“Can a licensed Finnish SMB bank win by embedding deposits, invoice financing and business cards natively inside the accounting software where Finnish SMBs already run their finance?”
Fellow Finance began in 2013 as a Finnish P2P lending marketplace matching consumer and SMB borrowers with retail investors, and IPO'd on Nasdaq First North in 2018. In 2021 it merged with Evli Bank's SME banking operations, obtained a Finnish banking licence, and pivoted from marketplace lender to full-stack SMB neobank branded Fellow Bank. The company then rebranded again to Alisa Pankki, wound down consumer current accounts, and repositioned as an embedded SMB bank distributed inside Finnish accounting software (Netvisor).
Fellow Finance discloses Alisa Pankki Oyj (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Fellow Finance does not disclose a bank charter of its own; its banking services are provided through Alisa Pankki Oyj (in-house).
Fellow Finance's cards are issued through Alisa Pankki Oyj (in-house) on the Visa network.
Fellow Finance's lending and capital products are provided by Alisa Pankki Oyj (in-house), Finnvera and Nordea.
Fellow Finance integrates with Netvisor.
The Embedded Finance Index 2026 maps 5 layers in Fellow Finance's stack: Banking / BaaS (Alisa Pankki Oyj (in-house)); Card issuing (Alisa Pankki Oyj (in-house)); Card network (Visa); Lending (Alisa Pankki Oyj (in-house), Finnvera, Nordea, Invoice financing (Laskurahoitus) and 4 others); Accounting (Netvisor).
Fellow Finance is founded in 2013 and headquartered in Helsinki, Finland.
Get a read on where your own stack stands against Fellow Finance and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.