Israel Eyes Poland To Penetrate European FinTech Ecosystem

5 December 2017

The topic of FinTech, describing the highly innovative and fast-pacing Financial Technology sector, globally gained more and more importance in recent years.

Israel: A Global Provider Of FinTech Innovation

Israel is a strong promoter of FinTech Technologies and a global provider of Innovation. The unique characteristics of the Israeli market create a fertile ground for innovation.

There are over 500 FinTech ventures in Israel, only 10% of them are providing services in Israel. Being a country in the Middle East with only 8.7 million people, Israel based ventures look globally and aim to solve issues in foreign countries.

Israeli government promotes innovation to its core, as innovation is Israel’s most valuable export, dedication to research and development is unparalleled. It is by far the world leader in R&D with 20% of the nation’s GDP devoted to this field. It is also the world’s most VC funded society, with more funds per capita than any other nation.

Overview Of The Polish FinTech market

More European countries are demonstrating FinTech Innovation using modern technologies to interact with the end customer, and supply wide variety of financial services adapted to the market demand.

Taking a closer look at CEE countries, Polish FinTech market presents immense potential with a market estimated in 900 million Euro. The Polish market is defined with urban and rural areas that demand high technological awareness, which leads to heightened expectations.

When looking at the banking system in Poland, nearly 80% of the market is dominated by private banks; additionally, there is a governmental support for local ownership of the banking sector with help of acquisitions of foreign-owned banks by state-owned banks. The 5 leading banks in Poland holds more than 50% of the market share and are in constant search for innovative solutions promoting better financial services to their clients.

The banked Population is reaching 78%, which translate to 8.3 million polish residents that are unbanked or underbanked. Poland has a large rural area, which represents 40% of the Polish landscape. Combined, these unique characteristics are hidden opportunities for FinTech innovation.

Collaboration Between Israeli And The Polish FinTech Ecosystem

Poland can benefit from highly developed Israeli FinTech solutions that operate and have experience in other global ecosystems. Taking in consideration the conditions in the Polish market Israeli ventures have much to offer.

As cybersecurity plays a significant role in Israel, many companies are dealing with this FinTech complementary vertical as authentication or anti-fraud. Additionally, there are innovative customer engagement solutions and onboarding processes that can mitigate the gap of the underbanked and unbanked to financial services. Automation systems to conduct KYC processes and providing remote underwriting services.

Growing relationships between the Israeli and the Polish FinTech ecosystem will no doubt benefit both counterparties.

For this reason, Equitech is proud to lead the Israeli FinTech Innovation delegation to Poland. The delegation will participate at the Impact FinTech 2017 summit which will take place on December 6^th, 2017. The delegation will include a sample of Israel Innovation with promising Israeli based start-ups who are looking for collaborations. You will be able to find Client Engagement tools, Cyber Security, RegTech, and Process Automation solutions to assist in bridging the gap in FinTech.

About Equitech:

Equitech is a consultancy firm providing innovation scouting services to financial institutions and business development services mainly to FinTech ventures with ready to market products. Currently working with a couple of dozens of FinTech and Cyber Security Start-ups, introducing the Israeli FinTech eco-system to global financial institutions.

About Fintech-Aviv:

Equitech is Also leading FinTech-Aviv community, one of the world’s largest FinTech communities, consists of more than 4,500 entrepreneurs, FinTech ventures, financial institutions, leading professionals and investors.

[Facts&Figures] Are You PSD2-Ready? By Deutsche Bank

Team Europe

2 December 2017

Techfoliance is extracting key data and facts from industry reports on the rise of Fintech in Europe so that you can focus on what matters the most for you.

In this report published on October 2017, the German bank Deutsche Bank shared a Guide to the latest information and sources of support for the implementation of PSD2 next January 2018.

[divider]KEY FIGURES[/divider]

Four months after PSD2 enters into force, on 25th May 2018, the new General Data Protection Regulations (EU) 2016/679 (GDPR) will come in.

The EBA was mandated to issue 6 Guidelines under PSD2 addressed either to market participants or to member states’ competent authorities.

The EBA was also mandated to develop and submit 4 sets of Regulatory Technical Standards (RTS) and 1 set of Implementing Technical Standards (ITS) for adoption by the European Commission.

[divider]KEY FACTS[/divider]

PSD2’s intention is to update European payments market regulation to account for an age of rapid technological change while encouraging competition and innovation in payment services.

Progress in transposition of PSD2 into selected countries’ national law

The intention behind both the Directive and the Regulations is to strengthen data protection, putting the data owner at the centre and requiring his consent to capture, store or process any data.

Significant changes in comparison to SecurePay

Download the White Paper here

Europe InsurTech Mapping Week #2: Coya, Bima, Coverfy and Qover

Team Europe

28 November 2017

In our weekly InsurTech mapping, we’ve been analyzing four promising start-ups: Coya, Bima, Coverfy and Qover.

Coya

Coya is a Berlin-based InsurTech that has developed an AI risk guardian to offer scalable protection to its customers. It has designed an insurance cover from scratch to be simple to use, transparent and personalized. The start-up raised $10 million last August 2017.

Discover here: http://www.coya.com

Bima

Bima is a Stockholm-based InsurTech that has created a mobile-only insurance and health services for low-income families. More than 30 million customers already applied in 14 countries across Africa, Asia and Latin America. The start-up raised $16.8 million last April 2017.

Discover here: http://bimamobile.com/

Coverfy

Coverfy is a Barcelona-based InsurTech that has developed a mobile platform to let people manage their insurance products. The solution also compare between other products on the market so that people can apply to the best offer. The start-up raised €3.5 million last October 2017.

Discover here: https://www.coverfy.com/

Qoover

Qoover is a Belgium-based Insurtech that provides “Insurance As A Service” allowing any business to integrate proprietary insurance products from their library via open API’s.

Discover here: https://www.qover.com/

A Revolut University Challenge, Just Brilliant!

Team Europe

24 November 2017

Revolut, the one-million clients payment app, is again demonstrating an impressive ability to rapidly expand its customer base across Europe by going after universities.

Revolut launched a university challenge few months ago between European universities to promote its payment services to the new generation.

All students had to do was to sign up for the University Race and get started using Revolut, then rally their friends at university to do the same. By doing so, students had the chance to win a 12-month membership to Revolut Premium, meaning all Revolut features for free excluding insurance.

The race ended last November 15th and more than 100 universities competed all across Europe from France to Lithuania or Lisbon, and leading to 1,000s of new subscibers for the company.

The operation was very successful for Revolut. As an example, the Vilnius University won the challenge, and on boarded almost 800 students who opened an account:

Targeting students is a strategic move for Revolut since they are travelling a lot and need to spend globally without paying additional fees.

We should see more challenges like this one in the coming months from other players since gamification is a powerful growth hacking tool.

[Facts&Figures] Germany FinTech Landscape by EY

Team Europe

20 November 2017

Techfoliance is extracting key data and facts from industry reports on the rise of Fintech in Europe so that you can focus on what matters the most for you.

In this report published on September 2017, the consulting firm EY shared key insights on the growing number of FinTech start-up in the region, investment volumes in the sector that are expanding, the rising deal flow that and the increasing average deal size.

[divider]FINTECH FIGURES[/divider]

In 1H’2017 FinTech start-ups in Germany raised around EUR 307 million of VC funds with average deal size of EUR 7.3 million.

The German FinTech landscape accounts about 300 active FinTech in total with Berlin being country’s largest FinTech hub, hosting 27% of them.

Around 67% of all FinTech are located in the 3 major Gemran FinTech hubs that are Berlin, Rhine-Main-Neckar (RMN) and Munich.

Around 42% of FinTech start-ups in the country are B2B-oriented.

Between 2012 to 2016, total investment in German FinTech start-ups increased by almost 40x from EUR 10.2 million to EUR 398.9 million.

[divider]FINTECH FACTS[/divider]

Top FinTech funding deals in 1H’2017

Among the top-10 largest banks, investments and collaborations have been by far the most preferred response strategy to FinTech.

Germany’s FinTech hubs: short profiles

Germany’s FinTech landscape: segment profile (1H’17)

Read full study here

European Fintech Mapping Week #3: Winvestify, Yolt, OakNorth and Ditto Bank

Team Europe

14 November 2017

Every week, Techfoliance highlights four promising Fintech start-ups across Europe in various verticals: lending, payment, investment, etc. In this weekly FinTech mapping we will focus on Winvestify, Yolt, OakNorth and Ditto Bank.

[divider]Fintech Mapping[/divider]

Winvestify

Winvestify is a Spain-based FinTech that has developed a platform to integrate the management of all investments in P2P Lending platforms made by private investors and professionals in one single dashboard.

Discover here: https://www.winvestify.com/

Yolt

Yolt is a Amsterdam-based FinTech that provides an easy way to manage money from UK bank accounts and credit cards in one single app. The solution is owned by ING.

Discover here: https://www.yolt.com/

OakNorth

OakNorth is a London-Based FinTech that has developed a lending platform for entrepreneurs and provides fast, flexible and accessible debt finance (£0.5m-£25m). The start-up secured £66m equity investment from Indiabulls, India´s largest non-bank SME lender and became the first UK bank to have its core systems fully-hosted in the cloud.

Discover here: https://www.oaknorth.com/

Ditto Bank

Ditto Bank is a France-based FinTech that has launched a mobile-driven multi-currency bank that gives people the freedom to manage current accounts in currencies and make payments all around the world.

Discover here: https://www.dittobank.com/

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Israel Eyes Poland To Penetrate European FinTech Ecosystem