Top 13 Financial Software Investors in the Nordics
Top 13 Financial Software Investors in the Nordics
The financial software industry in the Nordics has experienced significant growth, driven by innovation and the increasing demand for digital solutions. Companies offer a wide array of services, from accounting and payroll solutions to robust ERP systems. Notably, Sweden, Norway, Denmark, and Finland have become hubs for tech startups and established firms seeking to simplify financial operations for businesses of all sizes. With a strong emphasis on cloud technologies, sector players are enhancing their offerings with AI and automation, promising greater efficiency and security. The industry's trajectory points toward a future characterized by continuous adaptation to users' evolving needs.
Investors in the Nordic financial software space represent a mix of corporate firms, venture capitalists, and private equity groups, with many headquartered in Stockholm and Oslo. Founded between 1985 and 2018, these investors range in size from small teams to organizations spanning thousands of employees. As of 2023, included in this roundup are 13 investors who executed a total of 138 deal transactions over the past year. These investors are keen on identifying up-and-coming companies that specialize in areas like accounting, payment processing, and financial analytics, establishing a strong foothold in the vibrant Nordic tech ecosystem.
Top 13 Financial Software Investors in the Nordics
1. Visma
- Website: visma.com
- Type: Corporate
- Headquarters: Oslo, Oslo, Norway
- Founded year: 1996
- Headcount: 10001+
- Number of deals in 2024: 16
- LinkedIn: visma
Visma is a corporate investor based in Oslo, Norway, founded in 1996. It specializes in cloud-based software solutions, particularly in accounting, payroll, invoicing, and HR, catering to small and medium businesses as well as public sector organizations. Visma has a significant presence in Europe and Latin America, operating through a network of entrepreneurial companies that enhance its innovative software offerings. Notably, Visma has made several key acquisitions in the financial software domain, including E-conomic Danmark in 2015, which bolstered its accounting software capabilities, and Tripletex in 2016, further expanding its financial management solutions. In 2023, Visma acquired BuchhaltungsButler and Xubio, the latter being a cloud ERP solution provider for SMEs in Argentina, which enhances its ERP offerings in Latin America. These transactions highlight Visma's active role in the financial software industry and its strategy to grow through acquisitions.
2. Almi
- Website: almi.se
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1994
- Headcount: 201-500
- Number of deals in 2024: 7
- LinkedIn: almi-ab
Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It provides loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions and guidance. Almi has been involved in several notable transactions in the financial software space, including investments in Wint and Wrebit, both of which focus on accounting and financial management solutions. Wrebit, in particular, is a mobile accounting software startup that received seed funding from Almi to support its app launch and service development. Additionally, Almi invested in Aura Cloud, which also aligns with the financial software sector. These transactions highlight Almi's active role in supporting innovative financial software companies.
3. Creandum
- Website: creandum.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2003
- Headcount: 11-50
- Number of deals in 2024: 17
- LinkedIn: creandum
Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, focusing on nurturing companies from seed to IPO. Notably, Creandum has been involved in significant transactions within the financial software industry, particularly with Pleo, a Danish expense management tool provider. Creandum participated in multiple funding rounds for Pleo, including a $5.5 million seed round in 2017, a $16 million Series A in 2018, a $56 million Series B in 2019, and a $200 million Series C in 2021. These investments highlight Creandum's commitment to the financial software sector and its role in supporting innovative solutions in expense management.
4. EQT Group
- Website: eqtgroup.com
- Type: Private Equity
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1994
- Headcount: 1001-5000
- Number of deals in 2024: 30
- LinkedIn: eqt-partners
EQT Group is a prominent investment firm founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. In the financial software context, EQT has made notable investments, including the acquisition of Billtrust for $1.7 billion in 2022, which focuses on payment processing and invoicing solutions. They also acquired Acumatica in 2019, a cloud-based ERP software provider. Additionally, EQT participated in a Series E funding round for Mambu, a banking software provider, raising over $265 million in 2021. Their investment in Banking Circle, a payment service provider, further emphasizes their commitment to the financial software industry, as it handles significant payment volumes. These transactions highlight EQT's strategic focus on enhancing their portfolio with innovative financial technology solutions.
5. EQT Ventures
- Website: eqtventures.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2015
- Headcount: 11-50
- Number of deals in 2024: 28
- LinkedIn: eqt-ventures
EQT Ventures is a venture capital firm founded in 2015, based in Stockholm, Sweden. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Among their notable transactions, EQT Ventures participated in multiple funding rounds for Peakon, a people analytics company, which raised significant amounts in Series B funding. This involvement showcases EQT Ventures' interest in technology that can enhance business operations, including financial software solutions. Additionally, their recent investments in startups like Stacks, which raised funds in seed and pre-seed rounds, further illustrate their commitment to supporting innovative tech ventures that may intersect with the financial software industry.
6. Seed Capital Denmark
- Website: seedcapital.dk
- Type: Venture Capital
- Headquarters: Frederiksberg, Frederiksberg, Denmark
- Founded year: 2004
- Headcount: 1-10
- Number of deals in 2024: 5
- LinkedIn: seed-capital-denmark
Seed Capital Denmark is a venture capital firm based in Frederiksberg, Denmark, founded in 2004. The firm specializes in providing seed funding and advisory services to technology startups, particularly in the SaaS and Fintech sectors. With a strong commitment to helping founders navigate their growth journey, Seed Capital has a proven track record of successful investments. Notably, they have been involved in several funding rounds for Cardlay, a fintech company based in Odense, Denmark. Cardlay raised significant amounts of funding, including $892,761 in a venture round in March 2022, $9,917,869 in a Series B round in November 2019, and $5 million in a Series A round in January 2018. These transactions highlight Seed Capital's active role in the financial software space, supporting innovative solutions that enhance financial management and services.
7. Business Finland
- Website: businessfinland.fi
- Type: Corporate
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2018
- Headcount: 501-1000
- Number of deals in 2024: 26
- LinkedIn: business-finland
Business Finland is a public entity established to support Finnish companies in their growth and internationalization efforts. Founded in 2018 and based in Helsinki, Uusimaa, Finland, it offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. In 2024, Business Finland has been active in making 26 investments, including notable transactions in the financial software sector. For instance, it invested in SaaShop Oy, which raised €1.2 million in seed funding to expand its SaaS marketplace, aiming to enhance sales in the US and Europe. Other transactions include investments in companies like SparkReceipt and B2B Pay, which also indicate a focus on financial technology solutions. This diverse portfolio showcases Business Finland's commitment to fostering innovation in various sectors, including financial software.
8. Nordic Capital
- Website: nordiccapital.com
- Type: Private Equity
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1989
- Headcount: 201-500
- Number of deals in 2024: 10
- LinkedIn: nordic-capital
Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, with a strong emphasis on creating long-term value and sustainability. In recent years, Nordic Capital has made notable investments in the financial software sector, including the acquisition of Canadian fintech firm Zafin, which offers software-as-a-service solutions for banks, and ActiveViam, known for its analytics software tailored for financial institutions. These strategic acquisitions reflect Nordic Capital's commitment to driving growth and operational improvements in its portfolio companies, particularly within the financial technology landscape. The firm partners with management teams to enhance their operations and foster innovation, making it a significant player in the financial software investment arena.
9. Verdane
- Website: verdane.com
- Type: Private Equity
- Headquarters: Oslo, Oslo, Norway
- Founded year: 1985
- Headcount: 51-200
- Number of deals in 2024: 7
- LinkedIn: verdane-capital
Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments in technology-enabled companies, providing capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies that seek to enhance their market position and operational efficiency. Notably, Verdane has made strategic investments in the financial software sector, including acquiring an 80% stake in Corlytics, a company that provides regulatory risk and compliance analytics for financial institutions. This acquisition was part of a larger investment strategy involving their €1.1 billion Edda III Fund. Additionally, Verdane's investment in Verified, a Nordic-focused B2B SaaS company, further demonstrates their commitment to technology-driven solutions, which may encompass financial software applications.
10. Industrifonden
- Website: industrifonden.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1979
- Headcount: 11-50
- Number of deals in 2024: 9
- LinkedIn: industrifonden
Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. In the financial software context, Industrifonden has made notable investments, including a $12 million Series A funding round for Qapital, a personal finance app aimed at reinventing the financial services sector. Additionally, they have participated in multiple funding rounds for Meniga, a digital banking solutions provider that has launched numerous solutions across various countries. These transactions highlight Industrifonden's commitment to fostering innovation in the financial software industry, alongside their broader investment strategy.
11. Vitec Software Group
- Website: vitecsoftware.com
- Type: Corporate
- Headquarters: Sweden
- Founded year: 1985
- Headcount: 1001-5000
- Number of deals in 2024: 5
- LinkedIn: vitec
Vitec Software Group is a corporate investor based in Sweden, founded in 1985, specializing in developing standardized software solutions across various industries, including healthcare, real estate, and education. The company operates with a decentralized structure, allowing its business units to maintain independence while benefiting from shared resources. Vitec's software is essential for its customers' operations, ensuring efficiency and reliability. Notably, Vitec has made several strategic acquisitions in the financial software domain, including the acquisition of Web Insurance Management Systems in May 2019, which enhances their capabilities in the financial sector. Additionally, their acquisition of Vitec Capitex and Vitec Aloc further demonstrates their commitment to expanding their software solutions in areas that may intersect with financial services. These transactions highlight Vitec's role as a significant player in the financial software market, alongside their broader industry focus.
12. Seb
- Website: sebgroup.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1856
- Headcount: 10001+
- Number of deals in 2024: 13
- LinkedIn: seb
Seb (Skandinaviska Enskilda Banken AB) is a leading banking group in Northern Europe, founded in 1856 and headquartered in Stockholm, Sweden. With a workforce of over 10,000 employees, Seb provides a comprehensive range of financial services, including corporate and investment banking, asset management, and private wealth management. The bank serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. Notably, Seb has made significant investments in the financial software sector, including a Series D investment in Tink, which raised approximately $63.6 million in February 2019, and a venture round investment in PE Accounting in March 2019. Additionally, Seb has invested in iZettle, a payments startup, across multiple funding rounds, including a Series C round in May 2014 and a Series D round in September 2016, showcasing their active role in supporting fintech innovation.
13. NFT Ventures
- Website: nftventures.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2014
- Headcount: 11-50
- LinkedIn: nft-ventures
NFT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2014. The firm specializes in the fintech industry, providing strategic support and funding to startups in this sector. Their portfolio includes a diverse range of fintech companies, showcasing their commitment to empowering entrepreneurs. Notable transactions include their participation in a Series B funding round for Zervant, a Finnish e-invoicing startup, which raised EUR6 million to enhance its client base and features. Additionally, NFT Ventures invested in Mr Shoebox, a Stockholm-based accounting app, during its seed round and subsequent funding, highlighting their focus on financial software solutions. Other investments include Wint, which raised over $2 million in Series A funding, further emphasizing their active role in the financial software landscape.
Financial Software Insights: Key Investors in the Nordics
| Investor | Headquarter | Size | Founded | Deals 2024 |
|---|---|---|---|---|
| Visma | Oslo, Oslo, Norway | 10001+ | 1996 | 16 |
| Almi | Stockholm, Stockholm, Sweden | 201-500 | 1994 | 7 |
| Creandum | Stockholm, Stockholm, Sweden | 11-50 | 2003 | 17 |
| EQT Group | Stockholm, Stockholm, Sweden | 1001-5000 | 1994 | 30 |
| EQT Ventures | Stockholm, Stockholm, Sweden | 11-50 | 2015 | 28 |
| Seed Capital Denmark | Frederiksberg, Frederiksberg, Denmark | 1-10 | 2004 | 5 |
| Business Finland | Helsinki, Uusimaa, Finland | 501-1000 | 2018 | 26 |
| Nordic Capital | Stockholm, Stockholm, Sweden | 201-500 | 1989 | 10 |
| Verdane | Oslo, Oslo, Norway | 51-200 | 1985 | 7 |
| Industrifonden | Stockholm, Stockholm, Sweden | 11-50 | 1979 | 9 |
| Vitec Software Group | Sweden | 1001-5000 | 1985 | 5 |
| Seb | Stockholm, Stockholm, Sweden | 10001+ | 1856 | 13 |
| NFT Ventures | Stockholm, Stockholm, Sweden | 11-50 | 2014 | 0 |
Want to find more investors focusing on the financial software industry?
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