Blue Finance took silver in the internal ranking of mid-sized companies in the Finnish fintech sector and was the largest company in its category, considering only comparable revenue.
Despite a difficult year, Blue Finance managed to improve its ranking
From last year’s third place, the company now reached second place in the internal ranking of mid-sized companies in the Finnish fintech sector. Based on comparable revenue in 2020, Blue Finance was the largest company in the scaleup category.
The listing was published by Helsinki Fintech Farm in August 2021 it is based on the latest statistics about the fintech sector in Finland.
The data collected by Helsinki Fintech Farm reveal that 2020 was a challenging year for the entire industry. In addition to the prevailing pandemic, the consumer credit business was negatively affected by the temporary 10% interest rate cap. Overall, the sector’s revenue decreased slightly from EUR 1.3 billion in the previous year, mainly due to the decline in the revenue of the largest companies affecting the sector.
“Once again, I am proud to say that despite an exceptional year, we have achieved excellent results compared to other players in the industry. We would not have achieved this without our top team. Digital solutions require top-level expertise and smooth collaboration, and this contributed to our excellent competitiveness”, says Lauri Lehtonen, CEO of Blue Finance.
Based on comparable revenue, Blue Finance is Finland’s largest fintech scaleup company
Blue Finance is ranked high in the Fintech Farm Helsinki scaleup listing. Scaleups are mid-sized companies that have been in business for 5-10 years. In the scaleup category, Blue Finance is the largest fintech company when only comparable revenue is considered. This is since revenue reported by UKKO.fi are not comparable, as it includes all salaries paid to its customers through the company’s website. Thus, a significant part of UKKO.fi’s revenue is margin-free sales, while for comparison purposes, Blue Finance Group’s revenue do not include similar margin-free sales.
Largest fintech scaleups in Finland 2020