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 * Estonia is the Thriving Fintech Hub of Europe

Editor's Choice Europe Fintech Ecosystems Trending


ESTONIA IS THE THRIVING FINTECH HUB OF EUROPE

by The Fintech TimesJune 26, 2023June 26, 2023
LinkedInTwitterFacebookWhatsAppTelegramCopy LinkShare

IN RECENT YEARS, ESTONIA HAS EMERGED AS A POWERFUL NATURAL FORCE IN THE EUROPEAN
FINTECH LANDSCAPE, CAPTURING ATTENTION AND ACCLAIM FOR ITS INNOVATION, DIGITAL
PROWESS, AND FORWARD-THINKING APPROACH TO FINANCIAL TECHNOLOGY.

Hundreds of fintech startups following the success of three unicorns in the
sector, Estonia continues to unfold a series of pleasant surprises within the
realm of financial technology.

With its strategic investments in digital infrastructure, progressive regulatory
environment, and a culture that embraces technology, Estonia has carved out a
prominent place as the fintech hub of Europe. This New Nordic nation has created
a fertile ground for fintech startups developing advancements reshaping the
financial industry.

ESTONIA LEADS EUROPE IN FINTECH UNICORNS PER CAPITA

In terms of fintech unicorns per capita, Estonia is the clear leader in Europe,
with 2.3 fintech unicorns per million capita. Three Estonian fintech unicorns –
Wise, Glia and Zego – are taking the most significant slice of the Estonian
unicorn pie of 10 unicorns in total, making fintech unicorn production probably
the most successful business in Estonia.

“Per capita, Estonia always wins,” says American entrepreneur Ross Mayfield.
When it comes to founding startups, growing billion-dollar worth tech companies,
and raising money, the small size of Estonia is far from being an issue.

Once again, Mayfield is right. When it comes to fintech unicorns per capita,
Estonia’s leadership outshines other highly productive European countries,
including the United Kingdom, Germany, France, and the Netherlands.

Per capita or not, even the benchmark of producing five per cent of 61 European
fintech unicorns is remarkable to spark interest in the Estonian fintech sector
and discover what makes Estonia the new fintech hub of Europe.

THE DIGITAL NATION

The influence that has propelled Estonian tech companies into the global
spotlight stems from the country’s history. Three decades back, when Estonia
succeeded to restore the country’s independence, the whole country needed to
build from scratch. The financial sector was no exception.

Estonia took the need to rebuild the republic as a challenge. It used the modern
digital ways of the 90s to build an easy-to-maintain, optimally staffed, and
cost-effective system for the country of 1.3 million people.
Estonia’s fintech journey has its roots in the visionary concept of e-Estonia,
where the government, financial services, and telecom providers joined forces to
create a unique environment.

Digital service delivery was supported by the development of electronic ID,
high-speed connectivity, and enabling legislation. Nordic banks, through local
subsidiaries, were early beneficiaries and continue to profit from efficient
digitalised processes and agile business models.

ESTONIA HAS THE WORLD’S BEST TAX SYSTEM

One of the great examples is Estonia’s e-tax system which is considered the
world’s coolest and simplest.

“Estonia’s success comes in two parts. Estonia was the first post-commie country
to adopt a flat rate income tax in 1994, adopted later by a number of countries
as well,” says President of Estonia (2006-2016) Toomas Hendrik Ilves.

“A simplified tax system led to a major boost in compliance even with a
paper-based system. The second step was to offer digital filing of income tax,
which turned filing into a three to five-minute operation, since all taxable
income, as well as deductions, were pre-filled,” Ilves also notes.

Today, Estonia is a cashless society, with over 99 per cent of financial
transactions occurring digitally. Since 2000, individuals have been
electronically declaring their income, and online declarations have accounted
for over 99 per cent of all submissions.

Estonian efforts here have not gone unnoticed. The Tax Foundation has
highlighted Estonia’s tax system as the best in the OECD. And not once, but nine
years in a row since 2014. With no corporate income tax on reinvested profits,
no capital tax, and no property transfer taxes, Estonia’s transparent and simple
tax system continues to attract investments and boost the economy, including the
fintech sector.

BLOOMING FINTECH SECTOR

Estonia’s journey of innovation has led its companies to develop solutions that
prioritise innovation, user-friendliness, and safety in the fintech industry.
The country’s widespread adoption of Electronic ID and Blockchain technology has
further strengthened its position in this field.

All the innovation is possible due to the rich talent pool of skilled tech
people Estonia has. Estonians are encouraged to become techies – kids have
programming lessons already in primary school, and building bitcoin apps is
being taught in selected high schools. So, whatever the challenge in finance,
Estonians find a tech solution for that.

With 193 fintech companies, including notable players like Wise and Guardtime,
Estonia has become a global hub of excellence for fintech. Glia, headquartered
in New York City but with Estonian roots, is also revolutionising customer
services in finance, spreading Estonia’s digital-first mindset worldwide.

Monese provides mobile-based banking services, while Fairown enables tech giants
like Apple to offer products as services. Zego is driving a digital revolution
in the insurance sector, and Salv again is actively combating financial crimes.
Xolo helps freelancers around the world set up and run their own
micro-enterprise.

The Estonian fintech sector is abuzz with these exciting developments,
demonstrating the country’s commitment to pushing the boundaries of financial
technology.

Interested in investing in Estonia, a global centre of excellence for fintech?
Just send Invest Estonia a request for e-consulting and get started!

INTRODUCING INVEST ESTONIA

Invest Estonia is an organisation that plays a vital role in promoting Estonia
as an attractive investment destination. Its primary objective is to facilitate
and support foreign direct investment (FDI) in the country.

Invest Estonia offers a wide range of services to potential investors, guiding
them through the investment process and providing valuable insights into
Estonia’s business landscape. The organisation offers personalised investment
consultations, providing information on market opportunities, sector-specific
expertise, and advice on available incentives and support measures.

Invest Estonia fosters collaborations between foreign investors and local
companies, helping to establish mutually beneficial partnerships and
facilitating access to Estonia’s innovation and technology-driven ecosystem. It
also supports investors in navigating the legal and administrative procedures,
connecting them with relevant authorities and stakeholders.

Invest Estonia’s efforts have also been instrumental in attracting numerous
international companies to set up operations in Estonia, contributing to the
country’s economic growth and job creation. Through its proactive approach and
comprehensive support services, Invest Estonia continues to strengthen Estonia’s
position as an investment-friendly destination and a hub for innovation and
entrepreneurship.


AUTHOR

 * The Fintech Times
   
   The Fintech Times
   
   

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ABOUT US

The Fintech Times is the world’s first and only newspaper dedicated to fintech.

Published Bimonthly, the Fintech Times explores the explosive world of financial
technology, blending first hand insight, opinion and expertise with
observational journalism to provide a balanced and comprehensive perspective of
this rapidly evolving industry.



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