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Estonia leads in climate FinTech with the highest female founder rate and startups per capita

Estonia emerges as a new leader in ClimateTech, with the highest number of FinTechs per capita and a recent funding surge.

Tenity, a global accelerator with offices spanning from Zurich to Singapore and Tallinn, has released its Climate Fintech Report 2024. For the third year running, they have analysed a comprehensive database of over 750 innovative startups, with insights into funding, founder demographics, and market trends.

Estonia, which has ambitious climate goals, has emerged as a strong player in the FinTech niche — the report highlights the country’s standout performance across several key metrics, including startups per capita and the rate of female founders.

  • Estonia experienced a strong 24% increase in funding for climate FinTech startups in 2023 compared to 2022, defying the global trend of a 23% decline in funding.
  • Estonia holds the top spot globally for female founders in climate FinTech, with 44% of startups having at least one female co-founder. This figure puts Estonia ahead of other leading markets like Canada (43%) and the UK (42%).
  • Estonia leads globally in climate FinTechs per million inhabitants, boasting 11.8 startups in this category.
  • Estonia excels in Digital Investment Solutions and Carbon Offset Markets & Credits, with many startups overlapping across both categories.

However, Estonia’s climate FinTech ecosystem is still in the early stages of development compared to markets like the UK, with the majority of Estonia’s climate FinTech companies having been founded between 2020 and 2022. Only 6.25% of those are at the Series A growth stage, while the UK has 27.44% of its companies at this stage.

“Estonia’s performance in this year’s Tenity Climate Fintech Report highlights our nation’s commitment to fostering innovation in FinTech, particularly in areas that drive sustainability and climate action. Our remarkable funding growth and leading rate of female founders are testaments to the dynamic and inclusive ecosystem we are building in Estonia,” says Uve Poom, Tallinn Hub Head of Operations at Tenity.

Want to participate in Estonia’s growing climate innovation ecosystem? Make the most of our 1:1 e-Consulting service to get the best personalised advice about investing.

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