Skip to main content

What’s New at Eris Law Advokatbyrå AB 

Our colleagues Katarina Bohm Hallkvist and Ariunzaya Munkhbat attended Nordic Fintech Week 2025, where we proudly held a spot at the Partnership Bar together with our partner HBM.

💡 Key insights came from discussions on regulatory landscapes, digital identity, open finance, AI, blockchain, and tokenization—topics that inspire our work supporting clients in the evolving fintech and regulatory space.

🎉 A warm thank you to Nordic Fintech Week, our partner HBM, and everyone who joined us. The energy and momentum from this week will carry us forward into the rest of 2025!

Fintech

Klarna’s IPO Soars as VCs Cash Out Big: Klarna’s long-awaited IPO was a dramatic success, raising $1.4 billion and opening at $52, well above its target range, before settling mid-day around $46. Much of the proceeds came not from new share issuance but from existing investors cashing out—with Sequoia Capital emerging as the biggest winner by selling a large stake. Klarna’s cofounders did not sell shares; CEO Sebastian Siemiatkowski still controls ~7.5% of the company, now valuated at ~$15 billion. 

Numeral Turns to AI for Sales Tax Automation: Numeral has secured $35 million in Series B funding, bringing its valuation to about $350 million. The company helps businesses automate sales tax compliance by tracking rule changes, filing, and making payments across thousands of jurisdictions. Revenue has grown 3.5 times in the past year, and Numeral now supports more than 2,000 clients worldwide. Its global reach, including markets in Africa, gives it a competitive edge over traditional tax software providers.

Swedish Fintech DealPotential Secures Fresh Seed: Funding – Swedish fintech startup DealPotential has raised $1.1 million in a seed bridge round at a valuation of $15 million. The funding will fuel product development and support expansion into Southeast Asia and North America. DealPotential offers AI-driven private market intelligence, positioning itself as a more accessible alternative to traditional data platforms. Its standout feature is a tool called “DP Due Diligence Intelligence,” which is already highly valued by its clientele.

GDPR

Meta Former Lobbyist to Oversee European Data Regulator: Niamh Sweeney, who spent over six years as a senior Meta lobbyist, is poised to become a commissioner at Ireland’s Data Protection Commission (DPC). This raises significant concerns about regulatory capture, given the DPC’s role as the lead privacy regulator for many U.S. Big Tech firms. Critics argue that past enforcement by the DPC has been weak, issuing billions in fines, yet collecting only a fraction of the total. With Sweeney now positioned to influence cases involving her former employer, many fear this undermines the integrity of EU data protection. 

EU-US Data Transfer Deal Faces Sharp Criticism After Latombe Ruling: A new legal challenge brought by French MP Philippe Latombe attempted to annul the latest EU-US data transfer agreement, arguing it mirrors earlier deals struck down by European courts. The General Court, however, dismissed the case, saying the narrow arguments and Latombe’s standing were insufficient. Critics say the verdict ignores deep issues—especially U.S. executive power and the loopholes in how “independence” is guaranteed in the so-called “Data Protection Court of Review.” Many expect further appeals and broader challenges could force a re-examination of transatlantic data law.

Austria’s Data Watchdog Struggles Under Budget Cuts: Austria’s Data Protection Authority (DSB) is being crippled by deep cuts to its funding, forcing it to scale back critical operations despite mounting demand for oversight. Already understaffed, the DSB now plans to reduce its workforce further, halt many of its own investigations, and issue fewer opinions on draft laws. The move risks weakening enforcement of data protection rights for millions of Austrians.

Telecom

Verizon Launches 6G Forum With Major Industry Players: Verizon has founded the 6G Innovation Forum, bringing together firms like Ericsson, Samsung, Nokia, Meta, and Qualcomm to collaboratively shape what 6G will become. The group’s goals include defining new use cases, testing advanced technologies, and creating an “open, diversified, and resilient” ecosystem. Verizon plans to set up 6G Labs, starting in Los Angeles, where partners can prototype and test real-world solutions.

Mavenir To Run Core Network For Iridium’s NTN: Mavenir has been selected by Iridium to deploy the cloud-native core network for its Non-Terrestrial Network (NTN), as part of its NTN Direct initiative. The solution will run on AWS and include functions such as session management, policy control, subscriber handling, and analytics, with built-in geo-redundancy. It supports integration with Iridium’s existing systems and enables NB-IoT traffic across multiple protocols including non-IP delivery.

UK Telecoms Operators Offer KYC Capabilities Through APIs: All UK mobile operators are rolling out new APIs under the GSMA Open Gateway initiative to provide KYC services directly from network data. These include an Age Verification API to confirm if a user is eligible for restricted content and a Tenure API to check how long a number has been active. Later this year, they will add a KYC Match API that cross checks submitted identity details against operator records.

AI 

Sweden Steps Forward in AI: National Strategy, Public Sector Innovation, and Major Investments: Sweden, already one of the world’s most digitalized countries, is accelerating its use of AI across public agencies to boost efficiency and service quality. The government has launched a digitalization strategy for 2025–2030 with AI as a central theme and plans to present a dedicated national AI strategy in 2026, while investing hundreds of millions of kronor in AI labs, regulatory sandboxes, and shared infrastructure for both public and private sectors. Concrete examples include AI for disease monitoring, forest management, administrative automation, and healthcare, with the aim of strengthening Sweden’s competitiveness and making innovation widely accessible throughout society. 

Google Introduces Gemini in Chrome Enterprise to Boost Productivity with Secure AI: Google has integrated Gemini, its advanced AI assistant, into Chrome Enterprise to help employees work more efficiently while maintaining strong security and privacy controls. Gemini offers features like smart summarization, workflow automation, and contextual recommendations directly in the browser, all managed with enterprise-grade data protection and admin controls. This integration aims to empower organizations to leverage AI for productivity gains without compromising on compliance or information security. 

European Commission Seeks Feedback to Simplify Digital Rules on Data, Cybersecurity, and AI: The European Commission has launched a call for evidence to gather input on how to simplify and streamline EU legislation in the upcoming Digital Omnibus, focusing on data, cybersecurity, and artificial intelligence. This initiative aims to reduce administrative burdens and compliance costs for businesses, especially small and medium-sized enterprises, by cutting paperwork, eliminating overlaps, and making rules less complex. The consultation, open until 14 October 2025, is part of a broader effort to modernize digital regulation, ensure legal clarity, and foster innovation while maintaining high standards of online fairness and safety. 

Cybersecurity

Cyberattacks Disrupt Major European Airports, Causing Widespread Delays and Security Concerns: A coordinated cyberattack targeted several major European airports, including Brussels, leading to significant flight delays, cancellations, and disruptions for thousands of travelers. The attacks affected airport operational systems, forcing authorities to suspend check-in and boarding while cybersecurity teams worked to restore services and investigate the source. The incidents have raised urgent concerns about the vulnerability of critical infrastructure and the need for stronger digital defenses across the aviation sector. 

IMY Issues Guidance After Personal Data Leak in Miljödata IT Attack: The Swedish Authority for Privacy Protection (IMY) has published information for individuals concerned that their personal data may have been compromised in the recent cyberattack on Miljödata. IMY advises affected individuals to stay alert for suspicious contacts, monitor their accounts, and consider measures such as blocking their identity or requesting a credit report. The authority is also investigating the incident and encourages anyone who suspects misuse of their data to report it for further support and guidance. 

ENISA Publishes Cyber Hygiene Guidance to Strengthen Health Sector Resilience: ENISA has released a practical handbook to help healthcare organizations—ranging from large hospitals to small clinics—improve their cyber hygiene and defend against rising threats like ransomware, phishing, and data breaches. The guidance outlines straightforward, cost-effective steps such as regular system updates, secure backups, strong access controls, staff training, and supply chain management to safeguard sensitive data and maintain critical services. This initiative supports the EU’s broader action plan for hospital cybersecurity, addressing the sector’s high vulnerability and aiming to close the gap between cybersecurity maturity and the critical importance of health services. 

Intellectual Property

Innovate, Code, Transform: EPO’s 4th CodeFest Invites Developers to Redefine Patents: The European Patent Office (EPO) has launched the fourth edition of CodeFest, a competition encouraging developers, designers, and innovators to create digital solutions that enhance access to and understanding of patent information. Participants are invited to build tools, apps, or visualizations using EPO’s open data, with the goal of making patent knowledge more accessible and impactful for society. The event fosters collaboration, creativity, and digital transformation in the intellectual property landscape, offering recognition and prizes for the most innovative projects. 

Getty’s Landmark UK Lawsuit on AI Copyright Set to Begin: Getty Images’ high-profile UK lawsuit against Stability AI is set to begin, marking one of the first major legal tests of how copyright law applies to AI-generated content. The case centers on Getty’s claim that Stability AI unlawfully used millions of its copyrighted images to train its AI model without permission or compensation. The outcome could have significant implications for companies using copyrighted data in AI development and for clients relying on AI-generated content in commercial settings. 

WIPO Launches AI-Powered Tool to Track Global Patent Trends and Innovation: The World Intellectual Property Organization (WIPO) has introduced a new AI-based tool that analyzes global patent data to identify emerging trends and technologies, helping innovators, policymakers, and businesses make informed decisions. The tool leverages advanced machine learning to map innovation patterns, track technology diffusion, and provide insights into the evolving landscape of intellectual property. This initiative aims to support evidence-based policy and foster innovation by making complex patent information more accessible and actionable worldwide. 

Tariffs &Trade War

China Steps Back From Special WTO Privileges: China has announced it will stop seeking the special “developing country” benefits in World Trade Organization agreements, effectively forgoing the advantages it used in past negotiations. Rather than formally abandoning its classification, the move signals a shift in how China will interact with global trade rules. The decision may ease tensions with developed countries that have long criticized China’s dual status. It also opens new avenues for reform within the WTO framework. 

OECD Warns Tariffs Will Strain US Growth in 2026: The OECD projects US GDP growth will slow from 2.8 percent in 2024 to about 1.8 percent in 2025 and further to 1.5 percent in 2026 as tariff pressures build. Rising trade barriers are expected to weigh heavily on investment, trade, and consumption once businesses can no longer rely on existing inventories. The delayed impact means the sharpest effects will be felt starting in 2026. 

Volvo Stock Rises on US Expansion Strategy: Volvo’s stock jumped following news that the company plans to expand production at its US plant to localize manufacturing, reduce tariff exposure, and build vehicles better suited for the American market. The move aims to mitigate high import duties and strengthen Volvo’s position in the US amid shifting trade policies. Investors responded positively, interpreting the strategy as a signal of long-term commitment and risk management. 

Upcoming Events

  • European Virtual Human Twins (VHT) Initiative 

Date:  October 21, 2025

Time: To be determined

Location: Brussels 

Registration: Link 

  • EuroHPC AI Factories Update Webinar 

Date:  October 17, 2025

Time: 10:00 am – 12:30 pm (CEST)

Location: Online 

Registration: Link 

  • Annual Privacy Forum (APF) 2025 

Date:  Oct 22 – 23, 2025  

Time: 9:30 am – 4:30 pm 

Location: ExCeL London, UK 

Registration: Link 

Meet The Team

Katarina Bohm Hallkvist

CEO & Advokat

Editor-in-Chief

Andres Alma

Senior Legal Advisor

Reporteur

Ariunzaya Munkhbat

Cybersecurity Legal Consultant

Reporteur

Leave a Reply