This week we feature the Danish startup banking platform, Hufsy.
The Danish fintech startup Hufsy is ready to offer fellow startups a banking service beyond what they are used to. Hufsy provides a seamless, efficient and secure banking service to startups and entrepreneurs.
By working with the fully licensed solarisBank as their banking partner, the company will change the way SMEs experience banking and gradually welcome users during 2017.
- Hufsy is a banking platform tailored to startups. It is a one point entry and therefore an easy and timesaving way for small businesses to handle finances.
- Hufsy utilises artificial intelligence to give users the best financial overview.
- 45% of startups think financial institutions lack flexibility.
- 30% of German startups are located in Berlin and the region have 177,000 small businesses which is why Hufsy focuses on Berlin as their first market.
- Hufsy is founded by software engineer, Rafal Lipinski, and entrepreneur, Maria Flyvbjerg Bo.
- Former CTO of Fidor Bank, Frank Schwab, is the chairman of Hufsy.
Hufsy – “Our platform allows you to have your normal bank account features, such as payments, balance and transaction list. Additionally, the platform integrates with your other business systems to provide everything in one single place.”
Q&A: Interview with Maria Flyvbjerg Bo, CXO, Hufsy
How did you get started with the idea?
The idea to Hufsy came when Maria, started her first company back in 2006. She experienced the hassle of taking care of finances herself and thought it could be done easier and better. However it was not until Maria meet co-founder Rafal Lipinski, who is a software developer, that the right team was set to live out the dream and start improving the banking experience for small businesses.
The idea sounds unique. Who are your main competitors?
Our main competitors are Penta, Kontist, Holvi, Tide and N26. The last couple of years more banks and startups have started to focus on solving the problem we are solving as well. This is definitely great, because it means that small companies will experience a better banking in the future.
Who are the main customers of Hufsy?
We are targeting startups and small companies with up to 50 employees.
At the moment we are in beta in Germany and focusing on Berlin. It is super important for us that we onboard users ongoing to ensure that security is as it should be. We are handling peoples money so this is key to us.
How do you plan to address practical challenges. For example, marketing and outreach is a challenge most startups face?
Since we are targeting startups at first we are simply reaching out to our network of fellow startups. In the beginning it is not super important for us to have a lot of users. We would rather have what we call true fans. They will be more willing to give us feedback on our product and to recommend others to use Hufsy.
However growing through use of digital tools is of course something that we are looking at as well.
What are your plans to go global?
We are focusing on Germany now. Hopefully we will be able to launch the beta in Denmark during 2017 as well. Basically Europe is the most interesting market for us.
Tell us about your business model. Where do you see yourselves in a year?
We want a business model that makes sense to our users. They should pay for what they think creates value to them. Therefor we are testing the setup of our business model with users. The exact same way we are testing our product with users.
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