April 30, 2020

The seven fintech companies you have to follow this year

Fast, agile startups build fintech platforms that take over all kinds of services from established banks and build a direct bridge to the customer. In the Netherlands, a large number of successful examples of fintech can be found in five years time. These seven fintech companies will play an important role next year.

This startup - founded by three Dutch technologists - has developed an app that gives investors access to investment algorithms. The potential of this is very large and there is a lot of interest from investors and developers. Last year, during the pre-ICO phase, the company raised four million euros in nine days. This year RevenYOU's main focus will be to get as many users as possible on the platform. The big question, of course, is: are they going to make that battle to the general public?

Adyen is the flagship of the Dutch fintech world. The company provides an online payment platform with which companies can process payments. Parties such as Facebook, Uber, Netflix, eBay and Spotify use Adyen and last year the company successfully went public. Is this hip fintech company going to live up to the growth projections? For the time being, the company is showing good figures, the share price is rising and the future looks bright.  

BitFury is one of the largest cryptominers in the world. The company was founded in Russia in 2011 and is not strictly speaking a Dutch startup. However, the head office is in Amsterdam. Total revenues from mining and chip sales for 2015-2016 amounted to no less than 125 million dollars and those profits are only going up. The company says it wants to go public soon. Bitfury even has a position in the top 50 fintech companies of Forbes. However, the market for crypto coins and mining is very volatile. How stable is Bitfury's business? And is an IPO realistic?

Ohpen was founded in 2009 by entrepreneur Chris Zadeh, a former employee of Binckbank. The company has a B2B cloud platform with which banks and insurers can administer accounts. Large banks currently still work with outdated IT infrastructure and it therefore takes a lot of time to implement changes in the software. Ohpen's platform is in fact a replacement for outdated IT infrastructure that eliminates this problem. A large number of banks are now using Ohpen and the company is now also active in England. The big question is how and if international growth will continue in the coming year.

DeGiro also has its roots at Binckbank. The company is a direct competitor of Binckbank and has quickly become the largest private investment platform in the Netherlands (and one of the largest in Europe). DeGiro has been able to catch up with BinckBank by focusing on the automation of processes. DeGiro's margin on transaction processing is significantly lower than that of the 'traditional' broker, but on the other hand the platform is highly scalable. DeGiro therefore needs volume. The company processes 50 billion euros worth of transactions per year. What will be DeGiro's next step? Binck was recently sold to Saxo Bank in Denmark for 424 million euros. Part of the interest of the founders of DeGiro is currently on offer.  

DeGiro and Binck face competition from newcomer Bux, another fintech company whose founder once worked for Binckbank. Bux also has an investment platform for private individuals, but the company does not even offer transaction costs. Bux wants to make investment accessible to interested parties who normally do not invest as quickly. The company wants to create a large user base as quickly as possible, and that seems to work. Bux currently has more than 2 million users in nine countries in Europe. Very interesting to see if they will make it really difficult for DeGiro and others. And even more important: how they are going to make money in the end! In the meantime, the company has had six rounds of investment, raising a total of some 19.7 million euros.

InvoiceFinance is a credit provider and a promising startup. The company invests itself, but also brings investors and entrepreneurs together via an app. The tech also assesses the candidate's creditworthiness on the basis of open sources (social channels, Chamber of Commerce databases, government, etc.). The company currently claims to be able to predict with 81 percent accuracy whether a customer is eligible for financing. InvoiceFinance claims to have granted more than 100 million in business loans in just two years.


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