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AutorenbildJuan Diego Parra Castillo
25. Dez. 202115 Min. Lesezeit

Fintech Review 2021 — Germany, Austria, And Switzerland (GSA)



New Blog

This blog post first appeared first on old medium publication (https://medium.com/startuprad-io), and was moved to this blog with the relaunch of our website in summer 2024.


“For banks the pandemic meant that they had to digest 10 years of digitalization in only two years.”Paolo Sironi — Thought Leader and Author

Hello and welcome everyone to our 2021 Fintech Review for the German Speaking Area — Germany, Austria, and Switzerland, also called GSA. This is an annual tradition started in 2014, first in German, now in English. You can find the older reviews in the blog post below:

“Crypto is coming, no question. The metaverse is coming and exciting for me is the question how we will pay in the metaverse”Oliver Oster — CMO and Founder OptioPay


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“What struck me the most in 2020 is Crypto. It is sooo much more popular today than one or two years ago”Janis Dust — CMO and Co-Founder Epap

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“As people are going from in-person to remote a lot of [banking] processes have to be updated. It is basically a huge accelerator for the whole banking industry.”Frank Schwab — Co-Founder Fintech Forum

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“[Venture] Capital becomes more concentrated. It will get harder for the new kids on the block”Frank Schwab — Co-Founder Fintech Forum

Our Guests

Today I welcome our guests:

“10 years ago adding the valuation and market capitalization of the global top 500 banks and fintech unicorns plus the payment providers: 10 years ago banks represented 97% of that value, today they are down to almost 70%.”Paolo Sironi — Thought Leader and Author

This time I ask our guests 4 questions on the current state of fintech, their outlook, and drivers for the future.

The questions are:

1) What is the strongest impact of corona on the financial and fintech world, immediately and in the future?

2) What is the most important development you have seen in total in 2021 for fintechs?

3) What do you see in 2022 for the fintech scene in GSA?

4) What field of fintech do you see becoming more important in 2022? Is it already the year of the green fintech?

Wishing you happy holidays from Frankfurt! We will be back on January 13th with an interview. Enjoy your time with family and friends and stay safe!


The Video is set to go live on December 25th, 2021 at 10.00 o’clock CET


“The most obvious impact [of corona] for me was, that here in Berlin people have stopped paying cash and now pay by card or digital [cell phone or wrist watch]”Oliver Oster — CMO and Founder OptioPay

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Fintech Reviews Since 2017

“Some neobanks retreated with their business from abroad. They understood that volume is not enough for a great value offer”Paolo Sironi — Thought Leader and Author


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The Interviewer

This interview was conducted by Jörn “Joe” Menninger, startup scout, founder, and host of Startuprad.io. Reach out to him:LinkedInTwitterEmail


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Automated Transcript


00:00:00.017 → 00:00:08.855Startup Red Dot IO.


00:00:09.194 → 00:00:13.680Your podcast and YouTube blog covering the German startup scene.


00:00:14.001 → 00:00:20.207With News interviews and Live Events.


00:00:21.032 → 00:00:31.297Hello and welcome everybody this is Joe from startuprad.io Welcome to our 2021 fintech review for the german-speaking area Germany


00:00:31.258 → 00:00:43.756Austria and Switzerland also called GSA this is an annual tradition started in 2014 first in German now in English,


00:00:43.763 → 00:00:50.652you can find the old reviews here bottom line is I invite.


00:00:51.036 → 00:01:00.312Entrepreneurs investors and thought leaders to our annual fintech review we will publish it on the 25th,


00:01:00.498 → 00:01:13.797of December and then we will ask them a few questions due to limited time we have to do single recordings with with each of our guests,


00:01:14.001 → 00:01:18.163so I’m basically hat for questions to ask them.


00:01:18.619 → 00:01:25.824And they gave me their prepared answers today I welcome as our guests.


00:01:26.181 → 00:01:38.022Yanis dust a young fintech entrepreneur and co-founder as well as Chief marketing officer of the pap and invoice app.


00:01:39.090 → 00:01:54.028Everybody who had the pleasure to already here our fintech review knows policy horny fintech entrepreneur turned Global Research leader in Banking and Financial markets as well as a multiple book


00:01:53.953 → 00:01:56.936author you can learn more about him


00:01:56.852 → 00:02:07.397in our show notes you’ll find a link of course to his website and to his newest book and we have LinkedIn profiles of all of our guests


00:02:07.349 → 00:02:13.266linked there as well our third guest is Frank Schwab the


00:02:13.173 → 00:02:23.862co-founder of the fintech Forum and multiple board member and last but not least there is olive oil stir fintech entrepreneur.


00:02:24.138 → 00:02:36.186And investor founding part of a q VC and the chief operation officer c.o.o. of berlin-based table to pay.


00:02:37.857 → 00:02:43.478So first let’s get started here are our questions.


00:02:45.257 → 00:02:53.740What is the strongest impact of Corona on the financial and fintech World immediately and in the future.


00:02:55.214 → 00:03:03.940Well the pandemic caused an acceleration of digital adaptation on clients it is like a bank had to digest


00:03:03.856 → 00:03:14.598ten years of digital innovation in shifter in only two years that there was an unprecedented shift in particular that involve daddy payment mechanisms and solutions


00:03:14.542 → 00:03:24.348which is reflected in the market evaluation of those players if you look at the total market share in terms of market capitalization and private revelation of,


00:03:24.444 → 00:03:32.198the top 25 and regular banks have plus the fintech unicorns and the payment providers you can clearly see that,


00:03:32.375 → 00:03:40.993ten years ago Banks represent that more than 95 and 97 percent of that Shara


00:03:40.873 → 00:03:52.651but today in 2021 and they are bound to almost 70 percent so that means that the payment providers in particular have been gaining Traction in terms of Market evaluation because


00:03:52.513 → 00:03:58.160everyone is realizing that the fact that they are will poster to Garner most of the benefit


00:03:58.076 → 00:04:06.623at least it in visual benefits of these digital acceleration which was really unprecedented in 2020 and 2021.


00:04:09.014 → 00:04:17.587Right now we see in high demand on let’s say Automation and digitalization.


00:04:17.999 → 00:04:21.359So since people move from,


00:04:21.527 → 00:04:32.909personal to remote a lot of processes have to be updated and it’s basically an huge accelerator,


00:04:32.996 → 00:04:40.255for going digital for the whole banking industry and of course fintech sign in the pole position


00:04:40.135 → 00:04:51.508to either support banking processes or let’s say being prepared you handling everything remotely online and automated already.


00:04:52.486 → 00:04:57.674So that that happened for sure over the last 18 months,


00:04:57.852 → 00:05:04.129whether you look at vintage store at establish bank or direct thing everything,


00:05:04.198 → 00:05:17.515Marlette cut pushed on and given the investments into the industry the Vintage industry we see some of the highest level ever,


00:05:17.585 → 00:05:22.701and that’s basically means going forward.


00:05:24.156 → 00:05:32.297That the change and digitalization of banking.


00:05:32.897 → 00:05:36.843Increases increases and increases.


00:05:37.471 → 00:05:46.926Go on I said s very strong impact on the entire fintech sector and especially when you take a look at the speed of digitalization,


00:05:46.995 → 00:05:49.302for me it’s like insane because,


00:05:49.381 → 00:05:59.619customers are such or are much more willing to use digital solutions for example the checkout at the point of system which is super important for us a teepee.


00:05:59.994 → 00:06:11.376And in general everything is becoming more digital and I personally also have the trend of buy now and pay later which is driven by kalana and other companies,


00:06:11.571 → 00:06:20.783obviously it’s reinforced by online shopping in Corona times but yeah many many technologies have no almost become mainstream.


00:06:21.276 → 00:06:30.947So I mean here in Berlin people always used to pay cash actually everywhere they’re going.


00:06:31.376 → 00:06:44.621It’s at a supermarket in the restroom all over the place they’re paying cash and think the biggest impact is definitely that people are now really paying with the car door with Apple pay so.


00:06:45.006 → 00:06:49.168With a mobile phone so that’s the most obvious I think.


00:06:49.426 → 00:07:00.321Development since Corona our second question what is the most important development you have seen in total in 2021 for fintech.


00:07:01.129 → 00:07:04.354So I think what is most.


00:07:04.928 → 00:07:11.691Striking are the Investments we have seen so.


00:07:12.129 → 00:07:21.333More or less so it looks like that every week you see three digit Million number.


00:07:21.600 → 00:07:29.336Invested as Sirius B C or D into any given fintech.


00:07:30.026 → 00:07:34.629The highest probably.


00:07:35.094 → 00:07:46.053Pauline payments but also when it comes to let’s say other business models in the Vintage industry.


00:07:46.338 → 00:07:55.973Think of a number 26 and 26 are many many others are also in the hole.


00:07:56.547 → 00:08:09.135Block train vintage the to distributed Ledger Industries you see very very high Investments and funding rounds that that’s.00:08:10.176 → 00:08:11.628Right now.


00:08:12.030 → 00:08:21.774Most striking and going forward we will see what the impact is of these Investments.


00:08:22.401 → 00:08:32.973I even would would see that in some areas these Investments have because bigger as the spends of established traditional Banks


00:08:32.970 → 00:08:39.877so it’s it’s really very very different than let’s say 34 years ago.


00:08:40.676 → 00:08:48.502Yeah I want to mention two points so first of all the ongoing boost and digitalization which I mentioned before.


00:08:48.868 → 00:09:00.871And secondly what struck me the most this year is crypto so the topic is so much more popular than it was one or two years ago crazy development overall and,


00:09:01.039 → 00:09:10.251now it’s also been Feud even more by things like nft sore web 3 and yeah let’s see what happens when stuff like that arrives in Germany,


00:09:10.338 → 00:09:16.598I have to say that I’m rather cautious about it but it’s super interesting to see what happens in America right now.


00:09:16.892 → 00:09:31.469I think the rise of the metaverse right so crypto is coming and for me one of the big questions in the future will be how how will we be paying.


00:09:31.998 → 00:09:38.905In such worlds and such m versus like is it crypto is it still like.


00:09:39.271 → 00:09:46.692Euro or dollar pound I don’t know and I think this will be like one of the biggest questions and.


00:09:47.220 → 00:09:53.066But since we just started with the metaverse especially in this year the big hype.


00:09:53.459 → 00:10:00.475With Facebook turning the name into m is I think one big signal and.


00:10:01.399 → 00:10:08.523. like a big potential for fintech c as wellwhen there’s something very important to me,


00:10:08.700 → 00:10:16.004that he said is shifted towards rebounding financial services around a couple of ideas,


00:10:16.046 → 00:10:24.592one which you don’t find particularly Innovative is the one of the super apsa that is already dominating different acting in China,


00:10:24.634 → 00:10:30.893and he’s now getting on the desk of the CEOs of payment companies


00:10:30.836 → 00:10:44.919like PayPal for example announcing that they want to beat one of these but the second is a bit more fitting the purpose which is that the emergence of this is so-called Community Banks so sort of a super rapid but allocated to a special community.


00:10:45.186 → 00:10:53.354I like to remind that the interesting acquisition of square of title,


00:10:53.423 → 00:11:05.309basically today is a competitor of Spotify very small competitor Spotify and db2 to buy them out because vectors it believes that


00:11:05.216 → 00:11:11.863and by servicing a community for example of artists in resolving their problems in terms of,


00:11:11.923 → 00:11:23.080finding the Machinery or producing get their artwork is the way to become relevant inside the different ecosystem and better for to extract value from Mac


00:11:23.077 → 00:11:27.653the work of the financial services and solutions,


00:11:27.866 → 00:11:38.311now check their see said clearly that the new ideas that found that intersections I’m reading his quota and we believe that there’s a compelling one between music


00:11:38.299 → 00:11:45.000and the economy and that is basically one of the most interesting characters tactic that I’ve been seeing in the last year,


00:11:45.051 → 00:11:48.394bowling seven evoke thanks into a compartment cannabis.


00:11:48.886 → 00:11:56.802My third question what do you see in 2022 for the fintech in GSA,


00:11:56.934 → 00:12:05.111again it’s clip to in my opinion I hope it’s becoming more popular and mainstream here just like the buy now pay later trend


00:12:05.081 → 00:12:14.662yeah and maybe even the technology behind crypto itself which we become more popular what started in America few months ago will be here in 20 22 for sure.


00:12:14.957 → 00:12:27.734So I think in in in these countries in the let’s say more drum speaking countries it will be still about the development of the the fintech infrastructure right,


00:12:27.785 → 00:12:32.037and bringing the the people digital I mean,


00:12:32.061 → 00:12:37.789since Corona boosted it very much we we we do have now.


00:12:38.083 → 00:12:45.207Good good way to compete also with us we’re like Mobile payment Etc has been always been normal.


00:12:45.555 → 00:12:54.966But still in Germany Austria and Switzerland we still do we still need some more development here and.


00:12:55.692 → 00:12:57.360That being said also.


00:12:57.654 → 00:13:07.065What we do with the transaction data here in these countries right we are always very much restricted on the on the analytic side.


00:13:07.467 → 00:13:14.609But looking into PC to as well and not only open banking also open data,


00:13:14.633 → 00:13:23.836what we will do with the data especially the transaction data and what kind of offerings we can tailor to our customers,


00:13:24.013 → 00:13:30.822I would say the journey continues of the biggest bigger.


00:13:31.080 → 00:13:34.729Biggest ones will become even bigger.


00:13:35.707 → 00:13:41.714So that basically means they establish themself.


00:13:43.260 → 00:13:49.042In the marketplace deeper and further on.


00:13:50.201 → 00:14:01.663And of course that also means for the ones who are rather at the starting point it’s not difficult to get the exposure in the attention,


00:14:01.814 → 00:14:11.530that’s something I see because it looks like that the capital concentrates now while.


00:14:12.103 → 00:14:18.570Three four five six years ago the capital was much more distributed.


00:14:19.269 → 00:14:25.889So I would argue it becomes tougher and tougher for New Kids on the Block.


00:14:26.309 → 00:14:32.955To also take a share of this.


00:14:34.573 → 00:14:43.209Changing let’s say overall industry so not only so I would not only look at it finish look at thinking and then,


00:14:43.314 → 00:14:51.185think of fintech switch in the banking industry because I think you can’t separate the two from each other and.


00:14:51.875 → 00:14:55.722So that’s what I think is.


00:14:56.322 → 00:15:03.653Something we will see in the next year not to say in the next year’s.


00:15:03.938 → 00:15:12.880So it’s not only about 20 22 and I think it let’s say for people who want to found,


00:15:12.895 → 00:15:21.640I’ll create a new style but they really need to come with water something very very special so let’s say the.


00:15:21.925 → 00:15:28.400The time where you could trust create a mobile bank or let’s say.


00:15:28.911 → 00:15:35.377You do you have an idea on payment that’s not good anymore for four.


00:15:36.526 → 00:15:42.219Let’s say for fun idea that search for funding.


00:15:43.008 → 00:15:50.042That’s probably another aspect which.




00:15:51.281 → 00:15:53.238The audience may find of Interest.


00:15:53.748 → 00:16:02.285Well I think that there are two things which are particularly relevant the four idea region of Germany Austria and Switzerland


00:16:02.084 → 00:16:08.064one is a reconsideration of the role of the Neo Banks some of them retrench there from there


00:16:07.881 → 00:16:20.208and operations that I brought that they need to understand that volume is not enough to generate effective value so they didn’t have yet that mechanism that goes in the direction of


00:16:20.016 → 00:16:26.978the soup it up for example they’ve been talking for a few years about being a Marketplace of products but that is not enough absolutely not enough,


00:16:27.020 → 00:16:31.227because it does not create the anoles solution for the clients but just of,


00:16:31.233 → 00:16:40.472it just makes a digital display of different products which are in a sense disconnected and the second of course this was the year of defy,


00:16:40.632 → 00:16:51.329and there’s no better place than Switzerland that to promote if you like Define all of its phases which are also legal and Regulatory as well as technical


00:16:51.146 → 00:17:00.259so I believe that Germany Austria and Switzerland might have an important role in the evolution of the centralized training school in Fort Worth.


00:17:00.950 → 00:17:08.064Our last question what field of fintech DC becoming more important in 2022.


00:17:08.323 → 00:17:13.817Is it already the year of the green fintech is it already the year of the queen fintech.


00:17:14.192 → 00:17:22.729I think it’s not really about the green fintech itself it’s more what green.


00:17:22.987 → 00:17:28.338Companies or let’s say yes G companies can do with the data with a transactional data,


00:17:28.551 → 00:17:36.359so there’s a good example of a kinetics for instance who are doing my point of view of great product around transactional.


00:17:36.959 → 00:17:45.415Data combining it with for instance their carbon footprint so analyzing what you can how we can offset it at cetera.


00:17:45.727 → 00:17:56.587But there’s still a big development possible Right is still a huge gap and I don’t know if like really the Green Banks Will Survive.


00:17:56.890 → 00:18:04.464In the bull market but in general I think there will be more combination of green and fintech.


00:18:04.686 → 00:18:14.024So that that they are drawer joining forces but pure green player in that market with like.


00:18:14.489 → 00:18:20.695A green approach will be difficult maybe maybe we still need like three four years down the road.


00:18:21.664 → 00:18:28.698So we SE pepper also like a small part of sustainable fintech Serene fantex but.


00:18:28.983 → 00:18:43.137I have to say sustainable fintech that self are definitely becoming more popular but I don’t see this as the year of the green fintech I rather still have the feeling that it’s more difficult to create a sustainable product for the Masters.


00:18:43.414 → 00:18:50.276And that does mean I think that aspect is not important enough because I really am a big advocate of it but.


00:18:51.507 → 00:19:00.521I don’t know I see it as a necessity to be a sustainable company but I have the feeling that it’s still difficult to place in Broad Target group,


00:19:00.662 → 00:19:09.379if there isn’t an absolutely clear added value for the user so if it’s clear added value then for sure it will become more popular,


00:19:09.511 → 00:19:18.543but yeah right now it’s I’m I think it’s quite hard to to be a sustainable company with clear added value for it.


00:19:20.827 → 00:19:31.632Yeah and oh I forgot let me take that one I also see that crypto obviously will be the topic of 2022.


00:19:32.053 → 00:19:40.176Even fintechno not from my perspective that’s something we would see in two or three years from now.


00:19:40.731 → 00:19:53.436Anyhow the whole thing around ESG is oh it’s not only green it’s also the DS and the tree that something a little bit.


00:19:53.766 → 00:19:59.603Later from my perspective probably what’s becomes hot.


00:20:00.347 → 00:20:06.309Because I think that’s your question I personally think that.


00:20:06.531 → 00:20:20.398The whole open Banking and API banking we’ve talked about the last three four five six years there have now reached maturity level.


00:20:20.701 → 00:20:29.040That actually you can go into the business so let’s say and let’s say the discussion around.


00:20:29.451 → 00:20:36.116Buy now pay later the whole sinking round abetted Finance.


00:20:37.139 → 00:20:46.243We now have much bettermuch better Foundation.


00:20:46.934 → 00:20:57.082This apis and open banking initiatives in order to be able to implement let’s say embedded strategy.


00:20:57.376 → 00:21:10.630Buy now pay later is an embedded strategy usually because you offer a consumer loan into an emergent process so that that’s kind of.


00:21:10.916 → 00:21:17.337Let’s say example but we will see that in also.00:21:17.793 → 00:21:26.916Additional use cases and that may probably something which becomes.00:21:27.669 → 00:21:31.138More relevant than before.


00:21:31.522 → 00:21:43.561I don’t think the point is about green or not greener we all have to be and that requires if you like much higher transparency than what we’ve seen today what I think.


00:21:44.080 → 00:21:53.274That matters is what really matters in the transformation of financial services on mobile technology which is the understanding


00:21:53.244 → 00:22:07.867finally that platforms that are the rear competition if you go back 15 years we clearly see that only platforms worn on the internet that you get all the social media platforms you can become as platforms for answers,


00:22:07.900 → 00:22:16.608but for the last 10 years of in technovation interpreters were really focusing on simple-minded Solutions the unbundling principle


00:22:16.578 → 00:22:18.372which makes no sense


00:22:18.235 → 00:22:29.913if not the creation of a smaller leaner and Clear Solutions the business value and the sustainable business value can only come by the capability of panda lean back


00:22:29.830 → 00:22:37.268these unbanned those Services into something they generate a new value and that is the role of platforms


00:22:37.229 → 00:22:51.456two platforms strategies are clearly a merging which have identified in my last piece of literature banks have been taken platform economies one is called contextual banking we’re at the bank becoming visible to an open Banking and open finance perspective


00:22:51.381 → 00:22:57.532and the other one is conscious banking when the bank remains transparent and visible to generate value for clients.


00:22:57.809 → 00:23:10.640Now to conclude in a short a couple of sentences it is the opportunity to eliminate friction from a non banking ecosystem that makes banking contextual,


00:23:10.790 → 00:23:16.968to unlock new value value there was not there before because that level of orchestration was not possible.


00:23:17.227 → 00:23:29.580Digital technology enables that but it is the opportunity to demonstrate value for clients and clients have to pay for access to the platform and makes Banks consciousness.


00:23:29.821 → 00:23:36.701To unlock the hidden value of there is value in Saint Francis Services which does not come to the surface,


00:23:36.734 → 00:23:41.301because there’s no understanding on how transparency can effectively generate better,


00:23:41.371 → 00:23:51.582but this is The Tamarind where some institution started understanding days and I believe this would be the direction 2032 and going forward finally the competition is on the platform account,


00:23:51.687 → 00:24:05.608and finally wishing you a happy holidays from Frankfurt we will be back on January 13th 2022 with an interview kicking off our new cooperation with the drum,


00:24:05.776 → 00:24:12.629is Association enjoy your time with your family and friends and stay safe thank you bye bye.


00:24:13.437 → 00:24:20.425I would say one Italia Tutti quanti yes Merry Christmas and happy New Year and see you in 20.


00:24:21.701 → 00:24:29.446All right thank you all for listening and have a great start in the New Year and have a Merry Christmas.


00:24:36.400 → 00:25:05.472Music.






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