A trust-based financial inclusion ecosystem for small businesses and sustainable projects everywhere. The system uses leading edge technology, including blockchain and artificial intelligence.
Hiveonline is building financial and trust solutions for communities of small businesses, their customers, lenders and investors, with the goal of creating a fairer and more sustainable environment for small and micro businesses. The offering presents a variety of products, all based on the same technology and structure which combine self-executing contracts, integration to financial systems and a revolutionary behavioral measurement system that scores customers on facts, delivered over mobile.
Founder & CEO
Founder and CEO of hiveonline, the financial trust platform for small businesses and sustainable finance, launched in 2018. Sofie Blakstad is one of the world’s most experienced banking transformation professionals, who has also driven service alignment in banks since 2004. Global strategic banking change expert. 8 banks, 25 years, € billion+ programmes. Fintech Advisor to UN, G20, Edinburgh Futures Institute. Author, Fintech Revolution (Palgrave Macmillan, Summer 2018) with Robert Allen. Top 100 Women in Fintech. Passionate about disruptive technology applications to solving real world economic imbalance.
Areas of Expertise: Fintech, blockchain applications, behavioural reputation systems, economic ecosystems, central bank digital currency, trust and identity, banking business transformation, customer experience led service design, ecosystem change strategy, international banking, core banking and payments, complex multinational organisational change, programme recovery.
Sweden [Stockholms län]
Estimated project cost
EUR 2.6 million
Industry for SMEs & Mid-Caps
Other Digital, including Content and Services
Expected Jobs created
Economic rationale / Business Model
Hiveonline ecosystem is fully distributed and embraces ecosystem architecture to work collaboratively with partners to enhance customer value.
The hiveonline-SME line is our core product, however we can also configure the platform to offer microfinance, as we are in our Niger rollout, with potential to support green investments. Our revenue model is based on a low monthly fees to our SME customers, and a licence-fee for our investment product customers.
SME customers in EU-28 will pay EUR 50 / month for a basic offering of project wallets (in addition to a company and a personal wallet), the reputation system, free contracts and payments, integration with bank account, chat and marketplace. Additional features such as accountancy and project management is brought to our customers via 3rd party integration.
Our developing economies customers are resistant to subscription charges, therefore our model for the Africa-SME is adopted to undercut existing mobile money providers, with a 0.5% transaction fee, plus a margin on 3rd party services.
Our technology and model is flexible, modular and extremely scalable, because we are mobile/cloud based and built on a micro-services architecture.
Project financing secured: EUR 0.78 million (30 %)
Financing source: Private
Seed round November 2017 Angel investment of 800,000 EUR plus founder investment of c. 315,000 EUR
Existing or potential bottlenecks for the realisation of the project / Potential risks
Blockchain: As with all emerging technologies, we’ve been learning as we build. The technology, while proven, is still at an early stage of development.
Regulatory: the Danish regulator has invited us into their inaugural Sandbox to observe the use of blockchain in Niger, with a view to supporting it in Denmark, however regulators in every country will need to approve the model.
Project additional information
Hiveonline technology is now proven, the working small-scale infrastructure is built in Denmark. We have introduced the MVP version of hiveonline-SME mobile app in front of early adopters in Denmark for evaluation and testing, and we are in Danish FSA Regulatory Sandbox towards our e-money licence to handle customers’ money through our custody model.
Our average age is 38 and we speak 13 languages. Our CEO, Sofie Blakstad, is one of the world’s leading banking transformation specialist, with a 32-year career. She is a Fintech Advisor to the United Nations, G7 and the G20. Her book with Rob Allen, “Fintech Revolution" has been named one of the best Fintech books of all time. The team has experience in 13 global banks in over 60 countries.
The Commission gives no warranty and makes no representation, whether expressed or implied, that the Project Information is error free. The Project Information is provided without any guarantees, conditions or warranties as to its accuracy.
A free translation into English has been provided by the European Commission on this project, for information purposes only. The original language version is the authentic version.