Big players at the table
Amsterdam’s fintech sector appears to show no signs of slowing. Two North American fintech businesses are opening European offices in the city: Canadian real-time cross-border payments network Buckzy, and Trovata, a JP Morgan-backed banking startup from the US. Meanwhile, yet another Amsterdam-based fintech company has reached unicorn status: new investment in internet and mobile banking company Backbase has led to their valuation at €2.5 billion.
Trovata in Amsterdam
One of the companies setting up shop in Amsterdam is Trovata. Based in California and claiming to be the fastest-growing treasury platform in the US, Trovata uses open banking, AI and machine learning to help companies aggregate their bank balances and transactions. Its innovative tech, which has been backed by finance giant JP Morgan, speeds up and streamlines a range of traditional services, automating workflows from cash reporting through analysis to forecasting.
The announcement of the startup’s new European offices in Amsterdam and London accompanies a recent $27 million funding round.
Buckzy Payments Inc, a Canadian fintech firm that specialises in real-time cross-border payments, has also chosen Amsterdam for its new European office. Its extensive payments ecosystem services leading financial institutions and fintech firms, delivering innovative solutions fast and securely.
As it applies for an EMI (Electronic Money Institution) licence to expand its services, Buckzy is opening the Amsterdam office as its gateway to the European market. “We’re excited to expand Buckzy’s presence and operations in Europe with our new office in Amsterdam, one of the world’s oldest and most respected banking and finance hubs,” says Buckzy president and CEO Abdul Naushad.
Another Amsterdam fintech unicorn
Besides Amsterdam’s appeal to global tech firms, the city also fosters its own innovative ecosystem of fintech startups. Backbase, a specialist in internet and mobile banking, has grown from this to reach a truly global scale. Together with Bunq and Mollie before it, Backbase now joins an ever-growing list of fintech unicorns.
With more than 150 worldwide customers, including ABN Amro, Deutsche Bank, ING and Société Générale, Backbase has announced a further investment of €120 million by American Motive Partners, causing its valuation to skyrocket to €2.5 billion.
A thriving ecosystem weathering the storm
Alongside the new Trovata and Buckzy offices, this news injects additional confidence in the enduring health and growth of Amsterdam’s fintech industry. Despite some fears of a slowdown as a result of the war in Ukraine, Amsterdam’s finance and tech sectors appear stronger than ever. After a record-breaking year of startup funding, the city once again hosted Money 20/20, bringing together the global fintech community – with Buckzy, Trovata and Backbase all present at the event. As well as attracting and fostering world-leading tech firms, Amsterdam is also setting the stage for a new future of finance – in and beyond Europe.