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NEWS September 13, 2016

Here are the new Fintech ideas participating in STING Test Drive


For the second year in a row, 10 promising startups will get support from STING to develop their business ideas within “Financial Technology”. New this year is that Swedbank is not only a partner but also participating with three own projects. Industrifonden and FCG are also partners in the program STING Test Drive Fintech.

– STING Test Drive is an excellent initiative for testing early ideas. We look forward to sharing our experiences, in both B2B and B2C, from an investor perspective, says Sofia Ericsson Holm, Investment Manager at Industrifonden.

STING Test Drive is led by business angel Walerud Jane, who was an early investor in Klarna, and Fredrik Rosengren, business coach at STING. During seven evening workshops, they will help the entrepreneurs to evaluate and develop their business ideas.

– We see several interesting ideas in robo guidance and cost-efficient savings that challenges the financial sector. It will be incredibly exciting to help them forward, says Fredrik Rosengren, business coach at STING (Stockholm Innovation & Growth).

The goal of the STING Test Drive Fintech is to help create more companies in the financial technologies sector (eg banking, transaction, residential mortgages, insurance and payment services). People all over Sweden with their own innovative Fintech idea with a large international growth potential can participate. The program is completely free. Past participants include Sigma Stocks, Marqts and Klirr.

Here are the 13 selected startups/projects participating in STING Test Drive Fintech this fall:

Aidough offer the service “Private banking for the masses” based on advanced economic models and methods of financial management and risk analysis. The service manages not only traditional financial instruments – Aidough weighs in all aspects of an individual’s finances and life situation. Thus Aidough creates a risk-adjusted portfolio where for example certain types of risks are hedged with insurance. 

Cling connects private lenders and companies to provide small to medium-sized businesses sales financing that previously has been available only to the big chains. We have made the financing process easy and automated. Companies of all sizes can with private lenders’, or with their own capital, offer financing services that provide their customers greater purchasing power, and Cling’s lenders better returns.

EuroSavings – Sweden’s best interest in Europe. The deposit rate on fixed-rate accounts with the Swedish banks are low, usually 0.2%-0.6%. EuroSavings allows for private and corporate customers to take advantage of the best rates at selected banks in Europe with 2%-3% interest rate with 3 months’ to 5 years’ maturity. After an easy registration, the customer can choose the rate and term that best among Euro Savings partner banks.

F&A Forecasting has created Indicio, a platform that enables decision makers to beat experts in forecasting everything from commodity prices to airport queues. It is the first platform on the market to address the need for a guided prediction structure. Through this structure, anyone can apply advanced statistical models that were previously only available in academia. Digital or on paper, always in conjunction with the best forecasters in the market. 

KRAM stands for Customer Advisors Matchmaker. We offer a solution to match customers with advisors, administrators and services based on various parameters, such as cultural and national backgrounds, but not least on the basis of personality and motivations. It allows us to meet customers on their terms and give them a more personal experience.

PopBank is a banking service based on blockchain, where the customer controls and owns her own money without the need for having a bank. It is based on offering simplified and free services in a completely open system secured through distributed computing technologies.

Primepilot will be the first complete robo advisor in the Nordics, and also the first mobile one. The media, politicians and the people agree – expensive funds and advisors inhibit savings and pension growth. Soon, you can save smarter with Primepilot. Primepilot supports you in an easy way to find the funds that are right for you. You get access to information and advice anytime and anywhere, at the lowest cost.

SEEQEST Are you invested in nuclear weapons without knowing it? With SEEQEST you can “google” the holdings in all of Sweden’s pension funds. You can assess whether investments are consistent with your values and act accordingly. Thus, your pension also becomes a powerful steering instrument for the future you want to see. 

Småspararguiden wants to cure the Swedes’ widespread savings anxiety. Savers pay annually 13 billion Swedish crowns in unnecessary fees and do not know whom to turn to when advisors and personal bankers act like, and are, salesmen. We offer a digital consultancy that is simple, engaging, independent, transparent and sustainable. 

Split Lending offers individuals a “crowd-lending” product that enables positive returns with low risk in the current low-interest rate environment. Split Lending meets the need for services and products that provide positive returns and where customers can trust that someone has reviewed the risk and can ensure that it is low in relation to other products on the market.

Stratify is a digital service that collects and analyzes the user’s overall economy data. We want to give micro enterprises an opportunity to feel ownership of their finances and provide support in the process, overall control and proactive advice. The user is guided in when, what and why they should act on the data that is the basis for strategic and operational decision making.

The Fair Loan Project – the nice quick loan! The SMS and instant loan market is the part of the financial industry that has the worst reputation, with interest rates up to 500-600 percent. The Fair Loan Project provides instant loans at considerably lower interest rate, higher flexibility and without the hassle and fees. Loan applications and administration are fully automated via the web/smartphone to minimize costs. The proprietary three-point credit verification system minimizes risk in real time, allowing for payment within a few hours. Debt financing is made through professional investors via a P2P approach with guarantees returns of 6-10 percent.

UBY uses the “power of many” by providing a community for consumers to hand-pick the best deals for specific banking services – without tying themselves up to a single bank – and still get a comprehensive picture of their banking commitments. UBY offers banks a marketplace consisting of pre-approved clusters of customers with specific product needs, and also the ability to hand-pick individual customer engagement. This reduces customer acquisition costs and risk profiles can be optimized.

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