Circular economy startup Loopfront sees 300% increase in users


Ahead of our NextGen Nordics conference on 27 April 2022, we will be putting together a weekly briefing of all the top stories that are emerging out of the region and setting the blueprint for payments innovation across Denmark, Finland, Iceland, Norway, and Sweden.

NextGen Nordics will bring together multiple stakeholders – the banking community, central banks, public authorities and trade and business beneficiaries – to generate community discussion, explore the benefits and offer practical advice on activating the opportunities of new technologies in the Nordic region. Register for the event here.

Loopfront sees 300% increase in users since December

Norwegian circular economy-focused startup Loopfront has seen a 300% increase in users on its platform following the completion of its seed funding round at the end of 2021. The company raised $6 million in a seed funding round led by ProVenture, with Wiski Capital and Aidiom participating.

The cloud-based IT-startup, focused on solving the global environmental challenges real estate and construction sectors have with circularity, has active users across Norway, Sweden, and Germany.

Additionally, the company has been selected by Swedish-based Adda AB as their supplier, which comes after a new version of the Loopfront platform was launched. The Loopfront team also expanded their business model, selling subscriptions to companies who wish to use Loopfront data.

Danske Bank tests quantum communication for data transfer

Danish researchers are claiming a breakthrough in IT security after using quantum communication to transfer data between computers at Danske Bank. The researchers, from the Technical University of Denmark (DTU), worked with Danske and KPMG on the project, which successfully transferred data between two of the bank’s computers that simulate data centres.

The event marked the first data transfer in the Nordics secured by quantum keys on a network outside a laboratory. The transfer was carried out using a technology developed at DTU called continuous variable quantum key distribution (CV-QKD), which enables the creation and sharing of secure encryption keys with the help of standard telecom fibre optics.

Airpay Digital announce partnership with Enfuce

Finnish companies Airpay and Enfuce announced their partnership which will allow Airpay to process Visa card payments. By using Enfuce’s payment platform, Airpay can offer smart business cards featuring automated bookkeeping. Airpay will issue payment cards through their Visa license and complete this offering through Enfuce’s end-to-end payment service.

Freetrade receives regulatory approval to launch in Sweden

Finansinspektionen has authorised Freetrade to offer its product to Swedish retail investors. This comes after growth for the company which now has 1.2 million users in the UK and over £1bn in AUA. Before a launch to the public, the app will run a closed beta for people already signed up to a waitlist.

Rocker releases biometric payment cards

Swedish bank challenger Rocker announced its partnership with IDEMIA and IDEX Biometrics to launch Rocker Touch, a biometric payments card, making them the first in Sweden to do so.

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