In 2022, the Danish Export and Investment Fund (EIFO), Velliv, and Finansforbundet, in collaboration with Copenhagen Fintech, established the fintech investment fund Upfin. The fund is now becoming part of the international FinTech Collective.
Upfin was founded with the goal of strengthening the Danish and Nordic fintech ecosystem, with EIFO (formerly Vækstfonden), Velliv, and Finansforbundet as institutional Limited Partners (LPs), working closely with Copenhagen Fintech. This strategic focus will now continue under the management of the international venture capital fund FinTech Collective, which will serve as the future management base for the LP group behind Upfin. The mission remains to support the most promising and leading Nordic fintech companies of the future. This collaboration is expected to strengthen the fund while opening new opportunities for the fintech ecosystem in Denmark and the broader Nordic region.
In terms of ongoing strategic development and fund management, FinTech Collective is an excellent match for us as investors and for fintech startups.
A New Structure Brings New Opportunities
“We have a strong partnership and a shared focus on making sound investments by providing capital to a thriving fintech environment in Denmark and neighboring countries. This has always been the common goal of the LP group behind Upfin, and we have had a solid start with a strong portfolio. In terms of ongoing strategic development and fund management, FinTech Collective is an excellent match for us as investors and for fintech startups,” says Lars Nordal Jensen, Managing Director, Fund Investments, Danish Export and Investment Fund.
Facts:
About Upfin and FinTech Collective
• Upfin was founded in 2022 as Denmark’s first dedicated venture fund with a clear focus on early-stage fintech companies.
• The fund was established by EIFO (formerly Vækstfonden), Velliv, and Finansforbundet, which collectively raised DKK 225 million.
• Upfin has maintained a strategic partnership with Copenhagen Fintech since its inception.
• FinTech Collective, founded in 2012, operates internationally from offices in New York and London.
Upfin Management, that until now have been Managerof the Upfin fond, is stepping outby mutual agreement. Moving forward, fund operations and management will be under FinTech Collective, while collaboration with Copenhagen Fintech will continue.
“The agreement with FinTech Collective brings new opportunities to strengthen our investment strategy by expanding access to networks, capital, and expertise. This is a step in the right direction that enhances return potential,” says Thor Schultz Christensen, Deputy CIO, Velliv.
Structural Change Maintains Focus on the Local Ecosystem
The collaboration emphasizes maintaining the original investment strategy and focus.
“It is crucial for us to join a strong setup while preserving close ties to the Danish fintech ecosystem. The partners are committed to maintaining this foundation, as it is essential for making sound investments and contributing to the ongoing development of the fintech sector,” says Jakob Thorgaard, Vice Chairman of Finansforbundet.
The collaboration is expected to benefit the Danish ecosystem as a whole, according to Copenhagen Fintech.
“This is positive for the Danish ecosystem, for Copenhagen Fintech, and for individual startups, as the fund is now managed by a top-tier U.S. venture capital firm. The fact that FinTech Collective is interested in Danish and Nordic fintech companies is a strong endorsement and undoubtedly opens new opportunities going forward,” says Thomas Krogh Jensen, CEO of Copenhagen Fintech.
FinTech Collective is excited about the partnership and sees great potential for both investors and startups in Denmark.
“The Danish ecosystem is strong and holds significant potential. It is a market we are eager to engage with more deeply. I am confident this will create value for all parties involved,” says Brooks Gibbins, Managing Partner of FinTech Collective.
Toby Triebel, Partner at FinTech Collective and head of the firm’s European business, will oversee the firm’s engagement in the region, ensuring a close connection to Denmark and the Nordic fintech ecosystem from FinTech Collective’s European headquarters in London.
