In the world of Finance and Welfare, the economic impact of the crisis prompts urgent solutions from the tech ecosystem. Access to liquidity is a major challenge for startups and SMEs, and as local businesses come up with alternative ways of financing, options such as crowdlending, crowdfunding and e-commerce become increasingly relevant. Meanwhile, with increasing job insecurity, day-to-day management of finances becomes a priority for many citizens. In this article at NordicBaltic.Tech, created in partnership between the Nordic Council of Ministers and PUBLIC Danmark, we list 10 startups that are working to improve Finance and Welfare in the Nordic-Baltic region.

Norwegian blockchain-based startup
Lendonomy and Neonomics, a leading provider of open banking APIs, recently announced a partnership centered around PSD2 payment APIs. This crowdlending solution allows Norwegian customers of Lendonomy to lend and borrow smaller sums of money in an instant and safe manner.



Finnish Invesdor, an equity-based crowdfunding platform, has listed a range of new services implemented to help investors and target companies during the pandemic period.



Swedish startup
Klarna enables consumers to buy online now and pay later. The winning team for a Digital Solution under ‘Save Lives’ for the Swedish hackathon ‘Hack the Crisis’ was led by Klarna’s engineer, Deepa Krishnamurthy.




Estonian-founded Transferwise, the online money transfer service, has pooled official government guidelines and advice to startups to help businesses navigate available support and advice throughout the crisis.




Due to quarantine, many businesses are making the transition to selling online. Lithuanian Paysera, a financial service provider for approximately 90% of Lithuanian e-shops, enables businesses to collect payments online.



Despite urgent need for medical supplies, companies in the medical sector may be struggling to get by during the quarantine period. To support the Lithuanian medical sector, ArcaPay will make international orders in foreign currency to companies free of charge during this period and convert currencies at market rates.



In April, Latvian
Mintos conducted a survey in order to gauge the changes in the market due to Covid-19. With more than 2200 investors surveyed, 11% of respondents reported defensive action, 19% put a hold on activities and 65% maintained their positions. View the full survey results to learn more about trends in investment and crowdlending.



Lithuanian startup,
Bankera Business Care, helps support the relationship between SMEs and business partners during difficult times. By offering flexible loan repayment to SMEs with cash-flow issues, Bankera Business Care helps see companies through the remaining quarantine period.



Despite the fact that some countries are easing restrictions, citizens are encouraged to keep up social distancing. Instead of a trip to the bank, users of the Danish challenger bank, mobile-based
Lunar, can manage their money whilst staying at home.



At the intersection of big banks and public agencies, startups like Danish CreditWire can step in to help companies affected by Covid-19. With CrediWire, businesses can both get an overview of their eligibility for support and obtain the necessary documentation for application. 




Lithuanian fintechs use their know-how to aid economy hindered by Covid-19

Copenhagen FinTech Overview: Danish FinTechs Helping SMEs During Covid-19

Nordic-Baltic.Tech: Finance and Welfare Trends in the Nordic-Baltic Region

Top FinTech Startups Nordic

Lendonomy Taps Neonomics APIs for Build of Crowdlending Platform

Pitchbook: A Very Nordic FinTech Revolution

Forbes: A List of FinTech Firms Providing Free Technology to Banks During the Coronavirus Crisis