Ahead of the NextGen Nordics conference scheduled for April 27, 2022, we are compiling a weekly roundup of significant stories emerging from the region, highlighting advancements in payment innovation across Denmark, Finland, Iceland, Norway, and Sweden.
NextGen Nordics will convene a variety of stakeholders, including banking representatives, central banks, governmental agencies, and industry beneficiaries. The goal is to foster community dialogue, examine the advantages of new technologies, and provide actionable insights into leveraging these innovations within the Nordic landscape.
### Swedish Fintech Nstart Targets Over-Indebtedness with Sustainable Lending
Nstart is redefining traditional credit models to address the issue of over-indebtedness through innovative technology and methodologies focused on sustainable lending. Their aim is to empower consumers burdened by debt, using advanced precision screening technology to analyze financial data in real-time.
By effectively managing risk, Nstart offers solutions for individuals with low credit ratings, often referred to as ‘non-lendables,’ substantially lowering costs and guiding them toward financial independence.
CEO Daniel Ahrenby states, “Our ultimate goal is to help customers eliminate bad credit and liberate themselves from debt. We have completely transformed our approach to consumer credit through cutting-edge technology for real-time credit data management, risk scoring, and lending. This allows us to gain deeper insights into our customers’ financial situations than traditional lenders can provide. By improving our risk management capabilities, we can offer the most sustainable lending service in the market.”
Ahrenby notes the rising consumer demand in various European markets, driven by the growth of e-commerce and buy-now-pay-later (BNPL) trends, contributing to over-indebtedness. Nstart plans to expand into several countries in the coming years, aiming to establish a leading position across Europe and has recently launched its services in Norway, where demand has been notably strong.
### DNB and Nets Extend Partnership
Nets Group has announced an extension of its partnership with Norwegian bank DNB, which will now include the provision of payment services, information technology, and other financial solutions.
Torsten Hagen Jørgensen, CEO of Issuer & eSecurity Services at Nets Group, remarked, “Norway is among the most digitized regions in Europe, and we possess significant experience in issuing and nurturing the entire payment value chain. By extending our collaboration with DNB, we reinforce our role as a leading enabler of Norway’s payment infrastructure. We remain committed to supporting DNB’s ambitious digitization and growth strategy, ensuring Norway stays at the forefront of payment innovation.”