Copenhagen's got Scandinavia's biggest fintech collaborative

Kære læser. Artiklen her er en del af det engelske magasin Copenhagen Fintech. Indholdet er udformet på engelsk, da det også henvender sig til en udenlandsk læserskare, som deltager på eventen Money2020, hvor Berlingske Media er mediapartner. Magasinet er udformet af Berlingske Medias kommercielle redaktion i samarbejde med Copenhagen Fintech. God læselyst.

This article is part of the commercial publication 'Copenhagen Fintech'. Click here to view all articles

On the journey to becoming one of the fintech hubs in the world, Copenhagen opened up the first ever fintech collaborative in Scandinavia last autumn. Both corporations and startups flock to the offices in central Copenhagen to put Denmark on the fintech map of the world.

Something new and exciting is brewing in the historic inner city of Copenhagen: a new collaborative was formed to bring together new and already established fintech startups with the ambition to provide a platform for creation, innovation and growth. The fintech wave is sweeping through Scandinavia with full force and the Danish capital is determined to ride high.
Today, more than 14,000 people are employed in the area and the fast-growing fintech industry is expected to create 6,500 more jobs by 2020, according to Copenhagen FinTech, a non-profit cluster organisation dedicated to developing financial technology.

Last year, on the journey to becoming one of the notable fintech hubs in the world, Copenhagen FinTech teamed up with Rainmaking Loft, the largest Nordic coworking space, and together they opened the first fintech collaborative in Scandinavia called Copenhagen FinTech Lab.

Copenhagen Fintech Lab is a coworking space where fintech talent, startups, corporations, sponsors, and partners can meet, share their knowledge, contacts, struggles and help each other grow.

Rasmus Bjørn Dahl, General Manager, Copenhagen FinTech Lab

»We see the interest for our Lab as a sign that all parts of the fintech environment want to be a part of the growth.«

A physical place to be inspired
The idea of the Lab was born in 2015, when Rainmaking Innovation together with Oxford Research Hub created a report about how to develop Copenhagen into a fintech hub. One of the suggestions was to establish a physical place, a sort of technological epicentre, to make it possible for different people in the field to meet. The Finance Sector Union, the municipality of Copenhagen, The Danish Bankers Association, Rainmaking Loft, and Copenhagen FinTech − back then known by the acronym of CFIR −decided to act upon the report's results and it didn’t take long before Copenhagen FinTech Lab welcomed its first residents.

Today, more than 30 startups and fintech companies reside in the Lab. Among them are Chainalysis, Ernit, Cardlay, Crediwire, and goBundl. The Lab organizes and conducts different weekly activities for both the residents of the lab and outsiders wanting to get to know the industry. In that way the Lab has become a melting pot of all the different participants, interests and layers of the fintech business.

“We can contribute to elevating Danish fintech by creating a common space where corporations and startups can meet each other. According to Deloitte, 70 percent of startups believe partnerships are important to develop their company but it can be difficult to partner up with corporations. That's where we come in as a strong facilitator,” says Rasmus Bjørn Dahl, General Manager at the Lab. “We see the interest for our Lab as a sign that all parts of the fintech environment want to be a part of the growth.”

Fintech is a key part of the future of finance
To Dahl and the Lab, fintech is a key part of the future. To further increase the strong fintech profile of the city, Copenhagen FinTech Lab collaborates with hubs in Sweden, Finland and Norway. More initiatives will be launched during 2017, the assembly of an advisory board to strengthen Copenhagen as a financial centre being one of them.

“We’re working in the wings to get Copenhagen to grow. Denmark has come a long way on the path to becoming a digital and cashless society and that’s where fintech as a business sees a lot of potential in this region. We have to face the progress that we see  both in society and the development of new technology. This is where the big, old institutions are not always the frontrunners, and startups know that and grasp the possibilities. The ecosystem is flourishing right now,” Dahl concludes.


This article is part of the commercial publication 'Copenhagen Fintech'. Click here to view all articles