group in May 2019. This was the largest FinTech deal in Denmark in H1 2019 and one of the biggest deals in Europe in the second quarter of the year, valuing the company at $450m.

Klarna is a payment solutions platform for online merchants and is based in Stockholm. The company raised $93m from investors including Sequoia Capital and Permira in April 2019. The company claims to handle 40% of all E-commerce sales in Sweden and this funding, which was the largest deal in the Nordics in H1 2019, valued Klarna at $3.5bn.

Tink is an open banking platform and completed two funding rounds in the top 10 deals in the Nordics in H1 2019. The company raised $74.3m in a Series D round led by Insight Venture Partners, with participation from existing backers Sunstone, SEB, Nordea Ventures and ABN AMRO Digital Impact Fund. This was the second largest FinTech deal in The Nordics in H1 2019 and the funding will enable Tink to expand to the UK, Austria, Germany, Belgium and Spain.

Biometric authentication solution provider Zwipe, raised a $14.1m Series B round which was the only deal in the top 10 involving a Norwegian FinTech company. Zwipe, based in Oslo, raised this capital in order to roll out biometric payments card across Europe, with plans of entering the Middle East in the future.

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