Norway Digital Banking

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FinTech Climate: Norway

Research successfully identified the climate for FinTech companies in Norway. The country is friendly to FinTech startups and there are initiatives like Innovation Norway, Angel Challenge, and FinTech sandbox. There are FinTech clusters like Finance Innovation, NCE Finance Innovation. Startup incubators in the FinTech sector include, FinTech Room, Oslo FinTech Hub, DNB NXT, The Factory, and Startup Lab. There are 4.28 million users in the digital payments sector and the number is expected to reach 4.49 million in 2023.


  • Norway Ministry of Finance has launched a regulatory sandbox which promotes the growth of FinTech startups.
  • The FinTech sandbox provides a low-cost environment for testing FinTech products without undergoing through the expensive and lengthy authorization process.
  • Startup Norway runs the Angel Challenge initiative which encourages angel investors to invest in FinTech.
  • Spleis is a crowdfunding platform launched by Sparebank 1 group to facilitate easy funding for FinTech projects.
  • The Norway government through Innovation Norway provides support to startups in the form of funds, networking opportunities, and advisory services.
  • The government has a scheme where FinTech startups can claim deductions for equity investments.


  • More than 20 leading businesses in finance and technology have formed a cluster known as Finance Innovation.
  • The cluster aims to act as a catalyst for launching initiatives that establish Norway as the global hub for FinTech.
  • At least 90% of the Norway population relies on internet banking.
  • Fintech Room is the only startup incubator in western Norway that focuses on FinTech businesses.
  • Oslo FinTech Hub is an independent hub with a mission to provide a FinTech platform for innovation. Oslo FinTech Hub is run by The Factory and ICT Norway.
  • NCE Finance Innovation is an independent FinTech cluster supported by The Research Council of Norway, SIVA, and Innovation Norway. Its mission is to facilitate a thriving FinTech ecosystem.
  • Access to FinTech startup capital is plenty with VCs like North Zone, Investinor, and The Alliance Venture demonstrating a track record of funding FinTech businesses.
  • Banks like DNB and SpareBank 1SR have created investment funds targeting FinTech companies.
  • DNB NXT and The factory are among the top accelerator programs for FinTech startups and they also provide access to open APIs for necessary banking data.


  • Smartphone penetration in Norway is over 80% creating a good ground for user adoption. This has resulted to 90% of the entire population using internet banking.
  • Startups like Instabank has attracted customers quickly with a customer base of over 7,000 users over the last one year.
  • The largest FinTech segment in Norway is digital payments with a transaction value of close to $13 million.


In order to provide an overview of the climate for FinTech businesses in Norway, the research team consulted the web for online publications in the FinTech industry. The search yielded satisfactory results and we were able to locate publications and statistics from databases like Statista showing the FinTech landscape in Norway.

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  • "The primary objective is to use the sandbox as a test-lab for tech firms and fintechs to trial products, technologies and services. It will also support the regulator’s efforts to regulate an industry rapidly adopting disruptive technologies, such as digital and artificial intelligence (AI) within the IT and fintech industry."
  • "The purpose of the new association is to help establish companies that can develop new products within financial technology, in particular to develop products or services that can be used beyond Norway."
  • "Establishing a fintech cluster acts as a competitive advantage in order to reach a global scene for all stakeholders, both incumbents and startups."
  • "Oslo Fintech Hub offers the local fintech eco-system a local and international network for collaboration, learning, networking and investments. With members from the startup community and the financial environment, we believe that amazing things will happen. The interaction between startups and corporates is key for success!"
  • "We aim to position the cluster as a centre for fintech, innovation, capital and entrepreneurship both nationally and internationally. As a means to achieve this, the cluster works to facilitate and foster entrepreneurship and innovation for our startups and scale-ups. "
  • "key players in the industry have established a fintech cluster, Finance Innovation in order to launch new initiatives in research, education, innovation infrastructure, and internationalization. Summarized, the prerequisites for fintech in Norway has never been better. Share this:"