The number of fintech companies in the Netherlands keeps on growing. This is apparent from the Holland FinTech Infographic, which is published today during the Annual Member Summit. The most recent version (4.0) displays an overview of more than 430 companies that are currently active in the Dutch fintech market. With the addition of over 100 companies, as compared to last year, it is clear that the number of fintech related companies is ever growing. This growth is essential to the Dutch competitive position.
The updated infographic provides insights into the innovative parties that are a ctive in the Dutch financial value chain and that offer pioneering solutions. Innovation in the financial services industry paves the way to better and more personalized financial products and services for both consumers and businesses. The main sectors of growth in 2017 were online payments, identification and security solutions. Naturally, there were parties that disappeared from the scene: 14 companies ceased their operations or were acquired by other players.
Don Ginsel, CEO of Holland FinTech, states: “The growth of fintechs is a positive development for the Netherlands as it strengthens our country’s name and enhances our position as a digital innovation hub. This way, a more diverse offering of financial services for consumers is enabled, alongside better (international) business opportunities. The growth and diversity of the fintech landscape, as depicted by the Dutch Fintech Infographic, confirms this. The arrival of Europe’s largest fintech event, Money20/20, in Amsterdam this year (from June 4-6) is a confirmation of the positive development of the fintech climate.”
The application of fintech solutions covers more than just banking services. It now also comprises, for instance, insurance and pension offerings. Insurtech (insurance technology), regtech (regulatory technology) and pensiontech (pension technology) are just a few examples of topic related themes within fintech. Although fintech start-ups were initially viewed as disruptive, they are now more likely to collaborate with larger financial institutions. Furthermore, incumbents are also providing the market with their own initiatives, for example PEAKS (Rabobank), Gappie (Nationale Nederlanden) and Kandoor (APG). Besides the increasing adoption of smartphones for financial services, regulation is an important part of the growing number of new entrants. New (European) legislation such as PSD2, the new privacy directive (GDPR) and the investment directive MiFID II are drivers behind an acceleration of innovation.
Constantijn van Oranje, Startup Envoy of StartupDelta, also underlines the importance of the Netherlands as a fintech hub: “Innovation and entrepreneurship are absolutely crucial for the Dutch competitive edge. I am confident that we have all the right conditions at present to turn the Netherlands into the most innovative start-up nation in Europe. Holland FinTech’s infographic exemplifies that the fintech landscape is blossoming, which is also a positive development for other start-ups. More and more foreign parties respect the Netherlands as a potential leading European hub for digitization by opening an office in Amsterdam or elsewhere in the country.”
Willem Vermeend, who was appointed as Fintech Envoy for the Dutch governments two years ago, advocates the importance of a leading role for the Netherlands as a whole and a facilitating role for the government. Vermeend states: “Digitization, automation and robotization have a large impact on society and our economy. That’s why it is important that the financial sector joins this development and makes digitization a top priority. By cooperating and learning from each other, traditional players and innovative solution providers can further develop and stimulate the financial sector. The overview of all parties active in the fintech landscape is a source of inspiration for other innovative entrepreneurs, for instance in the smart industry of circular economy.”