Fin+Tech=‹3 A Fintech Ecosystem In The Making

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Not so long ago, fintech was something that needed explanation. Not anymore, because it has managed to stay a hot topic for years now with inevitable influence backed by record fundings. As the game changes in retail and corporate banking, new needs arise, calling for new business models and a solid collaboration between traditional players and fintech, forming a new financial services ecosystem. And the pace is set by the new players – or at least it should be.

A forming ecosystem

The European Commission has already published white papers and in March 2018, a 19-step action plan to foster a more competitive and innovative European financial sector. One of its key objectives is to enable innovative business models to scale up at EU level.

“Asia is gradually entering the European fintech market, and the goal is to get investments up and running in Europe as well. The amount of money invested is still very little considered to the US or Asia. The lack of secondary market for exits remain a challenge.” – says Kirsi Larkiala, CEO& Founding Partner for Finnish Fintech Ecosystem Ltd.

Time is of the essence

Traditional players are constantly challenged as the fintech industry is rapidly rubbing off incumbent financial service providers and cater for the future of financial services. The key is for them is to collaborate, but they operate in very different dimensions, sometimes hindering progress.

“One week is a very-very long time for a fintech startup or even scaleup, a lot can happen. For banks, the time frame is very different: it can take three months to set up a meeting.” says Kirsi Larkiala. “Now they should do things together, and that means traditional players have to speed up. In order for fintechs to scale up, they need to work together and make things happen by syncing up.” 

Corporate solutions on the rise

The process of traditional players and newcomers finding ways to work together gives way to reshaping financial services on a wider scale. Not only the retail customer landscape changes, but the number of fintechs tackling corporate customer solutions are also on the rise, such as or Enfuce who are willing to take the extra step.

“There‘s data still not digitalized by banks, and they need scale-up Fintechs to do that. Their legacy systems that touch several areas are hard to change” – adds Kirsi Larkiala.

Want to know more about the changing business models and the importance of collaboration within the fintech ecosystem? Come and see for yourself at Arctic15’s Fintech Track on 5-6 June in Helsinki.

Why join?

“The widest view possible will be covered at Arctic15’s Fintech Track so far, as we are bringing speakers, founders and investors not only from a consumer perspective, but corporate as well. Conferences on fintech usually start with big banks talking disruption. Not here. We are focusing on the fintech side and investment trends.”  – says Kirsi Larkiala, curator of the track.

Joining us as speakers are Susan Standiford, Angel Investor & CTO, Ikea, Marc Wesselink, Founder, VentureRock, Monika Liikamaa, Cofounder, Chair, Enfuce financial services, Steve Kirsch, Co-Founder, Chairman and CEO,, Carolina Brochado, Investment director, Softbank Vision Fund, Maxine Rior, Investment associate, Kinnevik, Pekka Viilto, Co-Founder, Rundit and Lasse Vuola, CEO, Fundu, moderated by Kirsi Larkiala and Harri Lauslahti from Finnish Fintech Ecosystem Ltd.

Get your ticket here.