Top 5 Fintech startups in the EU | Blue Tulip Awards 2021

In the past few years, a surge of fintech startups appeared in the European scene thanks to various drivers. Online banking, open banking, and the expanding demand for more inclusive, innovative financial solutions for both companies and individuals. This has pushed many innovators to race into finding more sustainable, and user-friendly financial solutions to promote financial prosperity and inclusion.

What is financial prosperity and why is it important?

Financial prosperity is very important as money is the center of all financial planning. So anything that could be done to simplify finances for customers and businesses would be of great importance. That is why the theme of the financial prosperity category within the Blue Tulip Awards, focuses not only on simplifying finances but also on what these companies and innovations could do to society at large. It aims at trying to boost the shift from prosperity being about shareholder value, to focusing on consumers and serving a purpose that goes beyond thinking of the bottom-line profit maximization.

Especially after Covid 19 pandemic has exposed how vulnerable, yet interconnected we are as human beings. So when looking at the operating space of humanity, two big challenges appear inequality and climate crisis. By knowing so, we need to accelerate helping new entrepreneurs in the fintech and investment banking space, to bring new ideas and business models to help allocate capital. With that role comes big responsibility, that is having the capital to flow to companies with the biggest impact in society.

 

Top 5 Fintech Startups in the EU nominated by the Blue Tulip Awards

 

GlobalCloudPayment with its mission to boost retail sales and help the EU achieve financial stability.

GlobalCloudPayments believes that the ATM industry in its core is drastically outdated and that ATMs should be more than just a distribution point of cash. Hence, they are meant to get smarter.

Knowing that cash is still the core payment method in the whole world including the European Union. the European Central Bank (ECB) follows a key strategy to fulfill their quotas of cash circulation within merchants and citizens. Which in case not fulfilled, can risk the financial stability and economy of the union. So, what GlobalCloudPayments does is reinvent the ATM industry for businesses, people, and supporting regulatory and governmental ambition. All by connecting traditional payment methods with the latest financial technologies. It does so by providing businesses with increased revenue and in-store traffic, unbanked populations with access to added-value services on the go, and governments to reach their circulation of monetary funds within merchants and society. With the purpose of ensuring economical and financial stability.

How are they making ATMs smarter?

By integrating Cloud and NextGen technologies to create a PaaS (Product as a Service) set of solutions to disrupt the old-fashioned ATM industry and positively impact retailers, Banks, and ATM deployers through increased efficiency and a better time to market.

 

Paywith.glass and its intelligent global financial transaction infrastructure

aims to empower billions of people to transact instantly, with currency fluidity, from anywhere on Earth, at any time. Financial services have changed dramatically over the 50 years since SWIFT was built and the job to be done now goes far beyond the settlement, clearing, and reconciliation messaging. Today’s infrastructure must include low-cost instant global settlements, solutions to serve the unbanked, support for e-commerce, micro-payments, IoT payments, real-time KYC/AML, and global multi-currency Central Bank Digital Currency (CBDC) transactions.

 

Sentinels to empower compliance officers and support financial institutions

Manually performing AML operations and transaction monitoring are no longer sufficient or secure. It increases growth, decreases operational costs, and ensures customer satisfaction. It challenges the status quo by replacing too-lean and too-rigid business rules with machine learning (ML) models and an investigator-centric approach. Sentinels converts your current compliance efforts into data-driven confident decisions resulting in faster and more efficient case management and risk assessment.

 

Voyc’s speech analytics AI software to help improve operational efficiencies

Voyc enables companies to check 100% of contact center interactions with speech analytics AI software, helping to improve operational efficiencies, catch complaints, identify vulnerable customers, and deliver an exceptional customer experience.

 

Lumio as an Intelligent financial mentor

Using tailor-made technology to grow customers’ money around their lifestyle, in minutes. Lumio empowers customers to connect their accounts in one place, de-clutter the marketplace, and begin growing their money in a meaningful manner. they work across all possible avenues of personal finance. Guiding current savings and investment accounts to settle on the perfect balance for their customers.

 

How to measure the success and traction of fintech startups in the EU?

Pavee, the CEO of GlobalCloudPayments, believes that evolutionary innovation, viable business model, scalability, product-market fit, and motivated team focused on results are key ingredients for a fintech startup to be recognized and successful. Pavee added that success manifests in the efforts his company makes to make ATMs smarter by providing innovative IT integration that increases operational costs and tries to support cash circulation within economies while ensuring that their solution is bringing value to people, businesses, and stakeholders.  The key here is connecting traditional payment methods with fintech’s latest technologies to provide these three pillars with the best service they can have in 2021.

Author: Salma Falah

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