Population
5.5M
Online population
5.4M
Currency
NOK
Population - 5.5M
[At the start](https://datareportal.com/reports/digital-2024-norway#:~:text=The state of digital in Norway in 2024&text=Norway was home to 4.49,percent of the total population.) of 2024, 84.1% of Norway’s population lived in urban centres, while 15.9% lived in rural areas.
Internet penetration - [99%](https://datareportal.com/reports/digital-2024-norway#:~:text=The state of digital in Norway in 2024&text=Norway was home to 4.49,percent of the total population.)
There [were](https://datareportal.com/reports/digital-2024-norway#:~:text=The state of digital in Norway in 2024&text=Norway was home to 4.49,percent of the total population.) 5.4M internet users in Norway at the start of 2024.
The Norwegian FinTech industry is growing and maturing rapidly. Since 2016 the number of FinTechs in Norway has grown from less than 30 companies to more than 180 companies as of 2023.
The growth of the FinTech sector in Norway has been accelerated by a highly digitalized banking and public sector, the maturing of enabling technologies like AI, machine learning, blockchain etc., combined with new regulations in the financial sector. EU’s PSD2 regulation, for example, has paved the way for new players in the field.
One sign that the industry is maturing is that Norwegian FinTechs now have established their own industry organization FinTech Norway, which works to improve the industry’s framework conditions. Compared with its Nordic neighbors, like Sweden and Denmark, Norway does not have any FinTech unicorns yet, but several companies are accelerating fast.
Norwegian FinTechs like Vipps, Signicat, Two, Meawallet, Firi, Exabel, Zwipe, have made their marks in the international markets, but the majority of Norwegian FinTech companies are still in the early stages of development and scaling.
Norwegian Innovation Clusters are government supported programs that aim to trigger and enhance collaborative activities in the Norwegian industry. The cluster program is supported by Innovation Norway, SIVA (The Industrial Development Corporation of Norway) and the Norwegian Research Council. ****Located in Media City Bergen, one of the hot spots of innovation in Norway, the FinTech Hub is a place for innovators, changemakers and entrepreneurs and a home for the exploration of extraordinary ideas.
Norway has seen a trend in the decline of FinTech investment. In 2023 it reported a decrease of 29% in the total number of deals compared to the previous year, while avilable funding has also suffered a significant loss estimated to be 78% lower than the year before. This shift shows a cooling down of investment previously seen across the region but also indicates the Nordic and Baltic markets are entering a new stage of maturity, honing in on sustainable and impactful financial solutions.
<aside> 🎯 The Mastercard Lighthouse FINITIV program has launched its 12th round with 15 outstanding FinTech startups. This autumn, the partnership program will focus on Denmark, Norway and the Baltics, with an ambition to stimulate and contribute to the already active and growing startup scene in these countries. Mastercard Lighthouse is committed to support the following FinTech startups in Norway: Crowdworks, Eedenbull, FundingPartner, Optius .app, and Receipts.
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Norway has the lowest rate of cash use according to WorldPay The Global Payments Report 2024. Cash accounted for just 4% of POS transaction value in 2023. A slight decline to 3% of POS value is projected to 2027, although that’s likely to be a floor of long-term use. Norway’s government has taken measures to ensure that consumers have a right to pay with cash.
As of 2024, Norway has a total of 110 banks, which include 84 savings banks and the remainder being commercial banks and online banks.
<aside> 🗣 Bank ID In Norway you must obtain a Bank ID first before opening a bank account, which means you need to visit a bank branch in person. You can obtain a Bank ID by taking your passport and D-Number/National Identity Number to any Norwegian bank. Once you have a Bank ID, you’ll then be able to open any Norwegian bank account online. You can also use Bank ID to sign legal documents, bid on a house and even pay bills. Bank ID is also a universal authorization and authentication system for any financial services.
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