Fintech, or financial technology, is a popular concept that has been around for a few years. And in Europe, many startups are finding new ways to use it for good.
‘Fintech for Good’ is a ‘global non-profit movement advocating for greater transparency, accountability and social responsibility in the financial industry.’ It brings together financial professionals, technical engineers and leading economists, and aims to show what could have been achieved if society had used more sustainable budget management systems. Fintech for Good startups are a good example of innovative platforms that aim to collaborate with the financial industry to achieve greater impact.
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In this context, “good” can be defined in several ways, including but not limited to improving access to financial services, increasing transparency and accountability in the financial sector, or promoting sustainable development.
The primary goal of “Fintech for good” startups is to change how people think about money and positively impact the world. Consequently, the startups make a difference in the lives of those they serve and contribute to creating a more sustainable and inclusive economy.
“The history of innovative financing concepts such as deferred capital and insurance has always been to improve people’s well-being – farmers get through harsh winters by borrowing; sailors who share the burden of their losses at sea. But somewhere along the line we forgot what it meant and who it was for. “Fintech for good” is a sign that we are finally starting to listen to people again, and now we just need startups and entrepreneurs who have the vision to channel them into the areas of greatest impact, says Andrew Chong, co. -founder of uPledge.
In the Netherlands, especially in Amsterdam, the “Fintech for good” trend is taking off. First, the Dutch have a reputation for being early adopters of new technology. Second, the city has a large and growing population of ex-pats, who are often more open to trying new things.
As fintech in Amsterdam is booming, some startups are using technology to help consumers manage their finances more efficiently. Here are some of them.
Kinder is a tech-for-good startup that aims to increase private donations across sectors through its online knowledge platform and digital fundraising tools for charities. The Dutch startup has partnered with Impact Center Erasmus and Duke University, developing a state-of-the-art survey framework to assess the performance of charities.
Image credit: Carbon Equity
Carbon Equity
Founder/s: Jacqueline van den Ende, Tim Molendijk, Lara Koole, Jeff Gomez and Liza Rubinsten
Carbon Equity is a fintech platform that democratizes access to influence private equity. The platform allows ordinary investors to invest alongside experts in top climate risk capital and private equity funds, with a minimum as low as €100,000 and soon €10,000. The company aims to develop a highly motivated community of investors who are ready to fight climate change with their capital.
Headquartered in the Netherlands, Moove Africa is a mobility fintech company that provides vehicle financing to mobility entrepreneurs.
The company embeds its alternative credit scoring technology into ride-hailing and e-logistics platforms, providing access to proprietary performance and revenue analytics for mobility entrepreneurs to underwrite loans.
Moove, which operates in Nigeria, Ghana and South Africa, runs flexible rental and leasing models with partner drivers who can own the vehicles on agreed terms.
Image credit: The Social Handshake
The social handshake
Founder/s: Sandra van Beest
The Social Handshake is a fintech startup that makes it easy for businesses and individuals to do good. The Amsterdam startup allows employees to automatically donate a small or large portion of their salary to charity through Payroll Giving.
With Payroll Giving, a user can make a monthly donation to the charity of their choice, straight from their paycheck. 100 percent of the donation goes to charities. This “fintech for good” startup also includes tax incentives for employees and strengthens the companies’ purpose.
Image credit: Secfi
Secfi
Founder/s: Frederik Mijnhardt, Wouter Witvoet
Secfi offers equity planning tools to help private company employees and shareholders make better equity financial decisions from offering to IPO.
The platform provides enterprise-wide education for startups to help their team make the best decision for their situation. It also provides one-on-one guidance with licensed equity strategists and financing products, allowing employees to own a stake in the company they helped build.
Image credit: Fourthline
Fourth line
Founder/s: Krik Gunning, Chris van Straeten
Fourthline offers an end-to-end KYC and AML compliance solution to regulated institutions such as banks, fintechs and brokers. The Amsterdam-based company helps banks and fintechs with the gatekeeper function by verifying the identity of thousands of new customers daily.
The Dutch fintech verifies millions of identities for clients such as N26, Wirecard, Allianz, Yolt (by ING) and many more. The company aims to protect the electronic financial system by using innovative technologies to develop the most secure and customer-friendly digital KYC solution.
Image credit: Andrew Chong
lift up
Founder/s: Andrew Chong
uPledge is a crowdfunding solution that helps investors improve their financial well-being while connecting them to verified sustainable startups.
In line with the UN’s Sustainable Development Goals, the Amsterdam-based startup believes that equity crowdfunding must provide an investor experience that is more sustainable without compromising a positive economic impact on the lives of ordinary people and the wider community.
Apollo Agriculture
Founder/s: Eli Pollak
Apollo Agriculture helps farmers in emerging markets increase their profits. The Amsterdam-based startup uses agronomic machine learning, remote sensing and mobile technology to help farmers access credit, high-quality farm inputs and customized advice.
Image credit: Tatiana Pastukhova
Teenitis
Founder/s: Tatiana Pastukhova and Bartosz Kiera
Based out of Amsterdam, Teenit is an educational smart budgeting app for teenagers. The platform aims to improve the financial literacy of teenagers by providing insight into budgeting and money management.
The app uses incentivized learning, based on the teen’s real spending and experience, to help them develop healthy financial habits. The platform also offers videos, data insights and interactive quizzes to engage and prepare teenagers for the financial challenges they may face in adulthood.
Image credit: Dennis Kromhout van der Meer
Duurzaam The Investor
CEO: Dennis Kromhout van der Meer
Duurzaam Investeren is an Amsterdam-based crowdfunding platform for sustainable energy in the Netherlands. The platform serves a growing group of investors who want to invest in sustainability, but also demand a responsible financial return. The company does this by matching the investment providers with private investors.
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