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This interview is the first unique part of Insightful Voices‘s series, ‘Strategies from Industry Experts‘ The focus is on revealing the strategies behind the growth and global expansions of companies.
Wanna reach out to Remco? Find him on LinkedIn.
Can you share your journey into the FinTech world and what led you to join Startup Wise Guys as a mentor?
My journey into FinTech has been a mix of curiosity, timing, and opportunity. I started in traditional B2B sales from a widely different field, applied neuroscience focusing on new emerging technologies & marketing but was always fascinated by how technology could disrupt industries finance being one of the biggest. The main driver was Revolut, I was fascinated by how a startup could change the financial system as we know đ When fintech started gaining traction, it was a no-brainer to dive in.Â
Iâve had the privilege of working with great brands like Revolut and several others in open banking, payments, but also working directly with traditional banks which gave me deep insights into the complexity of both startups and established players. Joining Startup Wise Guys as a mentor felt like a natural thing, also opening doors to thriving ecosystems in the Baltics. Mentoring startups allows me to combine my passion for growth, psychology & with helping the next wave of innovators ensure success in the fintech space.
As the Mentor of Fintech at Startup Wise Guys, what do you find most rewarding about mentoring early-stage startups in the CEE region?
Mentoring in the CEE region has been challenging to be honest đ What I find most rewarding is helping companies that struggle to expand or position themselves in a way they stand out, as well as offering insights into how to sell to banks, and more. They donât have the same access to funding and resources as startups in Silicon Valley, or my home country the Netherlands, which makes them more creative, resilient, but still often suffer from a perceived idea that someone will steal their concept.Â
One the of the core issues is a poor understanding of the regulatory maze they will have to traverse. Assisting with expert guidance can be crucial here.Â
You have a rich background in B2B sales and growth strategy. What key strategies do you think startups often overlook when it comes to differentiating their value proposition?**
One of the biggest things startups miss is a strong core messaging. đŻ They try to be everything to everyone and end up having a âvagueâ value proposition, this leads to the following:
Here are a few strategies startups often overlook:
- Specificity over generality: Donât try to solve every problem. Be focused on the one big issue you address and not why youâre better at solving it than anyone else.
- Customer-centric language:Â Stop talking about your features talk about the benefits to the end-customer instead. Whatâs in it for them.
- Storytelling: People connect with stories. If you can tell a compelling story about how your product fits into a customerâs life, youâll win trust. đź and in this market trust is your currency.Â
Remember, youâre not just selling a product; youâre selling an experience.
Youâve worked with renowned brands like Revolut and BackBase. What insights have you gained from these collaborations that early-stage FinTechs can learn from?
Working with big players like Revolut taught me one important thing, itâs again regulation. As we see companies like these evolve from a few hundred thousand users to as much as millions, I began to believe that regulatory compliance is a must from day one.Â
- Be agile:Â Revolut scaled quickly because they were constantly iterating, even after launching. Donât be afraid to pivot if the market shifts.
- Donât just mimic banks: Banks move slowly, and thatâs often their biggest disadvantage. If youâre a fintech, leverage your agility to build what customers need* todayânot what banks are offering.
- Customer experience is key: Fintechs like Revolut gained user loyalty by creating a frictionless experience. If your app is clunky or hard to use, users wonât stick around. đđ¸ Seamless payments or even turning the app into a cyberpunk themed way is appealing to younger generations
In your experience, what are the common challenges that FinTech startups face when trying to collaborate with traditional banks, and how can they overcome these barriers?
The relationship between fintechs and traditional banks is like mixing the wrong ingredients, like oil and water đ§âď¸ Here are the biggest challenges:
- Legacy systems: Banks operate on old tech stacks, while fintechs are built on newer, more flexible infrastructures. This creates integration challenges. Make sure your solution is easy to integrate on old infrastructure, and prepare for data issues.Â
- Risk aversion:Â Banks are highly regulated and tend to move at a much slower pace. Fintechs, on the other hand, are more agile but need to build trust. Increasingly we see fines for violations.Â
To overcome these barriers:
- My first hint is to not target traditional large banks first, aim for POCâs with smaller banks, or greenfield digital banks. This will result in our currency again, which is trustÂ
- More importantly before you approach a âlargeâ player make a stakeholder analysis, identify potential concerns of the C-level, IT departments, procurement, legal, and so forth. By doing so you greatly increase your chance of success.
- Last but not least, prepared for long sales cycles when dealing with banks. Build relationships over time. Also, once a CEO told me, weâd love to work with you but we arenât ready yet we engage in the conversation. Donât waste time on large targets consuming your resources.Â
Looking ahead, what trends do you see shaping the future of FinTech, and how can startups position themselves to take advantage of these trends? Why has the popularity of fintech decreased so much these days?
FinTech is constantly evolving, and while its popularity may seem to have dipped, the reality is that itâs entering a new phase of maturity. This means that FinTech no longer is the major disruptive force. Here are some trends I see, but they arenât in league with what we all experienced in recent years:Â
- Embedded finance: Startups can integrate financial services directly into non-financial apps (think Uberâs payment system). This will continue to grow. đ˛
Oversaturation: When too many fintechs jumped in, the market became crowded. We have over 300 E-money institutions in Lithuania alone. The startups that focus on solving specific, real problems with an effective stand-out marketing & sales can overcome this. However if youâd ask me why I should use another service than Revolut for my daily payments I wouldnât be able to give you a straight response other than I donât need another app.
Imagine you’re speaking to a room full of aspiring young startup founders. Based on your journey, whatâs the one piece of advice you would give them?
Hereâs the golden rule: Focus on impact, not noise đ¤ Itâs easy to get caught up in the choati. metrics like social media followers or press releases, but those wonât sustain your startup. Solve a real problem, build relationships, and never stop learning from your customers.
Oh, and donât forget to have fun while doing it. đ
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