Amsterdam the right spot for expansion
Last year, Amsterdam-based FinTech company KYCnet was acquired by the British financial services provider Equiniti and was renamed Equiniti KYC Solutions. Since then, the company has experienced massive growth and now has a team of more than 150, from 36 different nationalities.
As a result of that growth, Equiniti KYC has just moved into a new office (Dutch link) in the quickly developing Houthaven district of Amsterdam, where it plans to expand its staff to 300 people. Equiniti KYC considered a move to the UK after its acquisition by Equiniti, but, post Brexit, decided to grow in Amsterdam instead. The company had outgrown its previous location on Amsterdam’s Keizersgracht, in the canal district.
As Amsterdam’s Deputy Mayor Kajsa Ollongren said in a special video message to Equiniti KYC, “I think your company and the City of Amsterdam are a perfect match. We’re both very much oriented on the future, on building new things and developing new ideas.”
Equiniti KYC Solutions helps financial institutions from all over the world with the verification and risk assessment of new clients (the KYC stands for “know your customer”), playing a crucial role in the prevention of bank fraud and money laundering. There is a considerable market for these services, as the largest banks in the US and Europe spend at least €2 billion annually on verifying and screening customers.
Amsterdam a growing FinTech centre
Equiniti KYC forms part of a burgeoning FinTech community in Amsterdam. The city is quickly developing into one of the world’s leading hubs for financial technology and is now home to about 350 FinTech companies, employing roughly 15,000 people. The sector’s growth is due in part to Amsterdam’s historically strong reputation as a global financial centre, with major international banks such as ABN Amro, Rabobank and ING based here – along with several large pension funds and insurance companies.