The booming financial technology sector has even found its way to the snowy nations in northern Europe.

The Nordic Web revealed that Nordic countries are seeing an explosion of fintech like no where else.

The Nordic countries, which consist of Sweden, Denmark, Finland and Norway, have seen 51 new fintech investments in the past 25-months.

A report from The report noted that almost one in every 10 investments made into Nordic startups went to fintech firms, with Sweden taking the lead.

According to Neil S W Murray, the creator of The Nordic Web, the majority of fintech investments range from between $1 million to $3 million.

But other firms have skyrocketed past this average range. Klarna, an online payment platform based in Stockholm, is now valued at over $2.2bn with a total of $291.33 million raised through investment rounds.

Another company, iZettle, has received $244 million through investment rounds.

Although the investment rounds for Nordic fintech companies aren’t quite as big as the US and UK, they are relatively large and frequent considering the populations of the Nordic countries.

There are various reasons why the Nordic countries are embracing fintech so enthusiastically. One reason is due to the avoidance of cash in these countries, according to Lifeline Ventures founder Timo Ahopelto.

“The Nordic consumers avoid cash. For example in Finland, you can manage without cash 100% of the time,” he said. Murray also chimed in, saying “the Nordics lend itself particularly well to fintech for a few reasons.

Stockholm has a strong financial history, mobile adoption is rife, and fintech lends itself well to mobile solutions, meaning Scandinavia is a good user market.

What’s more, the success of Klarna and iZettle has meant more interest in fintech in the region.”