Sweden: Challenger Digital Banks

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Sweden: Challenger Digital Banks

After thorough research, we were unable to determine the top challenger digital banks that offer banking services to businesses in Sweden. However, we were able to identify that the top challenger digital banks that offer banking services to businesses in Sweden include Lunar Way, N26, and Revolut.

CHALLENGER DIGITAL BANKS OFFERING BANKING SERVICES TO BUSINESSES IN SWEDEN:

#1. LUNAR WAY

#2. N26

  • Website: N26 
  • "N26 Business is the free bank account for freelancers and the self-employed. Earn 0.1% cashback on all purchases you make, and enjoy free card payments worldwide."
  • "You don’t have to deposit a certain amount or meet earning threshold requirements, so you can open an account even if you’re just starting out."
  • "#client, #office, #bizness… create your own personal hashtags and attach them to your transactions to organize them better."
  • "The N26 online business bank account uses artificial intelligence to automatically categorize your spending. Forget clunky spreadsheets—it’s all there in a clear overview in the app."
  • N26 entered Sweden market in 2018.
  • N26 is headquartered in Berlin, Germany.

#3. REVOLUT

  • Website: Revolut 
  • "A global business current account for easy international payments, with prepaid business cards and an Open API."
  • "Transfer money to any other Revolut account (business or personal) instantly and for free. Save on transfer fees when you make payments to businesses around the world."
  • "Payment approval lets your team raise payments that need to be approved. Bulk payments allow you to make up to 1,000 payments with a single click. Scheduled payments allow you to, well, schedule payments!"
  • "Our Open API allows you to seamlessly integrate your Revolut business account into your workflow. Use it to automate cross-border business payments, send payouts to clients or employees and monitor transactions according to your business’ needs."
  • According to the company's website, Revolut is operational in Sweden.
  • Revolut is registered in England and Wales.

RESEARCH STRATEGY

The top challenger digital banks that offer banking services to businesses in Sweden was not available in the public domain. One of the probable reasons for the unavailability of such information could be that there are very limited challenger banks providing services to businesses in Sweden. It could also be possible that since most of the companies identified have entered the Sweden market recently, limited information is available on their market penetration in Sweden.
We started the research by directly searching for any industry reports and market studies on the Sweden challenger banks for businesses market. The idea here was to find any report specific to Sweden since such reports usually provide the names of leading players in the industry. However, no such specific report could be found published by leading market research firms including but not limited to Deloitte, KPMG, MarketsandMarkets, Transparency Market Research and Global Market Insights. Most of the reports found using this strategy were either on the overall European market and global market and none of the reports provided any specific challenger banks from Sweden.
Next, we started to search for pre-compiled lists of all the challenger banks in Sweden. The idea here was to conduct an exhaustive search through such companies that offer services to businesses and find their market penetration data to rank them as the top in Sweden. We came across numerous lists published by Corporate Finance Institute, Educba, etc, that only provided information on top banks in Sweden. However, both the lists only mentioned traditional banks and none of the lists provided any names of challenger banks in Sweden.
We then started searching for leading challenger banks in Europe. The idea here was to find any names of challenger banks based in Sweden. We came across numerous lists published by Venture Radar, Fintech Futures, etc. However, none of the lists provided any names of companies headquartered in Sweden. Most of the challenger banks found using this strategy primarily focused only on consumer banking such as Sbanken, Ferratum Money and Instabank.
As a last resort, we started to search through all the European companies to find any company that has established operations in Sweden as well in various websites such as Fintech News, Penser, Finextra, TechCrunch, VentureBeat. After an exhaustive search through all the companies found earlier, we were able to find 3 companies namely Lunar Way, N26 and Revolut that provided services to business and are operational in Sweden.
Thereby, using the above-mentioned strategies, we were able to identify three companies in total namely Lunar Way, N26 and Revolut that provided services to businesses in Sweden. However, due to the unavailability of any existing market study and the companies being relatively new in Sweden, no information could be found on the companies’ market penetration in Sweden.
Sources
Sources