Posted by & filed under Accelerator, Fintech, Nordea, Technology.

Feelingstream was part of our first Nordea accelerator last year. They are currently working on 4 paid pilots, and are also well in their way of conquering the banking industry. They continued working with Nordea after the accelerator program, and now that collaboration has taken a big step forward: Feelingstream and Nordea have just signed a big deal. Soon they’ll start a live pilot together. Click to tweet about it!

Nordea Group CEO Casper von Koskull with Terje Ennomäe innovating the future of bankingBig companies get a massive amount of messages every hour. It is hard if not even impossible to figure out which of them need immediate attention and which of them can be dealt with a bit later. That means lots of lost potential and angry customers; things that companies just cannot afford anymore. New competitors pop up every day, and having the best customer experience is more important now than ever. It is a huge problem for companies, but maybe not for long.

Feelingstream has created a machine that understands the actual content of text, and then uses that knowledge to organize inquiries from urgent to less urgent. This means critical issues can be found and dealt with much faster. And that of course, means much better customer service and no lost sales potential. For employees, it doesn’t mean any extra work as Feelinsgstream’s solution is invisible in the companies’ systems.

Feelingstream sees great potential in the banking industry. That’s why working with Nordea has been agreat experience for them. Fitting the startup way of doing thing into the highly regulated banking industry hasn’t always been a breeze, but they say it has been all worth it. They have not only gotten an invaluable reference from Nordea, but also the knowledge of what is required to succeed in the industry.

“Having Nordea as a reference is an incredible advantage considering our target markets. We have also gotten market access and been able to work with real data and situations, which is the most important thing for startups!” says Terje Ennomäe, the co-founder of Feelingstream.

Feelingstream has a lot of cool things ahead of them, and we can’t wait to see what kind of superstars they will become!

Posted by & filed under Accelerator, Nordea, Startups.


This is a guest post by Levon Brutyan from Collectly, Inc.

Collectly is one of our portfolio startups ( Collectly helps banks and businesses minimize losses on bad debts while keeping the customers loyal.They are part of the second Nordea and Nestholma Startup Accelerator batch. Originally posted here.

Collectly is a web application that helps all types of lenders ease and maximize bad debt recovery with few clicks. The tool utilizes deep learning algorithms that help resolve one of the biggest problems in debt collection industry (Read here) and return more money to the lenders.

Today I will share with you what is Nordea Bank Accelerator about and why it gives us a value comparable with the one non-fintech startup become from YC or 500 Startups. Currently, we have survived 1 month of the program and I believe that makes sense to kinda share our experience with you.

By the way, for those of you who don’t know what is Nordea Bank, please see this. Simply put, Nordea is the largest bank in Scandinavia and one of the largest banks in Europe.

(a) How to get in?

Getting into Nordea Accelerator was a long, challenging, but a rewarding experience for us. The application process starts with F6S and is pretty straightforward (comparing to the one of YC, e.g.). After about two month of waiting we got the invite to participate in the Training & Selection week. Considering the fact we got accepted into Plug’n’Play FinTech, StartupboothCamp and Fintech Innovation Lab we were a bit surprised with not just being invited to one-time interview but a whole week of training and selection. The good things about this week were: traveling to the beautiful Oslo, Norway and actually getting reimbursed for the tickets and lodging ($1,800).

We have compared the values that might give us all of 4 accelerators and for rational reasons we’ve picked up, thinking of Nordea Accelerator not only as an accelerator, but more as as an access to Nordea Bank as a customer/partner. Nordea Accelerator looks for promising startups all over the world in fintech or any other industry that might be strategically aligned to the business of Nordea (you have to think about it in advance). For instance, in our batch we have three different startups that do insurance (Fjuul, D-Vision, and Tickkr) or even some HR related startups that might be beneficial internally for Nordea. Important to mention Nordea Bank acquired two startups right away from the previous batch.

So, the requirements are simple: great team, bank related business, promising business model, traction (non paying customers do count). Well, there are some startups that didn’t have any traction and were invited to the Selection Week, but they still have tested their technology somehow.

Selection Week

The Training & Selection week is a short, but very intensive MEA-kinda (Master of Entrepreneurial Arts:))) experience mentored by a great, brutal, and very experienced entrepreneur Antti Kosunen and his amazing VC Nestholma team. I guess the Selection Week deserves a separate post, but here what we have done during it: showcasing our products, business models, working on lean canvases, talking to customers, talking to real VPs of Nordea (many of them like almost 15–20), and of course pitching, pitching, pitching. I believe we’ve been tested by both Nordea and VC Nestholma not only how good we are as entrepreneurs, but also how good we can sell, and how likely Nordea Bank can be interested in doing business with you.

At the end of the Selection Week from about 35 different startups 12 have been selected and offered to sign a standard convertible notes non-negotiable (I personally think depends on your stage) agreement to get a funding of EUR 12K in exchange of 4% of equity. You will say, WTF?!? Only EUR 12K?!??! Yes, and I’ll tell it’s really worth it in case banks are your strategical partner/customer/channel/supplier. It’s really one of the most smartest 12K I’ve seen so far.

(b) The structure of Nordea Accelerator

Nordea Accelerator is a separate entity of Nordea Bank (at least seems to be). All the investments are done by VC Nestholma. Most of the sessions, learnings, contacts are provided also by VC Nestholma that is a partner of Nordea Accelerator. The guys at both Nestholma and Nordea Accelerator are very friendly, helpful, and brutal to startups. They will provide you with powerful connections inside and outside the Nordea Bank, but limited to Nordic region (that’s definitely a downside for some of the startups).

(c) Nordea Bank as a customer/partner (APIs, data)

As a customer: I believe, Nordea Accelerator is the best way to validate your business model and actually get a pilot with Nordea Bank. I do believe, from every batch about 4–6 startup will get their pilots, sooner or later. The fastest you can do is 1 month.

As a partner: Here the things become a bit harder. The majority of startups need some kind of integration and especially the data. Nordea Bank has started the program of Open Innovation and it’s actively developing its APIs, but as of today almost no kind of APIs are accessible from the outside.

In case you want to distribute you services to 300K of corporate customers that Nordea is servicing it’s possible, but of course you have to find a viable win-win model for both you and the bank.

(d) Routine

I personally haven’t participated in neither YC or 500 Startups programs, but as I do have a lot of friends who participated in either of the programs and based on their opinions I can imply Nordea Acceleration program is closer to what 500 Startups offers nowadays. There will be a lot of lectures, workshops, team work, mentoring, i.e. learning. The program is an ideal fit for the teams that don’t have any kind of entrepreneurial experience, a good fit for the teams that still struggle with the product-market fit, and still somewhat useful for already experienced team that grow rapidly.

(e) Location & Facilities

Nordea Accelerators runs the program simultaneously in both cities: Helsinki, Finland and Stockholm, Sweden. Helsinki has a lower living costs (what is really nice, considering EUR 12K, which are enough for 2 members for the whole program), great office, many conference rooms, working desks etc. Stockholm is definitely the most beautiful city among the Nordic countries, but with a higher living costs (still way cheaper than SanFran or NY). It also has a great office (not as fancy as Helsinki) and amazing places bars, cafes, restaurants (relax, you won’t have time for that (ha-ha-ha)).

1st Month Conclusion

Collectly is a pure fintech startup that utilizes deep learning algorithms, aka AI, and is definitely b2b focused one. The first month of the Nordea Accelerator was amazingly efficient for us. I can’t share any results with you, because they’re confidential, however I can assure without this particular accelerator we would never achieve any of the goals in that amount of time.

So, guys, go to follow the page and mark your calendar whenever the application period opens again. Oh, yeah, and definitely wait for the second report on the accelerator in a month:)

Levon Brutyan CEO/Co-founder Collectly, Inc.

Posted by & filed under General, Press release.

We are excited to welcome Mika Eriksson to our Nestholma family! He has a strong background in entrepreneurship, sales and all things international, and thus couldn’t be better addition to our team.

Mika Eriksson joins NestholmaMika has been an entrepreneur for 18 years and cofounded 4 companies. He also worked almost 8 years at Finpro (Finpro is the national trade, internationalization and investment development organization in Finland), where he helped countless startups and corporation succeed in variety of fields. Both his own companies and his work at Finpro has been very international. At Nestholma he is going put his international knowledge and vast sales experience to good use, as he will be focusing on our international growth.

”Nestholma is doing an amazing job giving big corporations a big gush of innovative air, and at the same time helping startups benefit from the vast knowledge and experience corporations have. Nestholma is also growing internationally fast, which makes joining the team even more exciting”, says Mika.

Look forward to even more global Nestholma!


Posted by & filed under Fintech, Funding, Press release, Startups.

During the past couple of years Nestholma has invested into 15 Fintech startups, which is more than any other investor in Finland. The company is also one of the most international investors in Finland. Nestholma has invested in startups from Finland, Sweden, Norway, Denmark, USA, Germany, UK and Estonia among others. These startups have participated in the Fintech accelerators Nestholma has organized together with Nordea Bank.

”Fintech is going through big changes. We have a great partner in Nordea, and together we are able to find the startups that have a real potential to succeed in the industry,” says Antti Kosunen, co-founder of Nestholma.

Currently, 35% of Nestholma’s investments have been made into Fintech startups. Fintech will be also a strong focus area in the future in the Nestholma investment portfolio.

More information:
Antti Kosunen
Nestholma Oy
antti (at)
+358 400 850200




Posted by & filed under General, Press release, Startups, Ultrahack.

We love Ultrahack! In fact so much that invested into Ultrahack and welcomed it to our Nestholma family! Now we can both offer our partners and communities new ways to innovate through a complementary offering of hackathons and accelerators.

Ultrahack is a global innovation platform for hackers with varying backgrounds and corporations that want to innovate fast. Their active community and tournaments attract an incredible amount of talented people, who are ready to roll up their sleeves. And when these great minds work together in such an unique environment as the tournaments, the results are also amazing!

While solving the challenges the Ultrahack participants, go through an intensive learning curve. While solving real-life problems, they learn and create seeds for new innovations and opportunities. That used to be the end, but now we are excited to offer those budding startups a way to take their work to a whole new level. It is an innovation pipeline like never seen before!

“Ultrahack is the world’s best hackathon! We could not be more excited to get to work with the Ultrahack community and the partner companies,” says Topi Järvinen.

Now that we have joined forces with Ultrahack, we can also offer our customers a new kind of hackathon that complements our accelerator programs. This makes our offering to startups and corporations better than ever. This year we will also offer 1 million euros worth of investments to promising Ultrahack teams. This kind of cooperation is something completely new in the hackathon world! We are excited, and we hope you are too!