3 Sweden-based FinTechs boosting the payments sector

By Edlyn Cardoza

Europe is known to be the home to one of the largest and best-known tech ecosystems. Coming forth, Sweden is now emerging as a FinTech powerhouse, and the country produces more billion-dollar companies per capita than any other region in the world after Silicon Valley.

One of the most happening tech investment areas currently has been FinTech. According to InvestStockholm, Stockholm attracts more than 50% of the total foreign direct investments into Sweden. It also houses 400 companies that use technology and digital platforms to support, enable or innovate banking and financial services.

The World Economic Forum ranks Sweden as one of the world’s top ten most competitive countries, with top grades for innovation capacity. Some companies headquartered in Sweden are now world leaders in their industry, while others are rapidly expanding overseas.

Below are 3 Sweden based FinTechs boosting the payments sector:

• Klarna

Klarna was founded in Stockholm, Sweden and is Europe’s highest valued private FinTech company and the second highest worldwide. They offer products and services to consumers and retailers within payments, social shopping, and personal finances.

Klarna is the leading global payments and shopping service, providing smarter and more flexible shopping and purchase experiences to 150 million active consumers across more than 450,000 merchants in 45 countries. Klarna offers direct payments, pay-after delivery options and instalment plans in a smooth one-click purchase experience that lets consumers pay when and how they prefer to.

• Payer

Payer is pioneering B2B payments. Payer is one of the leading Nordic FinTech companies focusing on e-commerce between companies, B2B and is trusted by great companies like Volvo, Returpack, United Spaces, Beleco, Worksystems and more.

They simplify payment between companies by giving you the power to create fantastic buying experiences – before, during and after the payment. Payer has a product suite that enables you to sell more efficiently across all channels, such as their digital European invoice and billing service, card payments (PCI DSS Level 1), bank transfers, alternative payment methods, and much more.

• Trustly

Trustly is one of the leaders in digital account-to-account payments powering the shift to a cardless society. Their digital account-to-account platform redefines the speed, simplicity, and security of payments, letting consumers pay merchants directly from their online bank accounts. Trustly can handle the entire payment journey, enabling them to offer an attractive alternative to the traditional card networks at a lower cost.

Sustainability is central to Trustly’s business model. When using Trustly, consumers pay with money already in their bank account, as opposed to assuming credit. As a purely debit payment method, Trustly is a sustainable way to pay that doesn’t contribute to increased consumer indebtedness in society.

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