The majority of fintechs in the Nordic and Baltics belive that the region can dominate the fintech landscape in years to come but only if they can secure greater access to investment capital.
This is the chief finding from the fourth Nordic Fintech Disruptors Report which found that confidence among the regions fintechs is at an all-time high at 68%, up by 14% from the previous year.
However, the study also found this confidence tempered by some realism as regards the fundraising challenges and the importance of building partnerships.A similar majority of respondents (67%) believe that greater access to capital is needed for the region to fulfill its potential, up by a signficant 24% than in 2018. And over half of respondents believe that greater willingness to partner with other fintechs and incumbents will help the region to compete on a global scale.
"Since we started the research in 2014, we have seen a region that has outperformed many in developing and nurturing fintech innovation but true collaboration and trust across the ecosystem remains an issue which has to be addressed if the region is to fulfill its potential as a global fintech hub," said Simon hardie, author of the report.
Consequently the report lays out a manifesto for Nordic and Baltic-based fintechs to be more successful on a global scale. this includes attracting greater skills to the marketplace, bringing more customers on board to build sustainable businesses, fertilisong new ideas at scale and shortening times to profit and growing the region's reputation as "a virtuous circle for success".