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Over the past decade, fintech has transformed from a niche segment of the financial industry into a critical part of the infrastructure powering modern economies.
While many markets have focused on disruption, the Nordic region has developed a different model. One built on collaboration between fintechs, banks, regulators, investors, and technology providers.
In this episode of the Wealth Insider podcast, host Christian Lindvall speaks with Thomas Krogh Jensen, CEO of Copenhagen Fintech, about the evolution of the Nordic fintech ecosystem, the role of collaboration in driving innovation, and what the next decade may hold for financial services in Europe.
As Copenhagen Fintech celebrates its 10-year anniversary, Thomas reflects on the lessons learned from building one of Europe’s leading fintech hubs and explains why the future of fintech may depend less on disruption and more on partnerships.
From Startup Hub to Ecosystem Builder
Founded in 2016, Copenhagen Fintech was established to help accelerate fintech innovation in Denmark and later across the Nordics.
What started as a shared workspace for fintech startups has evolved into a broader ecosystem organization that connects startups, financial institutions, universities, regulators, and investors through events, innovation programs, research initiatives, and industry partnerships.
Today, nearly 300 companies have been part of the Copenhagen Fintech community, helping shape the growth of the Nordic fintech sector.
“Innovation happens when people meet people.” – Thomas Krogh Jensen, CEO, Copenhagen Fintech
Over the past decade, the number of fintech companies in Denmark has grown from fewer than 100 to more than 400, while fintech employment has expanded significantly across the region.
Why Collaboration Won in the Nordics
One of the defining characteristics of the Nordic fintech ecosystem is its collaborative nature.
Unlike other markets where fintechs were often positioned as direct competitors to banks, Nordic fintech companies have frequently chosen partnership models that allow them to scale alongside established financial institutions.
According to Thomas, several factors have contributed to this dynamic, including relatively small domestic markets, highly digital financial infrastructure, and a culture built on trust.
"The majority of fintechs are actually building something that helps banks accelerate their offering and business model." – Thomas Krogh Jensen, CEO, Copenhagen Fintech
This collaborative approach has helped create an environment where startups, incumbents, and regulators can work together to solve industry challenges and accelerate innovation.
The Reality of Fintech-Bank Partnerships
While collaboration is often celebrated, making partnerships work in practice remains challenging.
Financial institutions and startups operate on very different timelines. Banks must navigate procurement processes, risk frameworks, compliance requirements, and governance structures. Fintechs, meanwhile, often operate with limited runway and a strong sense of urgency.
This creates a natural tension between speed and risk management.
Thomas argues that successful partnerships require transparency from the outset, with both sides aligning on objectives, timelines, and expectations before investing significant resources.
“Everything a startup does is existential.” – Thomas Krogh Jensen, CEO, Copenhagen Fintech
As fintech matures, the industry has also moved beyond what Thomas describes as the early years of “innovation theatre,” where many organizations experimented with innovation initiatives that never reached end users.
Today, there is greater focus on delivering measurable business outcomes and scalable solutions.
What Banks and Fintechs Still Misunderstand About Each Other
Despite growing collaboration, misunderstandings between banks and fintechs still occur.
Banks often view small fintech teams as a weakness, focusing on limited resources and organizational scale. However, Thomas argues that small teams are often the source of a fintech’s greatest strength: speed.
Their ability to innovate, experiment, and bring new solutions to market quickly can create significant value when combined with the scale and distribution capabilities of larger institutions.
At the same time, fintech founders can underestimate the complexity involved in operating regulated financial institutions and managing millions of customer relationships.
“A small team is not just a weakness. It’s the source of speed.” – Thomas Krogh Jensen, CEO, Copenhagen Fintech
The most successful collaborations occur when both sides recognize and leverage each other’s strengths rather than focusing on their differences.
When Fintech Becomes Infrastructure
One of the most interesting themes discussed in the episode is the idea that fintech has evolved beyond being a standalone industry vertical.
Instead, financial technology is increasingly becoming embedded across industries and platforms.
Thomas points to companies such as Wolt as examples of businesses that are not traditionally viewed as fintech companies but increasingly provide financial services such as lending, insurance, and embedded payments as part of their core offering.
This shift reflects a broader trend where financial services become integrated into everyday digital experiences.
“Financial technology is no longer just a vertical. It’s becoming something much more horizontal.” – Thomas Krogh Jensen, CEO, Copenhagen Fintech
At the same time, discussions around digital sovereignty, strategic autonomy, and European infrastructure are placing financial technology at the center of broader economic and geopolitical conversations.
The Next Decade of Nordic Fintech
Looking ahead, Thomas believes Europe faces several critical challenges if it wants to remain competitive globally.
Access to growth capital remains a significant hurdle for European fintech companies, particularly when compared to the funding environment available in the United States.
At the same time, Europe must decide what digital infrastructure it wants to own versus what it is willing to depend on from external providers.
These questions are becoming increasingly important as technology, finance, and geopolitics become more interconnected.
“One of the defining questions for the next ten years is whether we will own the infrastructure or rent it from others.” – Thomas Krogh Jensen, CEO, Copenhagen Fintech
For Copenhagen Fintech, the next decade will focus on continuing to strengthen collaboration across the ecosystem while helping create the conditions for the next generation of globally successful Nordic fintech companies.
Topics Covered in This Episode
- Copenhagen Fintech’s 10-year journey and the evolution of the Nordic fintech ecosystem
- Why collaboration has become a defining characteristic of Nordic fintech
- The challenges of building successful partnerships between fintechs and banks
- Common misconceptions between startups and financial institutions
- The strengths and limitations of the Nordic fintech model
- How fintech is evolving from a vertical into critical infrastructure
- Embedded finance and the future of financial services
- Digital sovereignty and Europe’s financial technology landscape
- Funding challenges for European fintech companies
- What the next decade may hold for fintech in the Nordics and Europe
Watch the Full Episode
Watch the full conversation with Thomas Krogh Jensen to learn how the Nordic fintech ecosystem has evolved over the past decade and what it will take to remain globally competitive in the years ahead.
About the Guest
Thomas Krogh Jensen is the CEO of Copenhagen Fintech, one of Europe’s leading fintech innovation hubs. Since joining the organization, he has worked closely with fintech startups, financial institutions, regulators, investors, and universities to strengthen the Nordic fintech ecosystem and accelerate innovation across the financial sector.
About Wealth Insider
Wealth Insider is a podcast by Performativ exploring the strategies, technology, and people shaping the future of wealth management. Each episode features candid conversations with leaders across investment management, private banking, fintech, and financial regulation.
