A digitised world of finance
It’s almost impossible to go to an ICT conference or tech meeting these days without someone mentioning FinTech (financial technology), and it’s easy to work out why: payments and finance are becoming increasingly digitalised, and the technology is moving faster than companies can keep up with.
Naturally, it’s tough for large businesses to abandon their financial tools of times gone by – it’s a costly, time-consuming and rocky process. Luckily, there are plenty of clued-up tech startups out there with innovative solutions to these issues, and Amsterdam’s are at the forefront.
Smart FinTech solutions from Amsterdam’s startups
It’s safe to say that the Dutch capital is the ideal place to grow a FinTech startup, thanks to initiatives such as the Amsterdam Internet Exchange (AMS-IX) and the city’s tech-savvy talent pool. And the results within the city’s startup ecosystem speak for themselves.
One of the pioneering Amsterdam-based FinTech startups is Bunq. The company offer an innovative alternative to traditional banks, aiming to become the “WhatsApp of banking” with their speedy, transparent and simple payment methods.
There’s also BUX, whose aim is to ensure that anyone can transform themselves into a stock trader who can turn the heads of even Wall Street's finest. The startup’s app allows users to learn the ropes of the stock market with in-app virtual currency – effectively providing transferable, risk-free learning for would-be investors.
Another of Amsterdam’s FinTech startups to watch out for is Lendex – a money-borrowing platform whose creators believe that traditional loans are unnecessarily complicated for lenders and buyers. Their goal is to make borrowing clearer and fairer for both parties.
A bright future
The future is looking very promising for Amsterdam’s FinTech scene. The city is pulling out all the stops to make it easy for startups – and corporates – to adapt to the world’s tech-related finance demands, actively promoting the sector via recent initiatives like the Amsterdam2London FinTech bootcamp and the Swiss-Dutch FinTech trade mission.
Amsterdam even has its own dedicated accelerator in the sector: Startupbootcamp FinTech & Cyber Security. The intense three-month programme provides startups with everything they need to know to build awesome FinTech services and products, giving the young businesses a chance to pitch their own solutions and ideas to some of the city’s biggest investors, corporates and mentors.
If all that's not enough, there's also Holland FinTech – an organisation that connects corporates to startups within the Netherlands and beyond, accelerating countrywide financial innovation to its fullest potential. The organisation's network is enormous and packed with knowledge, making it a handy tool for any FinTech startup in the Dutch capital.
One thing’s for sure: Amsterdam’s position as a FinTech stronghold is only due to strengthen in the coming years. In the words of Don Ginsel (founder and CEO of Holland FinTech), “Amsterdam is a city that is always reshaping the status quo.”