The Norwegian trading company operated from several continents during the pandemic.
Our growth rate is already better than we planned, says Nikki Paul Bisgaard, who heads the Norwegian fintech company Edenbol.
Earlier this year, they secured their first foreign contract, when they won a bidding round with giant National Australia Bank. The bank is among the world’s 50 largest and will roll out Eedenbull payment and management solutions for small and medium-sized businesses.
The five-year contract is worth about 60 million NOK.
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He was taken to the hospital
In February, the company opened a sales office in the United States, and this month it announced a partnership with MasterCard. They also have all the licenses they need, as well as direct licenses with Visa, Mastercard, and Unionpay.
Bisgaard has worked with the payment market for a number of years. Among others, with the development of Sparebank cards in the 1990s, at Visa, Entercard and the consulting firm Paytech Group.
– We know Pay, and many of those who work with her know us before, says Bisgaard.
Today Paytech Group is the largest owner of an entrepreneurial company.
I started in Norway
The idea behind offering the service to the entrepreneurial company came about due to new regulations, such as the Payment Services Directive (PSD2), and new players that were constantly gaining new market shares in the payment market.
We like to think that we are a little different, not in favor of competing with banks, but cooperating with them and enabling them to compete with new players in the market, says Bisgaard.
When the product was first to be launched, it was in collaboration with Norwegian banks Eika and Sparebanken Sør. They targeted small and medium-sized business customers.
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The financial industry has grown strongly. Now it’s the sustainability that students want.
The company is headquartered in Norway, but has employees spread all over the world. The technology is being developed in the company, mainly from Edinburgh in Scotland. In addition, they are found in Singapore, London and New York.
– We wanted to go international right away. We chose to have the largest environment in Scotland, because there is an excellent financial technology environment there, there are good universities there, they speak some kind of English, and there are a number of Norwegians there, says Bisgaard.
The entrepreneur is now preparing a stock issue for the fall, with the plan to raise NOK 100 million to fund growth.
Annual accounts show income growth from 2 million in 2019 to more than 6.8 million in 2020. But also operating profit minus 6.76 million kroner in 2020, versus minus 4.6 million a year earlier.
– We will introduce red numbers in both 2021 and 2022. But then we will end up providing only black numbers, says Bisgaard.
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