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August-October 2017

Old foes, new friends: Nordic banks and startups increase collaboration

First they were deemed a threat, now they are potential partners. According to a new report by Nordic accelerator Fintech Mundi, banks are increasingly turning to financial technology (fintech) startups in their hunt for new ideas and market opportunities. Nordic markets are already home to a number of unicorns – fintech startups valued at more than $1bn. Susanne Hannestad, CEO at Fintech Mundi, said: “This fact is reflected in the confidence of our survey respondents, and in the growing evidence of partnership between financial institutions and fintechs.” The report, Innovation. Distributed: The Fintech Disruptors Report 2017, was sponsored by Norway’s biggest bank, DNB. It found that 74% of Nordic banks intend to collaborate with fintech companies in 2017, which is a major jump from 2016, when less than half had a defined fintech strategy. This trend is reflected elsewhere in Europe, where 78% of banks have similar plans. Peder af Ugglas, Nordea’s head of partnership development, is not surprised by the findings. He cites ...

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