From Fighting a Tax Case to Building Financial Infrastructure: The Journey Behind Omni Matrix
Most fintech founders arrive in the industry through finance or technology. Few arrive through a courtroom.
For Erling Løken Andersen, the founder of Omni Matrix, the journey into fintech was anything but conventional. It began in design, moved into entrepreneurship, detoured into law out of necessity, and ultimately returned to building companies, this time in one of the most complex and regulated industries in the world.
(Photo: Erling Løken Andersen)
An Entrepreneurial Beginning
Long before fintech became a global buzzword, Andersen was already building digital platforms. In 2005, together with two friends, he co-founded Biip.no, one of Norway’s first social networking websites.
The timing was remarkable. Facebook was just beginning to expand in the United States, and social networking was still a new concept in many parts of the world.
Biip.no grew rapidly. Within three years, the platform reached half a million users, roughly 10 percent of Norway’s population at the time. In 2008, the company was acquired by Danish media group Egmont for approximately USD 10 million.
For most founders, that might have marked the conclusion of a successful chapter. Instead, it became the beginning of a far more challenging one.
A Turning Point in the Courtroom
A few years after the sale, the Norwegian authorities challenged how the transaction had been taxed. Although the founders had already paid 27 percent in taxes, the authorities argued that the earn-out structure of the deal meant the proceeds should have been taxed as salary, potentially increasing the tax burden significantly.
Legal costs quickly mounted. Faced with the prospect of a long and expensive dispute, he made an unusual decision. He enrolled in law school so that he could fight the case himself.
Completing a degree that typically takes five to six years in just two and a half, he went on to represent himself and his co-founders in court and ultimately won.
“I didn’t become a lawyer because I wanted to,” he said. “I became a lawyer out of self-defence.”
The experience led him to practise law for several years, focusing on corporate law, anti-money laundering, finance, and regulatory matters. Yet entrepreneurship remained a constant pull.
Building Omni Matrix
That entrepreneurial instinct eventually led to the founding of Omni Matrix, a fintech company focused on payments, cryptocurrency, and financial infrastructure.
Headquartered in Malta, the company today employs around 60 people across multiple regions and holds licenses or registrations in Estonia, Bulgaria, Luxembourg, and Canada. With a growing presence in Europe, the company is now exploring expansion into Asia.
Singapore has emerged as a natural starting point. Its strong regulatory framework, skilled workforce, and global connectivity make it an attractive base for companies seeking regional growth.
Enabling Access to the Digital Economy
Omni Matrix initially focused on building a cryptocurrency exchange, Frontnode.com, designed to provide a fast and compliant way for users to enter the digital asset economy.
At the time, the European market lacked streamlined onboarding experiences. By integrating electronic identity solutions, the platform enables customers to complete verification quickly and begin transacting within minutes rather than days.
Over time, the company broadened its capabilities beyond exchanges into banking services, accounting, and anti-money laundering software, evolving into a broader financial services group serving both retail and corporate customers.
Competing Through Focus and Efficiency
The fintech sector is highly competitive, with large global players dominating the market. Rather than attempting to match competitors in scale, Omni Matrix has focused on agility and efficiency.
The company operates with a lean structure while delivering solutions designed to compete with larger platforms. This approach allows it to adapt quickly in an industry where regulations, technologies, and customer expectations change rapidly.
Building a financial services company involves far more than technology. Regulatory compliance, licensing requirements, and cross border operations demand continuous attention.
Even with a legal background, he found the learning curve steep. Anti-money laundering procedures, financial regulations, and operational requirements across multiple jurisdictions presented constant challenges.
At the same time, managing a remote first organization requires deliberate effort to maintain alignment and culture. While Omni Matrix maintains physical offices, much of the team works independently across regions.
Despite these challenges, he remains motivated by the process of building and scaling businesses.
“There’s something incredibly rewarding about identifying a problem, creating a solution, and seeing it grow,” Andersen said. “It brings a lot of meaning to life, second only to my wife and kids.”
The Future of Finance
Looking ahead, he sees several forces reshaping the financial landscape.
Cryptocurrency adoption continues to grow, particularly with the rise of stablecoins that enable fast, seamless global payments. At the same time, digital identity systems are becoming essential infrastructure for financial services, enabling secure and efficient customer onboarding.
Singapore, he notes, is among the global leaders in this area, with systems such as Singpass demonstrating how digital identity can transform financial interactions.
Artificial intelligence is another powerful force. From automated operations to the emerging concept of agent driven transactions, AI is beginning to challenge traditional assumptions about how financial systems operate.
The pace of change, he believes, is only accelerating.
A New Phase of Growth
Like many startups, Omni Matrix has moved through several stages, from building its initial products and finding product market fit to scaling teams and entering new markets.
Now, the company is entering a new phase focused on optimizing operations, refining internal processes, and ensuring that growth does not slow innovation. For the founder, this requires shifting attention from building products to strengthening the organization itself.
Looking Ahead
When asked what advice he would give to entrepreneurs, he referenced a quote often attributed to Steve Jobs, who in turn quoted hockey legend Wayne Gretzky, to skate to where the puck is going, not where it has been.
In practical terms, that means identifying small problems today that are likely to become significant tomorrow.
He is particularly enthusiastic about the role artificial intelligence will play in shaping the next generation of companies. The idea popularised by Sam Altman, that a billion-dollar company could one day be built by a single individual, powered by AI agents no longer seems far-fetched.
His advice to aspiring founders is simple.
“Learn AI. The opportunities it will create are enormous.”
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