Holvi Blog for Makers and Doers

Fintech: technology made in Austria

fintech, Fintech Trends, MakerAndDoers, startups · 25/10/15 06:17 · Eva

FinTech made in Austria is booming! Even Super-Investor Gil Penchina confirmed:

In Austria, I’d invest in finfech.
- @gilpenchina via derBrutkasten

The financial services sector is undergoing major changes and investment in FinTech (Financial Technology) startups have reached new records last year. Global investment in fintech has tripled in 2014. With total investment amounting € 154 million ($ 175 mn) the German-speaking DACH region ranks second after London in the European market.

When examining the German scene many tend to overlook a lively and booming ecosystem: Austria. Local FinTech startups are setting new standards and increasingly offering alternatives to traditional banking services.

We have analysed the Austrian fintech ecosystem and portrayed the leading startups in this Makers and Doers feature. Focus on the domestic fintech champions: Wikifolio, Conda, Finnest, BlueCode, Kwallet, Wallegro, Fonmoney, Sweep, Baningo, Payolution, Gut oder Schlecht, Börse Social, Komfortkasse.

Fintech country Austria?!

Wikifolio: Founded by Andreas Kern the Viennese company has evolved into Europe’s largest social trading platform. The idea: Traders make their strategies public on the platform by offering so called wikifolios. Other users can follow the development of these portfolios and invest in strategies of their favorite traders. In case of a positive development of this particular wikifolio the investor benefits. Since 2012, more than 2.4 million transactions have been carried out on the platform, which corresponds to a trading volume of over 5.3 billion euros.

Conda: Daniel Horak and Paul Pöltner are the founders of Austria's largest Crowd Investing platform. Since the beginning of December 2014 CONDA has been active across the entire German-speaking DACH area, enabling crowd investors from Germany, Austria and Switzerland to invest in the region’s most innovative companies. With the participation of more than 2,000 crowd investors 2.3 million euros have been funded and more than 27 projects completed since March 2013.

Finnest: offers an alternative to traditional bank loans for businesses. The concept: private investors may offer funds to companies, setting their own fixed rate of interest and expecting their investment back at maturity.

BlueCode: facilitates mobile payments via smartphone using a barcode, which is accessed through the Blue Code app. The Tyrolean Startup Secure Payment Technologies GmbH has been dealing with the issue of mobile payments since 2011 and most recently extended its services to support payments via Apple Watch. Michael Suitner is founder and CEO.

Kwallet: The mobile wallet K-wallet allows payments with your smartphone through Bluetooth Low Energy (BLE). An additional highlight for customers: also loyalty cards can be stored in the K-wallet. At the moment, the technology is still in development and may be used only in selected shops and restaurants in Vienna. Founder: Markus Lobmaier.

Wallegro: NEXPERTS founder Kurt Schmid has launched the mobile wallet app Wallegro. Customer cards and shopping lists can easily be stored on the smartphone and mobile payments are possible via NFC technology.

Fonmoney: The online platform Fonmoney allows users to send mobile credit to prepaid cell phones all over the world. The startup Transpaygo was founded in 2012 in Vienna.

Sweep: the "European response to Apple or Google Wallet". Sweeps' mobile wallet is still in the development phase and will work with NFC technology.

Baningo: enables bank customer to choose their bank consultants themselves from a pool of candidates on the Baningo platform and based on personalized parameters and preferences.

Payolution: The Vienna Startup payolution allows online merchants to add additional payment methods to their online shops: white label invoice and instalment payments.

Gut oder Schlecht: is a search and evaluation platform for financial, insurance and banking services founded in 2013. Customers give ratings for consultants and service providers in the before-mentioned categories and thus help other website visitors with the selection.

Börse Social: The Austrian Financial Market Portal Börse Social provides its visitors with the latest stock market news constantly updated based on automatic exchange reports.

Komfortkasse: The fintech company Komfortkasse is automating offline payments via bank transfer (Payment in advance, invoice, cash) for online retailers and their webshops.

We are fintech Pioneers!

These words of Pioneers founders Andreas Tschas of Austria’s (if not Europe’s) largest startup event, remain in our memories. Not without any reason Pioneers is planning to focus more on fintech in the future.

Although the Austrian fintech startup scene is still in its infancy compared to international hubs such as London or New York, there are clear signals that this may change in the near future …

We are confident that an update of this article will be necessary soon!

 

  CONDA CrowdInvesting  wikifoliologo finnestlogo  sweeplogo  kwalletlogo komfortkasse

fonmoneylogo wallegologo  payolutionlogo  baningologo GS_LOGO_2börsesocialbluecodelogo

Are you missing a startup in the list?

This little summary of the Austrian fintech companies is based on our own research and can not be considered a full report. We are happy to expand our blog post! Let us know if you have any input and drop us a line under: eva@holvi.com

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