FinTech in Estonia

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Estonia is the one of the world's most advanced IT nations.

Today 99.8% of financial services occur digitally and the FIs are among the most profitable in Europe. Electronic ID and Cyber Security are among the most developed in the world and Estonia has successful used decentralised ledger technologies since 2001 and is home to Guardtime, one the world's earliest and largest Blockchain companies.

 

Here are some of the key movers and shakers. As Estonia is small many companies target larger markets but retain a back office or management link to Estonia:

Blockchain companies in Estonia

 

BLOCKHIVE

Collaboration platform for blockchain based business and cryptocurrencies.

https://blockhive.ee

GUARDTIME

Enterprise security and verification of compliance solutions for financial service providers.

https://guardtime.com

Capital Markets tech in Estonia

ADMIRAL MARKETS

International brokerage firm, back office in Tallinn.

https://admiralmarkets.com

EUROSTEP DIGITAL

Corporate governance and investor relations solutions for Venture Capital and Private Equity investors.

www.eurostepdigital.com

Core Banking providers in Estonia

BANKISH

Deposit and loan management system provider, spin out from digital lender Finora Capital.

https://bankish.eu/

MODULARBANK

Core banking system provider, spin out from IceFire.

www.modularbank.co

UNION FINTECH

Core banking system provider, with complimentary credit scoring and front end solutions.

www.unionfintech.com

Credit Scoring companies in Estonia

BIG DATA SCORING

Machine learning analyses of big data to help lenders approve more loans with lower defaults. Domiciled in Estonia,

www.bigdatascoring.com

CREDITINFO GROUP

Icelandic owned credit data and solution provider with sizeable ops in Estonia.

https://creditinfo.com/

DATA ME

Credit information processing and analytics.

https://www.datame.eu/

SCOREWISE

Credit scoring systems for consumer credit.

https://www.scorewise.co/

Crowdfunding and P2P companies in Estonia

BITOFPROPERTY

Crowdfunding of real estate.

https://www.bitofproperty.com

BONDKICK

Alternative inve​stment platform.

https://www.bondkick.ee/

BONDORA

Peer-to-peer lender with 27,000 investors. EUR 417m of prime and near-prime borrowers since 2009.

@BondoraCapital <> www.bondora.com

BULKESTATE

Real Estate peer-to-peer lender, redomiciled from Latvia to Estonia.

@bulkestate <> www.bulkestate.com

CROWD ESTATE

Crowd funding of real estate across Europe.

@Crowdestate_eu <> https://crowdestate.eu

ESTATE GURU

Crowd funding of real estate in Estonia, Latvia, Lithuania, Finland and Germany.

@Estate_Guru <> https://estateguru.co

FUNDERBEAM

Equity crowd funding of start-ups, including secondary market trading.

@funderbeam <> www.funderbeam.com/

FUNDWISE

Equity crowd funding of start-ups.

https://fundwise.me

INVESTLY

Crowdfunding of invoices in UK and Estonia.

@investly_co <> www.investly.co

IUVO

Peer-to-Peer investment platform, redomiciled from Bulgaria.

www.iuvo-group.com

MONESTRO

Peer-to-peer lender.

@Monestro_P2P <> https://monestro.com

 

OMARAHA

Peer-to-Peer lender.

https://omaraha.ee

Cryptocurrency companies in Estonia

 

BAROQUE STREET

Japanese-Estonian crypto market data provider.

CINDX

Cryptocurrency asset management, wallet and technology solutions.

COINEX GROUP

Cryptocurrency exchange and hardware.

COINMETRO

Cryptocurrency trading platform built on the Blockchain.

 

COINTRAFFIC

Digital agency for Crypto and Blockchain.

 

CYPTERIUM

Crypto wallet, payment and card solutions.

 

DECRYPTO

ATM provider providing immediate exchange between cash and Bitcoin.

 

DX.EXCHANGE

Start-up offering ownership of NASDAQ listed stocks via their proprietary token.

 

EESTY

Digital wallet for storing cryptocurrencies, with ability to link debit card for real economy payments

 

HASHCOINS

Produce software and hardware for bitcoin mining. New venture HashFlare provides cloudmining services.

 

MOTHERSHIP

ICO funded platform for trading cryptocurrencies.

 

PAXFUL

Peer-to-Peer Bitcoin marketplace registered in Estonia.

 

POLYBIUS

Aims to create regulated bank for the digital generation, spanning cards, cryptocurrency and lending.

 

ZANTEPAY

Cryptocurrency multiwallet-debit card integration solution.

Customer Experience providers in Estonia

 

ALPHABLUES

Messaging automation and analytics using A.I. 

@alpha_blues <> https://alphablues.com

ASKROBIN

Financial search engine helping customers find the best deal in LatAm.

www.askrobin.com

FEELINGSTREAM

A.I. specialist helping FS firms analyse customer intent to improve cross-sell and retention.

www.feelingstream.com

MINDTITAN

A.I solutions for sales, customer service, fraud and risk management.

@mindtitan_ai <> https://mindtitan.com

Finance and Accounting software in Estonia

 

ARVATO BERTLESMANN

Global programming hub for Finance & Accounting solutions.

https://itarvato.com

COST POCKET

Semi-automated expense reporting solution integrated with many accounting platforms.

http://wizard.finance

DIRECTO

Accounting and ERP system.

https://www.directo.ee

ERPLY

Business software with integrated payments and accounting for POS and online retail.

@erply <> https://erply.com/

FITEK

Automation of financial processes such as Purchase-to-Pay and Order-to-Cash.

https://fitek.com

HANSAWORLD

Global accounting, ERP and CRM specialist with operations in Tallinn.

@HansaWorld <> www.hansaworld.com

MERITTARKVARA

Accounting and payroll software, part of Visma group.

https://eng.merit.ee

SCORO

Business management software with project management, time and team management, sales, billing, and professional services automation

@ScoroSoftware <> www.scoro.com

FinTech Advisors in Estonia

 

KEY CAPITAL

Pan-European advisor to FinTech's, FI's, governments and private equity investors.

@key_capital_ <> www.keycapital.eu

FinTech customised software companies in Estonia

 

CODEBORNE

Software house with financial services references.

https://codeborne.com

ICEFIRE

Software house with various FinTech solutions including core banking, payments, insurance and wealth.

www.icefire.ee

MOBILAB

Design and build financial services apps and digital wallets.

@LabMobi <> https://lab.mobi

MOONCASCADE

Software house with various global FinTech, payment and mobile app references.

@mooncascade <> https://mooncascade.com

PROEKSPERT

Software house with various payment and trading platform applications.

@proekspert <> https://proekspert.com

RINGIT

Custom software solutions, clients include Banks in Estonia.

www.ringit.ee/

InsureTech companies in Estonia

 

BIKE ID

Register and insure your bike online in 2mins, secured by global registry of bikes.

@bikeidregistry <> www.bike-id.eu/en

BLACK INSURANCE

Digital insurance company on blockchain, connecting brokers directly with capital enabling them to launch their own virtual insurance companies

@BlackInsure <> www.black.insure

CACHET

Flexible insurance for drivers of ride-hailing firms Uber, Bolt and Yandex.

@Cachet_me <> https://cachet.me

INSLY

SaaS offering making it easy for Insurance brokers, agents and end users to understand and transact.

@insly_com <> https://insly.com

INZMO

Insurance application increasing speed of cover and providing overview of assets, cover, etc, clients in Germany, IT in Estonia.

@inzmo <> https://inzmo.com

ZEGO

London based InsureTech with Estonian founder and CEO.

@Zegocover <> www.zego.com

Online Lending companies in Estonia

 

BIGBANK

Online consumer and corporate lender active in 9 European countries from Estonia HQ.

https://bigbank.ee

CREDIT STAR GROUP

Digital consumer lender with over 1m client accounts in 8 countries. Brands including Monefit. Back office in Tallinn.

https://www.creditstar.com

CREDY

Global real-time lead broker for online lending industry.

https://www.credy.com

ESTO

Consumer credit specialist, including POS credit, hire purchase and leasing.

https://esto.ee

FACTOR

Online invoice financing in the Nordic and Baltic region.

https://factor.ee/

FERRATUM BANK

Finnish owned Bank with consumer credit and back office operations in Estonia.

https://www.ferratum.ee

FIIZY

Loan marketplace aggregating credit offers, active in N. America, S. America and Europe from Estonian HQ.

@fiizycompany <> https://www.fiizy.com

IPF DIGITAL

Digital consumer lender, global IT hub in Tallinn.

www.ipfdigital.com

IUTECREDIT

Consumer lender in Balkan region, Estonian topco and management team.

https://iutecredit.com/

PLANET 42

Rent to buy car leasing and insurance provider in South Africa, under Estonian management.

https://planet42.com

Payments Service Providers in Estonia

ADVAPAY

Payment services provider

EVERYPAY

Payment service provider for e-commerce and phone transactions.

CUBER

JV between LHV Bank and ChromaWay offering instant, secure, mobile payments in any currency.

ERPLY

Point of sale technology, payments and store credit.

FORTUMO

Payments specialist supporting over 132,000 merchants in 92 countries with direct carrier billing.

MAKECOMMERCE

Payments solutions for e-commerce.

LHV BANK

PAYTAILOR

Mobile payments for consumers and retailers utilising phone technology, no app or credit card required.

POCOSYS

White label banking, onboarding, savings and payments solutions.

TRANSFERFAST

High speed intra-bank payments for corporates.

TRANSFERFRIEND

Payments and digital wallet provider active in S.E. Asia under Estonian management.

TRANSFERWISE

Global currency transfers, currently expanding currency pairs and in to corporate segement.

ZLICK

Start-up focusing on zero click micropayments.

Regtech companies in Estonia

AGRELLO

Digital identity solutions​.

@agrelloapp / www.agrello.id

ID.me

Simplifies how individuals securely prove and share their identity online. US clients, Estonian co-founder. 

@IDme <> www.id.me

MESSENTE COMMUNICATIONS

SMS and PIN solutions for notifications, fraud prevention and 2 factor authentication.

@Messente <> https://messente.com

SALV

AML platform start-up founded by ex Transferwise team.

https://salv.com

SK IDENTITY SOLUTIONS

e-Identity solutions including cards, mobile and sim-less. Formed by Swedbank, SEB Bank and Telia.

www.skidsolutions.eu

VERIFF

Fast growing provider of A.I. web and mobile identity verification to reduce fraud and improve KYC.

@Veriff <> https://www.veriff.com

Watchlist

Aasa Global▼, Argeld ▼, Bondkick ▼, Crowdsure ▼, Grünfin ▲, Hooandja ▼, Punk Finance▼

Deceased

Asic Vault (crypto), Bank Apply (regtech), Cashongo (lending), Catapult (crowdfunding), Crowdana (crowdfunding), Envestion (p2p), Friendly Finance (acquired), Good Finance Company (payments), Ignite (software), Kuetzal (p2p). MyJar (lending),  Payhub (payments), Proof of You (regtech), Sorbase (crypto), TreasuryView (risk), Unifox (crypto), WorldQuant (never opened)​

Notes

List is updated periodically, last update 02.03.2021. List contains FinTechs which have Estonian operations, management or shareholders thus some may be active outside the country. This is a fast changing segment with high birth rate, failures and foreign investment, as such this list is indicative and no warrant is given as to accuracy or completeness.

+372 5193 6831

+44 7722 262299

neil.mathieson[at]keycapital.eu

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