Mastercard enters partnership with Copenhagen Fintech to empower and strengthen collaboration with the Nordic fintech ecosystemSeptember 13, 2022 | Copenhagen
Copenhagen has a strong fintech ecosystem and a leading position among fintech hubs globally. The hub connects both start-ups, established companies and organizations focusing on innovation and new opportunities. Mastercard is committed to empowering the growing fintech community through a collaboration with Copenhagen Fintech, a fintech start-up based in Copenhagen, Denmark.
Over the past few years, Mastercard has strengthened its presence in Denmark. This includes the acquisition of Nets´ Corporate Services business and the leading open banking platform Aiia. In less than two years, Mastercard has grown from just a handful of employees to hundreds in Copenhagen. The ambition is to create a strong base and develop existing and new solutions for Denmark, the Nordics, and the whole world.
Mastercard and Copenhagen Fintech are now establishing a strengthened collaboration that brings together existing and new activities with a joint focus on growth, knowledge sharing and innovation opportunities through multiple programs and services ranging from open banking to start-up programs.
"Copenhagen Fintech is a vibrant innovation hub that not only creates successful startups but has become a center for technology and innovation that activates and inspires everyone in the fintech ecosystem. We are proud of being an active part of that - not least because we have been involved in the fintech landscape for more than a decade with Spiir and Aiia. In the new capacity as Mastercard, we now have the opportunity to help new fintechs take Nordic financial services innovation even further in close collaboration," says Rune Mai, Senior Vice President, Mastercard & Co-Founder of Aiia, founded in Denmark and now one of Europe's leading open banking platforms.
Lars Asger Petersen, Senior Vice President, Mastercard and CEO of Mastercard Payment Services Denmark, providing solutions for digital payment of bills, account-to-account transfers such as Betalingsservice and real-time payments adds:
"We support Copenhagen Fintech's ambition to develop Copenhagen as one of the leading fintech hubs, not only in the Nordics, but also globally. We look forward to strengthening and expanding the existing collaboration with a focus on development and growth with international perspectives.”
Fintech as a strong Danish industry
Since Copenhagen Fintech was established in 2016, the number of startups, new jobs, partnerships, and investments in fintech has increased year after year. The interaction between innovative startups and the established industry is a part of the recipe for success, according to Copenhagen Fintech.
"The strength of the fintech environment in Denmark lies in partnerships, collaboration and knowledge sharing. We are proud that we can now expand the collaboration with Mastercard, which not only has a significant position within digital payment solutions and technology globally, but also sees the potential in Denmark and the Nordics as a global, digital frontrunner," says Thomas Krogh Jensen, CEO Copenhagen Fintech, and continues:
"We want to make the fintech environment in Denmark the best in the world, and therefore we must have partners with a local presence and a strong international reach. The collaboration opens new innovative opportunities for all parties in the ecosystem.”
The cooperation with Mastercard includes, among other things, consulting and development for startups in the Copenhagen Fintech Lab and Mastercard Lighthouse, a Nordic and Baltic FinTech initiative that is an innovation project and accelerator program for startups. Mastercard supports new fintechs through its Start Path Opening Banking programme, and also participates as a sponsor and presenter at Nordic Fintech Week, which will be held on 27-28 September in Copenhagen.
About Copenhagen Fintech
Copenhagen Fintech is an award-winning innovation hub founded in 2016 in Denmark, with the mission to foster innovation withing the financial sector, by building a thriving fintech ecosystem. The hub stems from the close collaboration between Finans Danmark, Finansforbundet, Forsikring & Pension, The Confederation of Danish Industry (DI) and over 200 partners, sponsors and members, 44 of whom are based in Copenhagen Fintech Lab. The innovation hub has witnessed successes all across the industry, with an exponential increase in the number of startups, jobs, partnerships and investments. According to Danish financial newspaper Børsen: “the latest count of employees in Danish fintechs shows 4273, a clear overtake to the pension sector”, and a massive result compared to the approx. 700 employees back in 2015. Investments have also followed the trend, growing from DKK 95 million in 2015 to DKK 9,5 billion in 2021.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.