The Netherlands-based Big Four auditor is collaborating with entrepreneurs, banks and regulators on its latest venture, which seeks to stimulate fintech growth.

KPMG, in collaboration with numerous other firms, is set to launch a fintech hub in Stockholm in a bid to accelerate the development of innovative Swedish start-ups and high-growth companies.

Fintech, short for financial technology, is a term heard more and more in the wealth management industry as financial organisations worldwide continue to establish "innovation labs" in order to stay ahead of trends and remain competitive.

Throughout the past five years, Stockholm-based companies received 18 per cent of all private placements in fintech companies across Europe. Additionally, statistics show that Sweden's capital city attracts almost one-fifth of all European fintech investments, according to KPMG.

The new centre, which is scheduled to launch in the first quarter of next year, is an initiative that reflects a collaborative effort between entrepreneurs, large banks, investors, corporates, regulators and government, KPMG said.

Behind the initiative, as well as KPMG, are Matthew Argent, a partner at BLC Advisors, NFT Ventures, and Invest Stockholm. Riding alongside these key players in the steering committee are a number of fintech company founders, and more partners are expected to be added in due course, KPMG added. 

“We are now at the stage where ‘verticalised’, specialised environments need to be created that allow fintech founders and entrepreneurs access to a support system that can tackle the challenges and maximise the opportunities that are specific to fintech companies,” said BLC Advisors' Argent.

He continued: “Stockholm FinTech Hub will be an enabler and a vital link between start-ups, regulators and established financial institutions. It will be a place where fintech companies can access a dedicated support ecosystem designed specifically for the fintech environment, including access to 42 other fintech hubs across the world where co-operation agreements have been formed.”