Estonia has a favourable environment for tech startups, especially fintech. The government has already come up with the e-residency program and digital identity schemes. These provide a digital proof of ID that can be used by individuals and businesses to sign contracts, make bank transfers, file returns, etc.
In the country, companies are active both locally and internationally. Eventually, Estonia is a growing hub of fintech startups. The other flourishing sectors in the country include Artificial Intelligence, cybersecurity, mobility, healthcare, etc. as we have seen earlier. Having said that, here we have listed the popular fintech startups that you need to watch out for in Estonia in 2020.
Bondora (Tallinn)
Founders: Martin Rask, Mihkel Tasa, Partel Tomberg
Funding: ā¬7.3 million
Founded year: 2007
Why its hot: Bondora is a P2P lending platform to avail unsecured personal loans. It provides investment options to those individuals who want to lend money to reliable and trustworthy borrowers. As of now, Bondora works with more than 9000 investors from nearly 37 countries. Also, the platform has funded nearly ā¬35 million in loans and has received over ā¬4 million as interests.
Creditstar Group (Tallinn)
CEO: Aaro Sosaar
Founded year: 2006
Why its hot: Creditstar is a rapidly growing international consumer finance company that operates in several countries in Europe. The fintech startup works with the vision to build and deliver digital banking products. It is a fintech company that deploys automated processes, data analysis, and algorithms to make financial institutions easily available for all.
Fitek (Tallinn)
CEO: Mait Sooaru
Founded year: 1995
Why its hot: Fitek is one of the leading financial automation processes in Estonia. It reduces the cost of customers by accelerating and optimising their financial processes. The company processes over 75 million invoices and other documents on an annual basis and serves over 1,000 customers in the Nordic and Baltic countries. The vision of Fitek is to create a world with completely automated digital financial processes.
Iuvo (Tallinn)
CEO: Ivaylo Ivanov
Founded year: 2016
Why its hot: Iuvo provides the perfect link between originators and investors, focusing on security and high returns via its contemporary peer-to-peer investment platform. Iuvo aims to deliver unprecedented superior experiences for investors with its reliable originators and outstanding platform. The company operates with the goal to help clients invest successfully and earn long-term profitability.
Fortumo (Tartu)
Founders: Martin Koppel, Rain Rannu, Veljo Otsason
Funding: ā¬9.1 million
Founded year: 2007
Why its hot: Fortumo is a mobile payments platform for both app stores and digital service providers for monetisation, user acquisition, and retention. It facilitates service providers by letting them manage the end-to-end customer lifecycle of mobile users via carrier billing, messaging, and bundling solutions. It is used by thousands of leading digital merchants including OLX, Spotify, Amazon, etc.
CINDX (Tallinn)
CEO: Yuriy Avdeev
Founded year: 2017
Why its hot: CINDX is a blockchain-based, multifunctional platform that allows absolutely anybody to invest in the crypto market, and consistently earn returns without possessing any specialized knowledge or skill set. The CINDX platform creates a complete ecosystem for cryptocurrency trading that is favourable to all the participants of the market and offers solutions to existing pain points.
Crypterium (Tallinn)
Founders: Austin Kimm, Gleb Markov, Vladimir Gorbunov
Founded year: 2017
Why its hot: Crypterium is building a mobile app that will turn your coins and tokens into money that you can spend with the same ease as cash. With Crypterium, you can shop around the world to pay with your coins and tokens at any NFC terminal or via scanning the QR codes. You can make purchases at online stores, pay your bills or just send money across borders in seconds reliably.
Pocosys (Tallinn)
Founders: Indrek Neivelt
Founded year: 2014
Why its hot: Pocosys is building a banking-as-a-service engine that allows launching banking products in 1 or 2 months with a cost of ā¬1 to ā¬2 per client. It lets you issue white label cards, create modern payment solutions, harness a powerful loyalty program or even launch a neobank.
Investly (Tallinn)
Founders: Ruth Chamberlain, Siim Maivel
Funding: ā¬1.2 million
Founded year: 2013
Why its hot: Investly is a P2P finance platform that allows SMEs to sell invoices to investors within a couple of days after credit checks have been cleared. It lets customers raise debt funding on its platform from investors. With this invoice finance platform, you can easily upload invoices and get them paid at a faster rate.
Main image picture credits: Pocosys
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