Swedish FinTech apps see more downloads than incumbents from 2017-Feb 2024

Swedish FinTech apps saw a combined 21.0m downloads from 2017-Feb 2024. This means on average Swedes have downloaded two FinTech apps each (population 10.5m). Incumbent and government apps saw a combined 19.7m over the same period. Swedish FinTech app downloads increased 14.9% in Feb 2023 to Feb 2024 whilst incumbents saw a 11.8% increase. Swedish finance apps saw a total of 40.7m downloads from 2017 to 2024.

BankID, is a government eID you can use to identify yourself online i.e. with your bank, authorities and companies, with a usage rate of 94% among smartphone users, it is the single largest such service in Sweden by a large margin, and is administered by Finansiell ID-Teknik BID AB that is owned by several Swedish and Scandinavian banks. BankID saw a total of 7.6m downloads from 2017-2024.

Swish, a payment service provider, was started in 2012 as a cooperation between six of the largest banks in Sweden. The original banks were Danske Bank, Handelsbanken, Länsförsäkringar, Nordea, SEB and Swedbank and Sparbankerna own Getswish AB. Other banks have since connected to Swish. Swish has a total of 7m downloads as of Feb 2024.

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