Fintech scaleup Agicap opens office in Amsterdam
Agicap, which provides cash management software for SMEs, is growing its European presence with a new office in Amsterdam and plans to recruit 40 people.
Agicap expands to Amsterdam
The French-founded company provides cash flow management software for small and medium enterprises (SMEs) that connects to bank accounts, accounting and invoicing tools to provide real-time monitoring of cash flow and forecasting. The generated results cut the manual effort and help businesses focus on making strategic decisions.
Since launching in Lyon in 2016, Agicap has gained more than 3,500 customers. The company recently raised $100m which will be used to expand existing teams, increase footprint across the continent and improve the product’s capabilities.
Tech savvy market
Clement Mauguet, Agicap’s co-founder and European head of sales, was soon convinced the Netherlands would be the next market. He told I amsterdam: “To get insight into the Dutch business and working culture, SME market and dos and don’ts for developing a market entry strategy for the Netherlands, I contacted amsterdam inbusiness. It was just amazing to see how well they are connected with the international business and tech community in Amsterdam. In no time, I got in touch with founders, entrepreneurs and sales executives to pick their brains.”
Jan Speelman, Agicap’s country manager for the Netherlands, is launching the office in Amsterdam with a view to hire 40 people across sales, marketing and customer service – and gain customers – in the next nine months.
He said: “The decision to start in the Netherlands has to do with the fact that it's a real SME market, and the Dutch are very technologically advanced, meaning that they are very much able to work (with) software, and are open to trusting software to do things for them.
Amsterdam’s central location and dynamic business environment were particularly appealing, Speelman said.
“We can hire people and work with customers throughout the Netherlands without having to travel for hours. There's a good connection with Schiphol airport, it's easy to go to Lyon, to Berlin, to Madrid where we have other offices. There's a good pool of people here to join our team, there's a strong startup scene and fintech ecosystem, which does help in creating a network, learning from each other and being able to move fast.”
Coping with crisis
Agicap has seen rapid growth in the last year, in part driven by the coronavirus crisis as business owners sought more control over cash flow. The automated process includes simulations for crisis scenarios or loan repayments.
Speelman said: “It (the crisis) helped us accelerate because it became a hot topic for many businesses. They needed more control of their cash. Luckily we see that those customers also remain on board, meaning they consider Agicap as a structural solution.”
The firm will be at home in Amsterdam, where the fintech scene is gaining global attention with new advances in the fields of payments, banking software and cyber security. Amsterdam is the founding home of payment processing services Adyen and Mollie and challenger bank Bunq. International fintech players, including Azimo, Currencycloud and PayPal, increasingly choose Amsterdam as a European foothold.