Digital remittance and aid platform Vipicash has reportedly netted NOK 2.2m ($266,000) in funding from local investors.
Capital came from Founders Fund, Innovasjon Norge, and a group of angel investors which included Davide de Picciotto, Frithjof Frederiksen and Olav Folkestad, according to a report on Nordic9.
The Norway-based company provides a transparent and trackable payment system for remittance and aid. The solution removes overheads and distribution fees to ensure people in deprived countries receive money for food, school fees, medical help, and shelter.
Earlier in the year, Nordic payments solution Nets received an offer from Evergood 5 to buy the company’s entire capital share. The deal was worth around $5.3bn, but it is unclear whether the deal has been accepted.
The FinTech sector is still rather small in the Nordic region, with Sweden seeing the biggest percentage of the activity. Sweden has seen an 18.5 per cent increase in deals between 2014 and 2016, with last year the country accounting for 64.1 per cent of the transactions in the region. Norway has yet to see big investment activity, with the country seeing between 7 and 11 per cent of activity a year.
The European payments and remittance sector has already seen over $150m more capital deployed in the first three quarters of 2017, than the whole of 2016. This rise in funding levels comes down to several high value deals in the third quarter, with it representing almost two thirds of the year’s funding.
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