At a time when everything is going digital, financial institutions are facing a great challenge. Companies in this industry have adapted to the digital world to make it flexible and convenient for users. This has led to future proof of digital banking solutions.
In the Netherlands, payments are safe, fast and efficient and it is highly important for the Dutch economy. There are many companies that operate in the Dutch fintech ecosystem. There are various digital banking startups facilitating clear, transparent and flexible financial management.
As smartphone banking is the new cool, these Dutch digital banking startups give a tough competition to the smartphone banking apps in other countries such as N26, Revolut, etc. and to local traditional banks including ABN AMRO and ING. Here, we have listed some fast-growing Amsterdam-based digital banking startups as sourced from Dealroom.
Ohpen
Founders: Chris Zadeh
Funding: €40 million
Valuation: €100 million – €150 million
Founded year: 2009
Why its hot: Ohpen is a market leader in the Dutch core banking industry. The company offers core banking modules of current, savings and pension accounts. It was founded to speed up and improve the inefficient banking systems. Earlier this year, the founder and CEO of the company stepped down from the position to take up the role of advisor.
Bunq
Founders: Ali Niknam
Funding: €16.5 million
Valuation: €66 million – €99 million
Founded year: 2013
Why its hot: Bunq is a simple app, which offers you enough freedom to spend, invest and save your money on your terms. It offers you complete control of your money right on your phone. As it offers a simple, seamless and completely mobile-friendly system, it involves zero paperwork to manage your finances. Moreover, your money up to €100k is fully insured under the Dutch Central Bank.
FiveDegrees
Founders: Björn Holmthorsson, Marianne Tijssen, Martijn Hohmann
Funding: €10 million
Valuation: €40 million – €60 million
Founded year: 2009
Why its hot: FiveDegrees operates with the mission to provide financial and banking service providers a way to bridge the gap between the dated and modern with the help of automation and digitization. The company achieves this with the implementation of a flexible digital core banking platform on top of the existing legacy systems.
Cobase
Founders: Jorge Schafraad
Funding: €7.6 million
Valuation: €30 million – €45 million
Founded year: 2017
Why its hot: Cobase offers a complete solution for corporate customers who have multiple bank accounts. It is a multi-banking platform that lets customers access all their accounts at different financial institutions. This is not a platform that competes with banks but one that supports them wherever they find it difficult to operate on their own.
Dyme
Founders: David Knap, David Schogt, Joran Iedema, Wouter Florijn
Funding: €350k
Valuation: €1 million – €2 million
Founded year: 2018
Why its hot: Dyme is a platform that lets users view their recurring expenses. This platform lets them switch or cancel subscriptions in a single click. With a smart algorithm and secure bank link, Dyme resolves issues that are related to finances. It makes use of advanced machine learning algorithms and the PSD2 direction, which is a new European legislation empowering users with more control over payment data.
Stampwallet
Founders: Wouter Meeuwisse
Funding: €20k
Valuation: €80k – €120k
Founded year: 2014
Why its hot: Stampwallet is a digital wallet for loyalty cards. Though the physical form of stamp cards is dated, a lot of companies across the world use them. Using this type of loyalty works pretty well but could be a pain for users as they might lose it or will not be able to share it with others. On the other hand, merchants will find it easy to use the paper cards but will not have date about loyal customers. Stampwallet is a perfect digital solution to resolve these issues and offer benefits to both customers and merchants.
Knab
Founded year: 2012
Why its hot: Knab is a fast-growing company in the Netherlands. The fintech company is driven by the mission to help customers get the most out of their money. The company takes responsibility for its actions and the projects that it works on. It constantly discovers new possibilities to keep its customers satisfied.
Yolt
CEO: Frank Jan Risseeuw
Founded year: 2016
Why its hot: Yolt operates with the mission to innovate and collaborate so that it can give everyone the power to handle their money smartly. Yolt launched an app compatible with iOS and Android devices earlier this year in the beta stage and this app provides instant access to all its features.
Backbase
Founders: Gerbert Kaandorp, Jouk Pleiter
Founded year: 2003
Why its hot: Backbase was launched as a software toolkit for developing user interfaces to help companies that create applications. Later, it underwent many transitions to different markets and came to the fintech sector in 2012. the company focuses solely on the financial sector and moved to digital banking services later. Now, Backbase is a leading digital engagement banking software across the world. And, is used by clients including Citibank, HSBC, Goldman Sachs and others.
Currence
CEO: Piet Mallekoote
Founded year: 2005
Why its hot: Currence aims to create transparency in the collective payment system and maintain and develop the safety, quality and efficiency of the same. This is done with its payment products iDEAL, Direct Debits and Acceptgiro.
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