Estonia is a cashless society with over 99% of financial transactions occurring digitally. Electronic ID and Blockchain are widely used in FinTech applications. 80+ FinTechs ranging from innovative startups such as TransferWise to Blockchain leader Guardtime make Estonia a global centre of excellence for FinTech.
| Digital by design, Estonian financial services have applied FinTech for over 20yrs. | |
| Daily utilisation of distributed systems, electronic ID and smart contracts. | |
| World-class skills in software, high tech systems, process automation and cyber security. | |
| Digital environment supporting rapid innovation, development and launch of solutions. | |
| Global proof of concept in segments including Blockchain, payments and banking. |
Having committed to digital financial services 20 years ago Estonia has developed unique skills and experience in the innovation and application of FinTech.
Estonia’s FinTech journey has its roots in e-Estonia, when government, financial services and telecoms providers collaborated to create a unique environment. Digital service delivery was supported by the development of electronic ID, smart contracts, high-speed connectivity and enabling legislation. Nordic banks were early beneficiaries and continue to profit from efficient and agile business models.
Estonia has utilised decentralised, distributed systems since 2001 and Blockchain since 2008. The world’s largest Blockchain company, Guardtime, was born and continues to have significant operations in Estonia, while Blockchain startup Funderbeam attracts global investment. NASDAQ has completed a successful trial of Blockchain based shareholder voting in Estonia.
In payments, Estonia has produced globally successful companies including Fortumo, award winning Monese and unicorn TransferWise, each of whom has significant R&D, engineering and 24/7, multilingual client service operations in Estonia.
Estonia’s also possesses expertise in enterprise grade solutions, including Fitek’s F&A robotic process automation and Arvato Bertlesmann’s Innovation and Development centres of excellence.
Further success is expected as Estonia’s expertise in finance and IT, high entrepreneurship and pro-business environment including regulation promote rapid development and launch of solutions in areas such as cryptocurrencies and A.I.
Whether you seek innovation, reliable engineering or an operational hub within the EU regulatory framework, Estonia is a smart, agile location for FinTech businesses.
Success stories in the Estonian Fintech sector include:
Arvato Bertlesmann, Bondora, e-Residency, Fitek, Fortumo, Friendly Finance, Funderbeam, Guardtime, IceFire, IPF Digital, Monese, NASDAQ, Pocopay, TransferWise, etc.
These websites can be useful when interested in FinTech in Estonia:
You are also welcome to send us a request for personal e-consulting to obtain more specific information.
Estonia is the world’s most digitally enabled nation, offering a unique combination of talent, environment and innovation. Our IT R&D ecosystem enjoys global proof of concept, being trusted by global organisations such as Kuehne+Nagel and NATO and producing unicorn startups Transferwise and Bolt.
Estonia is a cashless society with over 99% of financial transactions occurring digitally. Electronic ID and Blockchain are widely used in FinTech applications. 80+ FinTechs ranging from innovative startups such as TransferWise to Blockchain leader Guardtime make Estonia a global centre of excellence for FinTech.
The most advanced cyber security country in Europe, Estonia has unique expertise in the research, development and management of cyber security solutions and systems. Home to NATO CCDCOE, Guardtime and Malwarebytes, Estonia is trusted to keep the digital economy safe.
Estonia has a two-decade track record of successful innovations and investments thanks to its smart people and a unique environment which enables the accelerated development and commercialisation of IP.
Estonia has a sizeable food industry which benefits from ecological raw materials, skilled workers and modern production facilities. With an established export capability and growing application of food science and technology, Estonia is the ideal location for export and R&D oriented investment.
With a highly-qualified workforce and strengths in engineering, electronics and IT, Estonia is at the cutting edge of R&D, production and service for mechatronic solutions with embedded software.
With over 80 captive, BPO and ITO centres, Estonia is an established location for finance, IT and customer services and has a growing expertise in supply chain, HR and process automation.
Estonia has a sizeable Advanced Industrial sector and world-class IT expertise in areas including high tech systems, control technologies and cyber security. Supported by a collaborative ecosystem well suited to research and development, Estonia is emerging as a centre of excellence in industrial automation.
Estonia developed X-Road, its proprietary decentralised, distributed system in 2001 and has utilised Blockchain since 2008. World-class technical skills supported by practical experience implementing public and permissioned Blockchain’s place Estonia at the forefront of the emerging Blockchain economy.
Estonia is the most effective supply chain hub for the Nordic, Baltic and northwest Russian regions thanks to its strategic location, modern infrastructure, multi-modal capabilities and reliable but flexible approach.
Estonia has one of Europe’s largest bioeconomies, including world leading expertise in forest-based activity. Supported by high-quality natural resources, ultra-high use of IT and supportive policy making, Estonia offers a range of production and innovation opportunities.
Estonia has a niche capability in the design and engineering of hardware and software solutions for intelligent transportation, urban planning, tourism and smart homes. Advanced digital infrastructure, skills and consumer adoption provide the ideal R&D testbed.
Estonia has a collaborative ecosystem for Industrial R&D including academia, accelerators and competence centres. Supported by world-class expertise and a highly competitive, digital environment, Estonia is the ideal location for Industrial product and technology R&D.
Patient records in Estonia are digitised and secured by the Blockchain, providing a single immutable data source for healthcare professionals. With a unique digital platform and collaborative ecosystem, Estonia is positioned to lead on preventative medicine, patient self-treatment and industry efficiency.
Estonia’s marine sector specialises in the design and build of small and medium-sized commercial and leisure vessels. Centuries long expertise, cutting-edge application of IT and a flexible approach make Estonia a competitive location for innovation and export-oriented production.
Estonia has a diversified energy sector which comprises long-standing expertise in oil shale, a sizeable renewables sector and growing CleanTech capability. World-class expertise within a highly digital, pro-business environment will see Estonia play a leading role in the energy revolution
Estonia has a full value chain for R&D, prototyping, and production of precision components and complex systems, and is trusted by ABB, Ericsson and the European Space Agency.
Estonia has an export-oriented Chemicals sector benefitting from a full value chain and world-class skills in oil shale, rare earth metals and petrochemicals. Our pro-business environment is competitive and trustworthy, with digitalisation applied to deliver new capabilities.
Estonia is an emerging hub for global e-commerce activity. World-class IT skills have created numerous e-commerce applications and are supported by leadership positions in enablers such as online trust, payments and digital logistics.
Estonia is a world leader in the development and application of digital logistics. From data analytics and country single windows to mobile apps and delivery robots, Estonia improves supply chain efficiency and client experience from the first mile to last.
What is it like to run a business in Estonia? How to benefit from the e-solutions and the efficiency of our business culture? What are the opportunities in specific sectors?
The Estonian Investment Agency’s team is happy to help you via the complimentary e-consulting service.
