Personal FinTech Story of Safello’s CEO covered in the new Stockholm FinTech Guide

News Sep 16, 2020

According to Swedish Fintech Association, 63% of surveyed companies, including Safello, have seen a surplus in their transactions since the beginning of COVID-19. Released today by the Invest Stockholm, Stockholm Fintech Guide 2020 includes the latest aggregation of information on almost 400 Swedish Fintech companies, recent investment rounds as well as exclusive interviews and stories from thought leaders and decision-makers from Swedish Fintech, which represent the diverse background of the local FinTech ecosystem. Safello was included into the Stockholm Fintech Guide as one of the contributors to the development of the FinTech industry in Sweden.

Source of the photo: PLUTAGRAPHY BY MARCIN PLUTA

The Guide makes a special emphasis on individuals who selected Stockholm as a place to incorporate their Fintech and might be behind the FinTech success in Sweden. In the Stockholmer FinTech stories, Frank Schuil, the CEO and co-founder of Safello, explained why he chose Stockholm to be the official Safello headquarters and what are the benefits of establishing a cryptocurrency startup in Sweden.

“Stockholm was the perfect place to incorporate as a FinTech that would be attractive for some of the best talents to relocate to. We were looking for a stable place with a thriving dialogue between regulators, legislators and startups. Since moving to Stockholm in 2013, Safello has served over 140,000 users.” - Frank Schuil, Safello

The Stockholm Fintech Guide 2020 highlighted the constantly ongoing expansion of FinTech in Sweden, namely the continuously increasing Decentralised Finance (DeFi), Legaltech, Cryptocurrency and Equity Token Offering sectors. In line with Safello, the Guide also included the stories of such promising Ventures being either Fintech themselves or members of the Regional Fintech ecosystems as Omocom, Kidbrooke, KassaiLaw, SmartCoding, and many others.

Since 2013, Safello has been an active player in the Swedish FinTech sector. It grew into a well-established cryptocurrency brokerage platform which contributes to the development of the FinTech industry and integration of cryptocurrencies into the Swedish financial landscape. Since its creation Safello has always advocated on enforcing traditional compliance on the novel cryptocurrency space.

According to the Guide, Sweden has one of the most favorable environments for the development of  the FinTech industry in the world. It is due to the rapid growth in investments  between  2015  and  2019, generous social security system, high level of digitalisation, a good education system that encourages independent thinking and creativity, and a small internal market that makes startups think internationally. What is more, 80% of all FinTech startups in Sweden are based in Stockholm, which makes this city one of the most progessive "FinTech harbors" in the Nordics.

Despite initial scepticism, both Sweden's national bank Riksbanken as well as ‘Bank of International Settlement’ that will launch an innovation hub in Stockholm, consider Blockchain technology as a foundation for their centralised digital currency. Even though there are fundamental differences between digital currencies led by central banks as well as cryptocurrencies, there are substantial amounts of learnings that could be passed to incumbents.

Being mentioned in the Stockholm Fintech Guide 2020 is a great honour for Safello as it places even a stronger trust that both our partners and customers put into us.  At the same time, such honour comes with an extensive responsibility to keep up with the high standards introduced by this rapidly growing industry.

You can access the full Guide by following the link: https://www.investstockholm.com/globalassets/invest/reports/stockholm-fintech-guide-2020.pdf

Olena Burutina

Writer for Safello

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