Greek Tech on the Rise in Fintech
In the past few years, global lines between traditional finance and technology have begun to blur and the Fintech industry has become increasingly competitive. This situation is no different in Greece. The Greek fintech industry has seen significant growth trends in recent years. Though perhaps not an industry that first comes to mind for many people when thinking about the Greek economy, it certainly deserves more credit than it is given.
In this post of our #Greek Tech Rising series, we delve into the Fintech sector of the Greek economy and highlight some notable startups in the ecosystem.
Predictions of Greece’s Fintech
Following the financial crisis in 2016, many speculated that Fintech would emerge as a booming sector to bolster the economy. Sources, such as the Huffington Post and ekathimerini.com, published articles predicting this trend.
Such speculations were not far off as the Greek fintech industry has become increasingly active. A 2018 monthly report from the Bank of Greece stated that “if the value of transactions through fintech approaches the European average, it will add 0.6 percent to Greece’s gross domestic product”. Additionally, if the Greek fintech industry becomes a leader for Southeast Europe, Greek GDP could increase by 1.8%.
“If the value of transactions through fintech approaches the European average, it will add 0.6 percent to Greece’s gross domestic product”.
Startups Making Waves in Greece’s FinTech Scene:
A future improvement in Greece’s GDP looks promising knowing that entrepreneurs are implementing innovative tech ideas to improve and modernize banking. We looked into four startups who are revolutionizing Fintech in Greece:
Plum is an AI assistant that helps users make smart management and investment choices to both grow and save your money. Thus, it’s no secret that Plum’s mission is to help people become financially better off. Using the latest technology, Plum analyses each customers’ daily transactions and pulls aside small sums every few days. With Plum’s services, these small savings become significant overtime. Plum also makes investing money really simple by hand-picking a range of suitable companies tailored for each customer to invest in. Crucially, Plum’s emphasis on safety and security allows customers to feel comfortable and rest assured that their money is well taken care of.
Since launching the startup in 2017, Plum has already achieved its second funding target of 850,000. With such strong investor support, this startup is on track to become a key player in the Fintech industry.
As a new banking alternative app, Revolut provides users with three key features: instant payment notifications, free international money transfers, and global fee-free spending. Through these features, Revolut hopes to become a leader in facilitating exchanging currency and transferring money. In short, Revolut aims to be their customers’ global bank.
By using the Revolut app, users receive an electronic credit card that allows for both local and global online transactions. These global transactions are made possible at the lowest exchange rate possible. Revolut also helps customers manage their money by providing built-in budgeting and instant spending notifications.
Revolut was launched in 2015 and has been receiving positive feedback overall. Although the startup does have some competitors looking to provide similar services, Revolut differentiates itself by capitalizing on mobile first.
Kard is a new Greek app that helps consumers save hundreds each year from online card purchases. With the app, Kard hopes to bring consumers’ attention to the miles, points, and cash back they can receive from these purchases. The app is simple. After linking a credit or debit card to the Kard, the app will show all rewards that the card issuer offers. The app also allows users to buy these rewards directly.
Despite being a small startup, Kard has already found success in the Greek fintech industry. In 2018, Startup Euruope Awards named Kard the winner of its Fintech category. Thus, having already gained significant recognition, Kard aims to become an even larger presence in Greece.
Easystarter is an online crowdfunding platform that works to promote Greek entrepreneurs. when registering a startup with Easystarter, it becomes highlighted on Easystarter’s website and receives funding benefits.
Easystarter is a small company with a big mission. Following the Greek financial crisis, the startup hopes to help boost the economy by supporting the ideas and creativity of new startups. Therefore, with an inspiring mission, this startup is working to become a leader in changing the Greek economy.
Greek Fintech on the Rise
As Greece continues on the road to recovery from the crisis, the future of fintech looks bright. With startups like those above, Greece is taking steps towards modernization and earning back consumer trust. To learn more about trending industries and emerging ventures, explore the rest of the #GreekTechRising series.
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