Silicon Canals
TRENDING
  • Mobility
  • AI
  • FinTech
  • Software & SaaS
No Result
View All Result
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Features
    • How-to
    • Knowledge & Insights
    • Guest Contributions
  • Partners
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Scaling-up in Europe
    • Blue Tulip Awards
    • Partner with us
    • Promoted content
  • Events
    • Technology Events in Europe
    • Submit your event
  • Jobs
  • About us
    • Partner with us
    • About
    • Team
    • Newsletter
  • Contact
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Features
    • How-to
    • Knowledge & Insights
    • Guest Contributions
  • Partners
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Scaling-up in Europe
    • Blue Tulip Awards
    • Partner with us
    • Promoted content
  • Events
    • Technology Events in Europe
    • Submit your event
  • Jobs
  • About us
    • Partner with us
    • About
    • Team
    • Newsletter
  • Contact
No Result
View All Result
Silicon Canals
No Result
View All Result

3 fintech startups about the dark clouds and silver linings of post-COVID world

Dennis de Vries by Dennis de Vries
April 7, 2020
in News, Amsterdam, FinTech, Promoted content, Startups
Fintech covid-19
140
SHARES
LinkedInTwitterWhatsAppFacebook

With COVID-19, known as the coronavirus, spreading across the world, everything is suddenly different. Stuck at home, doing our shopping online, the entire economy is turned upside down. As we previously explored, the measures taken to prevent the disease from spreading is giving travel-startups a tough time as their business comes to a standstill. But where the leisure and travel sector has all but grinded to a halt, the financial world is currently moving in different directions.

So we decided to speak to three leading fintech startups from Amsterdam, The Netherlands to understand what’s going on.

- Partner content -
digital skills dutch workforce
Salesforce’s report on Dutch workforce’s digital skills
Has the Dutch workforce mastered all digital skills? Find out
Has the Dutch workforce mastered all digital skills? Find out Show Less
Read more

Fintech’s challenges and opportunities, post-COVID

“2020 will be challenging for fintechs to navigate, but there are better times ahead”, says Radboud Vlaar. He is managing partner at Finch Capital, which invests in fintech, AI and IoT startups. In the analytical report titled ‘FinTech: The Future Post CV-19‘, Finch Capital discusses the challenges and opportunities that the sector will face both during and after the crisis. Vlaar sees troubling times ahead, but identifies a clear silver lining: “Post-crisis, disruptive winners will ‘take all’, as we expect surging demand from financial services for technology to master digital-only interaction, enabled by AI and big-data analytics.”

Do follow our special coverage on coronavirus over here.

The thorough shake-up of the way people do business with each other, comes with new opportunities, according to the report of Finch Capital: “Digital-only becomes the new industry norm in financial services, greatly accelerating a trend which started in the last decade. The shift to digital-only triggers a ‘big pocket’ battle between incumbents and challengers to win the newly online customer. And financial institutions turn to tech companies rather than in-house solutions to accelerate digital transformation.”

Crisis leading to ‘exceptional’ growth

Indeed with everyone sitting at home, unable to fork out cash in high street, it is the digital-only payment services that are currently working hard to keep up. Mollie, the Amsterdam-based online payment provider, sees an enormous spike in the usage of their platform. “Our business is constantly growing, but this is exceptional”, says Ken Serdons, CCO of Mollie. “We have seen some big shifts in e-commerce spend over the last two weeks as consumers and businesses are forced to adjust to the situation.”

Mollie raised 25 million last year to realise their international ambitions and the current situation, as dreadful as it is, might give them a push. Serdons: “Last week we processed our largest transaction weekly volume since Black Friday. We are working overtime to try to help as many businesses set up their online account so they can smoothly start selling online. In the last 5 days alone, more than 2,000 businesses signed up for a Mollie account.” Mollie has seen an increase of more than 20 percent in online spend in the last two weeks of March, among customers in The Netherlands, Germany, Belgium and France.

Fintech covid 19

Volatile financial markets

Same goes for Ali Niknam, CEO and founder of challenger bank bunq, which recently expanded its operations to 22 new European countries. The fintech-startup sees increasing activity on their platform. “During these difficult times, a global recession looks inevitable. Even though we’re currently not experiencing any direct setbacks, on the contrary, we see an increase in users joining our bank, we should be dynamic for the times to come.”

The massive shift in consumer spending is not the only thing offering opportunities for fintech startups. Dutch online mobile-only trader Bux notices a lot of people wanting to take advantage of the extreme volatility of the financial markets, as Nick Bortot, CEO and founder, Bux explains: “We see a large influx of people who are trying to either break into the market for the first time and invest with a long term horizon or are in some cases, are going short on the dropping share prices of different companies.” Bux scored €11,4 million in funding last year and is currently expanding its operations to Germany and Austria.

Adapting to the new way of working

Not only their customers are adapting to a new lifestyle. The startups themselves also have to work in a new world, where coming to an office is no longer an option. How are they dealing with these new situations? “One of the main pillars of a safe and secure society is a healthy financial system. The only way to keep the financial system safe is by making it resilient”, says bunq’s Niknam. At Bux, that resilience is built-in, the organisation from the start says Bortot, ” We’re a tech-savvy company and nearly all of our operations are digital, so we have been able to transition to working fully remotely with minimal disruption to our day-to-day business. We’ve tried to translate what we would normally do into a digital environment – and it’s been working rather nicely.” 

Mollie’s Serdons agrees that resilience is key for many fintech-businesses to survive: “Fintech is a dynamic industry and many of the startups here in Amsterdam are very agile and used to adapting to the fast changing needs of our customers. It’s heartwarming to see how many businesses are supporting their local communities and showing great solidarity. Web developer agencies are super busy building webshops for retailers who quickly need to move their activities online. At Mollie we have organised a contest for our partners to come up with the most creative and effective ideas to help businesses that need it the most.” 

Tough times ahead

Despite the current positive vibes of these three Amsterdam-based startups, the report of Finch Capital claims the fintech-sector might be in for a rough period. Vlaar expects to be in crisis mode until the third quarter of 2020, after which there will be a recovery period of one to one and a half years. During this time, there will be a pull-back of corporate VC-led investments. Startups trying to access funding will encounter higher hurdles, putting pressure on valuations in later-stage rounds. Among the areas under pressure are challenger banks with high valuations, high burn-rates and lower than expected activity after the immediate crisis. 

Mollie’s Serdons also acknowledges that there’s going to be tough times ahead. Besides running his business, he is also active in the start-up scene as an investor and mentor to entrepreneurs: “It’s tough to see some great startups see their financing rounds suddenly cancelled and companies now burning through their cash reserves much faster than they normally would. I am convinced that our economy and incredible start up talent will bounce back quickly and will be stronger at the end of this.” 

Image credits: ffikretow/Shutterstock, MaximP/Shutterstock

This article is produced in a collaboration with StartupAmsterdam. Read more about our partnering opportunities.

 - Partner content -
How cybersecurity scaleup Intigriti conquered the world?
How cybersecurity scaleup Intigriti conquered the world?
Catch our interview with Paul Down, Head of Sales at Intigriti.
Catch our interview with Paul Down, Head of Sales at Intigriti. Show Less
Read more
Tags: featuredFinTech
Share7Tweet26SendShare78

Featured events

Current Month

may

28apr(apr 28)12:1331may(may 31)12:13FeaturedApplications for Techleap.nl’s Rise Batch 8 are open now

Techleap

Event Details

Are you an ambitious scaleup operating out of the Netherlands? Accelerate your growth with Techleap.nl’s Rise programme. Join their Batch #8!

Event Details

Are you an ambitious scaleup operating out of the Netherlands? Accelerate your growth with Techleap.nl’s Rise programme. Join their Batch #8!

Rise is an exclusive programme for serious tech players. In a trusted environment, scaleup founders share and discuss their growth challenges during tailor-made sessions with experienced entrepreneurs and scaling experts. Every quarter we select 10 companies to join the programme. It’s free, and we don’t seek equity. Check now if your company is eligible!

About Techleap

Techleap.nl’s programmes connect founders with scaling icons, industry experts and fellow tech entrepreneurs. It’s your chance to share challenges and hurdles with peers and established CEOs, and as a result, create favourable growth conditions for your business and overcome looming obstacles on your entrepreneurial path.

If you have any questions about the programme or the application process, please contact the Rise Batch Manager – Peter-Jan Kok at [email protected].

Apply here.

more

Time

April 28 (Thursday) 12:13 - May 31 (Tuesday) 12:13

Learn More

CalendarGoogleCal

CIRCL, AmsterdamGustav Mahlerplein 1B, 1082 MS Amsterdam, Netherlands

19may13:3018:00Featured5th Tech Summit: Get Ready for Exponential International Growth

Event Details

The Tech Summit yearly attracts >100 SaaS executives and PE/VC investors from all over the Netherlands. Several presentations and break-outs are filled with actionable thought leadership. Networking breaks

Event Details

The Tech Summit yearly attracts >100 SaaS executives and PE/VC investors from all over the Netherlands. Several presentations and break-outs are filled with actionable thought leadership. Networking breaks allow participants to connect with industry peers, exchange best practices and have a good time.

For more information and to register for the summit, please click here.

more

Time

(Thursday) 13:30 - 18:00

Location

CIRCL, Amsterdam

Gustav Mahlerplein 1B, 1082 MS Amsterdam, Netherlands

CalendarGoogleCal

june

Taets Art and Events ParkHemskade 16, 1506 PR Zaandam

16junAll Day17FeaturedTNW Conference

Event Details

Join TNW Conference in Amsterdam on June 16 & 17 to all you need to know about the latest market killers and breakout tech, connect with the industry’s who’s-who, and

Event Details

Join TNW Conference in Amsterdam on June 16 & 17 to all you need to know about the latest market killers and breakout tech, connect with the industry’s who’s-who, and turn your business meetings upside down on our ferris wheel… With endless networking opportunities, the world’s boldest voices, and unrivaled party vibes, this year’s TNW Conference will be off the charts!

Time

june 16 (Thursday) - 17 (Friday)

Location

Taets Art and Events Park

Hemskade 16, 1506 PR Zaandam

Learn More

CalendarGoogleCal

Partner content | Work with us

European Startups can expand to Asia through the South Korean Government’s K-Startup Grand Challenge

Running a small business? These 5 tips can create a domino effect of productivity across your entire company

Triller acquires Dutch DJ Sam Feldt’s Fangage to expand its platform for creators

Sweden’s Gimi partners with Dutch bank ABN AMRO to help young people manage and understand their finances

Calling all startups aiming to test their mobility innovations in the real world: Mobility Lab 2022 registration is now open

Silicon Canals | Jobs


Breaking news from Amsterdam | Partner

Amsterdam-based Katanox raises €5.48M; appoints former MD of Google Travel as non-executive director

Rockstart and Ørsted launch accelerator programme for renewable energy startups as part of new Dutch-based Innovation Hub

Amsterdam-based Gain.pro raises €9.6M to provide critical insights of private companies and their markets

Amsterdam-based skills management software platform AG5 secures €1.2M from Peak to close the skills gap

  • About Silicon Canals
  • Partner with Silicon Canals
  • Contact us
  • Newsletter
  • Disclaimer
  • Privacy Policy
  • Cookie Policy (UK)
  • Cookie Policy (EU)
  • Terms & Conditions Silicon Canals

Silicon Canals 2014-2022 | Website: Bright Idiots

No Result
View All Result
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Features
    • How-to
    • Knowledge & Insights
    • Guest Contributions
  • Partners
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Scaling-up in Europe
    • Blue Tulip Awards
    • Partner with us
    • Promoted content
  • Events
    • Technology Events in Europe
    • Submit your event
  • Jobs
  • About us
    • Partner with us
    • About
    • Team
    • Newsletter
  • Contact

Silicon Canals 2014-2022 | Website: Bright Idiots

Stay updated with the Silicon Canals daily and weekly newsletters.
We promise we won't spam you. You can choose to unsubscribe anytime.
Stay updated with the Silicon Canals daily and weekly newsletters.
We promise we won't spam you. You can choose to unsubscribe anytime.
Silicon Canals
Manage your privacy

To provide the best experiences, we and our partners use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us and our partners to process personal data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.

Click below to consent to the above or make granular choices. Your choices will be applied to this site only. You can change your settings at any time, including withdrawing your consent, by using the toggles on the Cookie Policy, or by clicking on the manage consent button at the bottom of the screen.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Statistics

Marketing

Features
Always active

Always active
Manage options Manage services Manage vendors Read more about these purposes
Manage options
{title} {title} {title}
X
X