Stockholm is Europe’s second most sought after city for FinTech investment. According to a report from the Stockholm School of Economics, the Swedish capital accounted for 18.3 per cent of all FinTech investments over the last five years, putting it only behind London.

Of the three biggest FinTech deals in Stockholm last year, Klarna was top dog with $125 million, followed by iZettle ($55.5 million) and Trustly ($28.8 million). In the past couple of years, Intel Capital, MasterCard and American Express Ventures have all scrambled to invest in FinTech companies in the Swedish capital. In addition to this, local investors have also come to the fore, such as NFT Ventures, a specialty venture capital firm focused on FinTech in the Nordics with Stockholm as its base. This has been backed up by strong growth in revenue, with the sector having generated $1.3 billion in 2013.

Torbjörn Bengtsson, of the Stockholm Business Region Development says: “The city has so much going for it and to be the second most popular destination in Europe for this industry in the past five years is an impressive achievement. This growth will likely continue and even intensify in the years to come, enabling Stockholm to retain its position as one of the major FinTech hubs globally.”

Daniel Blomquist, ‎partner at venture capital firm Creandum, comments: “I think what makes Stockholm unique is that we have a high level of execution intelligence here. This combined with our bottom-up Scandinavian management style enables firms to successfully navigate the many uncertainties in today’s financial services.”

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