• Swish, a mobile payment platform, was the most downloaded Swedish FinTech app in the first half of 2022 with 484k downloads and has been downloaded 6.8m times in total as of 8th August 2022. This equates to roughly three in five Swedes having used the app (Swedish population is 10.35m). Swish dominates Swedish app stores, consistently ranks top in the finance category although app downloads peaked in 2017 with 1.5m downloads and has dropped at a compound annual growth rate (CAGR) of -10.53% from 2017 -2021.
• WealthTech apps accounted for five out of the top ten most downloaded apps listed and the PayTech sector accounted for four. Total transaction value for digital payments is expected to reach $38bn in 2022 and has a projected CAGR of 16.27% from 2022 -2027. Data published by Deloitte suggested that 71% of Swedes used a payment service on their mobile compared to 62% using online banking methods in 2017.
• Sweden has been driving towards a cashless economy and has used Bank ID, a personal identification app, the second most downloaded app listed to do so. Bank ID provides a Swedish personal identification number (personnummer) and bank account to access all digital public services, use online banking and even sign contracts.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2022 FinTech Global