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Over the years, internationalization has seen significant shifts, especially in the financial industry where fintech firms blending technology and finance have sparked a revolution. Sweden has emerged as one of the global leaders in this sector. However, despite this transformation, existing studies on the internationalization process of fintech firms lack context and industry-specific insights, indicating a pressing need for further research in this area. Therefore, this thesis investigates the intricate internationalization process of small Swedish fintech firms with a digital and technological foundation. We aim to uncover the motives and patterns driving their early international expansion process.

By conducting an in-depth case study of a single Swedish fintech firm, utilizing semi-structured interviews with employees with different positions as well as secondary data, this methodological approach allowed us to reveal new insights. More specifically, our research contributed to an identification of three distinct stages in the internationalization process: (1) motives centered on the product, prompting swift digital export strategies, (2) motives focused on the customer, leading to a shift from broad to deep engagement through localization and (3) motives based on strategic resources, guiding a measured expansion in markets optimized for regulatory conditions. These stages are shaped by entrepreneurial vision and national support, highlighting a dynamic and iterative process of international growth as well as a temporal aspect of the process development throughout these stages.

In theory, this thesis expands comprehension and questions the idea of a one-size-fits-all internationalization strategy for fintech companies. It demonstrates that Swedish fintech firms employ a hybrid approach, integrating early internationalization with gradual methods. In practice, the research furnishes valuable perspectives for fintech executives, investors and policymakers, presenting a strategic model to enhance internationalization strategies, evaluate risks and facilitate regulatory adaptations. These contributions enrich discussions in fintech literature, potentially aiding fintech enterprises, both in Sweden and globally, in effectively planning their internationalization endeavors.