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7 Ways Nordic Countries Are Making Personal Finance Easier for the World

The digital tools in today's busy world are designed to make life more organized and convenient. Apps and tech toys have helped people communicate with others, find potential partners, capture memories, and more.

Now, more companies are coming to the global Fintech stage to make personal finance more accessible to the world. The world's hotspot for these innovative startups is in Scandinavia. Here are seven ways these Nordic Fintech companies are making personal finance easier.

1. Making Payments

The world is quickly transitioning to a cashless society. Some of the highest rates of cashless transactions in the world are in Scandinavian countries. This trend in paying has helped big startups from this region, such as iZettle, Trustify, and Klarna, make powerful impacts in the tech and finance world. More people than ever are opting to pay from their phone using apps or peer to peer payment portals. Businesses are also getting on board and learning how to accept payments from these mobile payment platforms.

2. Keeping Financial Accounts Secure

Banking security is also a hot issue in the world, and the bright minds from the Nordic countries have helped make strides in the goal of protecting accounts from being hacked or illegally accessed. Behaviosec and Detectify are recent startups that are solely focused on cybersecurity and fraud prevention. People want to be able to have faith in their financial institution, credit card company, or other payment processing tool. Companies that focus on security are helping create a sense of trust.

3. Applying for Loans

In the past, if you wanted to get a loan, you had to visit a physical bank and fill out an application. Then, when it was decision time, you were at the mercy of the lender. Now, Norwegian and Swedish innovators have brought consumers the power of choice back with lending companies focused on finding the right loan. Companies like Axo Finans helps customers search for loan products that meet their needs.

4. Finding an Alternative Lender

Alternative lending is also becoming a viable option now, thanks to advances from top leaders in Sweden and Denmark. Lendify and FundedByMe are Nordic peer lending startups that have helped reshape the consumer lending industry. These peer lending companies are giving consumers much more choice and bang for their buck.

5. Investing Money

Individual investors are also getting benefits from the innovative minds from the Scandinavia region. The Nordic region has brought startups, such as Shareville and Everest, to the scene that make investing simple. This means consumers don't have to pay outrageous fees to personal finance advisors for investing their own money. Instead, they can take back the power of their money and focus on building their portfolio for a stronger future.

6. Buying in Different Currencies

The people who live in countries like Denmark, Finland, or Iceland understand that there is a global marketplace. Business is not always conducted in the local currency, so a few startups in the Nordic region are helping consumers get more out of their money, even when it has to cross a few borders. The startups that are getting noticed in this sector are Cyrex and Transfer Galaxy.

7. Setting Financial Goals

Finally, making your money do more for you is a big goal for most consumers. The tech minds leading the way in financial technology in Scandinavia understand this, and some startups have focused their attention on personal finance management and consumer education. Companies like Tink and Meniga are working to help the average person be more educated about financial matters.

There is a rush of creativity and knowledge coming out of the Scandinavian region of Europe. Financial technology is soaring and is expected to help the rest of the world have a better understanding of how their money works.

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