Starting a new startup is difficult and starting a fintech startup is even more difficult.
Financial industry is heavily regulated and complex and normally startup founders have technology know-how but lack industry knowledge and vice versa some have industry expertise but lack startup experience.
A strong fintech ecosystem is crucial for growth in the fintech sector. There is need for strong collaboration between startups and financial institutions. This is the reason why in 2016, TheFactory (FintechFactory was the name at that time) ran their first fintech accelerator program. Cofounder Ingar S. Bentsen and Hans
Christian Bjørne themselves have been entrepreneurs for many years and they see/experience all the pitfalls that startups normally fail to or how difficult it is to get in touch with relevant senior industry partners. Their intense 12-week accelerator programs equip startups with all needed knowledge to build MVP and acquire initial customers or potential partners. They have built a network of more than 20 partners, 120+ mentors and 25 investors to help accelerate the startups – a network which might take years for startups to acquire without any help. TheFactory organizes seminars, interactive workshops and meetings between the startups and the established industry and provides smart capital, business mentoring and legal assistance.
With just more than 2 years since the first program, they have helped and accelerated dozens fintech startups. Their first exit, Bolink which provides real estate support and services to customers was acquired by giant insurance firm Gjensidige in 2017. Bizbot has grown from 1 people in 2017 to now a team of 12 people and secured Danske Bank and Nordea as customers. They have raised 7 000 000 million NOK and are raising cash through a convertible loan, where you get 20% discount on next share issue (February 2019).
LucaLabs – an AI accounting recite which can convert different currencies and save corporate folks hours registering invoices, reporting travel expenses, reconciling bank statements and so on just went into a strategic partnership with DNB in June 2018. The program was voted as Best Accelerator Program in Norway in 2017 by Nordic Startup Awards.
With all these success, TheFactory is opening applications for their fifth round of accelerator program. And this time they want to go Nordic and attract more startups from Sweden and Denmark. With similar regulatory frameworks and many favourable conditions for digitalization, Norway accelerator program has all reasons to attract the best Nordic ones to their program.
So to any Swedish startup that want to establish their business in Norway, consider applying to TheFactory’s program and get a flying start in a nation which was ranked as number one in terms of digital infrastructure.