The Portugal Fintech Report 2019
FINTECHS ENABLING INCUMBENTS:
& ALLIANZ FRANCE
NURTURING A NEW DATA MASTER
ounded in 2018, Habit Analytics is one of the top insurtech startups to watch. This year, the Portuguese Insurtech, which has headquarters in New York, was among the eight best insurtech startups worldwide, recognized at the Zurich Innovation World
Habit Analytics offers innovative solutions to traditional insurance companies by aggregating and analysing data from IoT devices, smartphones and contextual data sources in order to extract valuable consumer insights. The collected data gives insights about the state of the alarms and understands presence inside the home. This enables insurers to make inferences about the behaviour of its customers and know how to respond.
"HABIT HELPS THE WORLD'S LARGEST INSURERS UNDERSTAND THEIR CUSTOMER"
BUT HOW DID A ONE-YEAR-OLD STARTUP ACHIEVE SUCH A PRESTIGIOUS RANKING?
Domingos Bruges, Co-Founder and CEO of Habit Analytics, already had hands on experience in this field since he founded an IoT startup called Muzzley, in 2013.
After spending years building a powerful platform, he found it a challenge to monetize the product by selling to consumers. During his experience with Muzzley he realized that the secret to success was to restructure Muzzley’s business model, considered to be a “B2C” model (Business to Consumer) into a “B2B” model (Business to Business) because that would better serve the demands of the market.
While participating in the Techstars IoT accelerator in New York, Domingos met Sasha DeWitt, current Co-Founder and COO, and together they founded Habit Analytics.
Nowadays, they divide their time between Lisbon (where the development teams works) and New York (headquarters). The startup has grown to 17 employees and has raised $2M of total funding. They use the Muzzley IoT platform alongside new data profiling models, and given the new B2B approach the startup now targets big corporate clients. In fact, Habit soon realized that the best sector to invest time in is the Insurance one.
LEVERAGING THE POWER OF DATA FOR INSURERS
The Habit Analytics team believes in the power of data and they know that insurance companies are not taking advantage of the opportunities arising from real time data analysis, and that is a problem. Instead, these companies rely too much on historical data from their consumers and consequently do not have real time perceptions of their behaviours and needs.
The truth is that insurance companies don’t have the internal resources and capabilities to develop very sophisticated technologies based on real time data and IoT. On the other hand, insurtech startups are clearly forcing the redesign of the insurance industry landscape by applying technology innovation to processes along the entire value chain. Therefore, the solution to develop such new technologies is to partner up with these new players and outsource their services.
These partnerships are definitely a trend. In 2018, the capital invested in insurtech startups reached $3.18 bn worldwide almost double the $1.65 bn invested in 2017, according to data from the FinTech Global database. In fact, there are major global insurance companies scouting for insurtechs that can help them to access new market opportunities by personalizing experiences and providing entry to niches.
OVERALL, THE INSURANCE SECTOR IS STILL VERY EARLY IN THE DIGITAL TRANSFORMATION CYCLE AND EXPECTATIONS ARE THAT INVESTMENTS INTO INSURTECH WILL CONTINUE TO GROW AT A DRAMATIC PACE. THIS MEANS THERE IS A HUGE OPPORTUNITY FOR STARTUPS LIKE HABIT.
THE BEGINNING OF A PARTNERSHIP WITH ALLIANZ
Allianz France knew that for underwriting risks, it was no longer sufficient to look at historical data. Therefore, the big traditional insurer wanted to find a new solution for home security that could enable them to offer new services as well as customize their pricing based on predictive risk models. With this in mind, Allianz started to evaluate several insurtech startups and Habit came up as the most interesting one, with the best technology and pricing.
Habit’s first pitch to Allianz was in mid 2016 (while still under Muzzley) and the contract was signed in December 2016. The scope of the project included a home safety solution focused on leak and fire detection using IoT devices, smartphones and contextual data sources to
extract consumer insights, which would enable new services and data-driven decision making. For this effect, Habit now offers Allianz access to a data analytics platform that provides them customer insights based on profiling on top of the collected data and a white label app that is being used by Allianz customers to control their smarthomes.
The white label app was the perfect solution for Allianz because they were able to rapidly deploy a solution without the need of creating a new app from scratch. Moreover, Habit offers a solution that is device agnostic allowing Allianz’s customers to choose from a list of compatible devices and control them via the Allianz Safe Home app.
"CONNECTIVITY IS BECOMING INCREASINGLY IMPORTANT IN THE HOME, ALLOWING US TO BE ALERTED QUICKLY IN THE EVENT OF A PROBLEM. ALLIANZ SAFE HOME ALLOWS TO MANAGE SERENELY AND EFFECTIVELY ALERTS. BY INTEGRATING ALL THE CONNECTED OBJECTS ON THE SAME APPLICATION AND LINKING THEM TO AN AUTOMATED ASSISTANCE SERVICE, ALLIANZ FRANCE IS TAKING A KEY STEP IN THE SERVICE PROVIDED TO ITS CUSTOMERS IN THE PERSONALIZED PREVENTION OF DOMESTIC RISKS.”
- ALINA BURTIN, MARKETS DIRECTOR OF ALLIANZ FRANCE
egarding the pricing, Habit charges a licensing cost to use the technology and a monthly fee based on the app’s active users. During the implementation period, Habit plugged in their solution into Allianz’s core infrastructure. Considering that we are
talking about a home security service, there was no space for downtime or errors. Therefore, one of the biggest challenges was to manage the performance of the solution since it could not break down because that could jeopardize the safety of customers. For that, Habit implemented a strict SLA and has diligent processes in place for daily testing of devices and pushing new features into production.
Additionally, another project challenge was to manage the multiple stakeholders involved.
Beyond the relationship with Allianz, Habit also had to work with one of the Big Four services firms to coordinate the integration with Allianz’s systems. For instance, they provided technical support in terms of managing the exposed APIs. Furthermore, since Habit was dealing with sensitive customer data, a huge requirement was to be diligent and follow every legal requirement, such as the GDPR.
ROADMAP FOR THE FUTURE
At last, the solution launched in France in mid 2017, so the project took about 6 months to implement, which put the project 18 months ahead of the initial plan. Nowadays, Habit is providing them constant insights about their customers’ behaviours inside their home, which will help Allianz enhance its underwriting model and optimize pricing decisions.
However, Habit’s team does not plan to stop here. They are already working on new verticals that include the expansion of their use cases related to home security and the development of new solutions such as elderly care and car insurance.
Furthermore, they are eager to reach new markets. So why not use the well established relationship with the Allianz group as a vehicle to expand to new geographies?
& BANCO MONTEPIO
TOPPING UP CUSTOMERS' EXPECTATIONS
ounded in 2015, LOQR is one of the top Fintech / Regtech startups to watch. Durnig 2019, this multi-awarded startup, continued to growth it’s customer base in Portugal and cross borders. Currently, they have 35 collaborators delivering their
platform in 4 countries across 2 continents.
LOQR provides a 360º Identity Management Platform, including Fast, Easy and Compliant Customer Onboarding with Identity Verification and Digital Contract Signing features.
"CUSTOMER ONBOARDING. FASTER. EASIER. COMPLIANT."
BUT WHAT IS LOQR? WHAT IS THE IDEA BEHIND IT? WHAT PROBLEM IN THE BANKING INDUSTRY IS LOQR SOLVING?
Ricardo Costa, Founder and CEO of LOQR, refers that LOQR’s is mostly known to be a Customer Onboarding Management Platform created to manage the complete process of the customer onboarding workflow for banks, financial services and any other highly regulated verticals. “By using LOQR’s platform our clients can build their own customer-centric and compliant onboarding process”. Customer Onboarding, Consumer Credit, Credit Card Issuing, among others, LOQR provides all the needed tech tools to support the different phases of each specific workflow, according to each specific product and regulation.
This includes data acquisition, customer due-diligence (including KYC and AML), legal documentation with digital contract signing, core services integration and post onboarding relationship management. “The idea behind LOQR is to build a platform where non-IT companies can design digital processes, new or by migrating existing paper-based ones, without worrying about technology.”
Ultimately any process that needs customer intervention, should be able to be easily designed and make available through our platform, and the platform will be responsible for filling the technological gaps.
HOW CAN BANKS IMPROVE THEIR CUSTOMER JOURNEYS?
By building business partnerships. To deal with today’s customer expectations, banks must deliver the same user experience customers of all ages are used to see and feel in the other day-to-day services they use. Customers are expecting something as simple as opening a new social media account, subscribing a new streaming service or rent an electric scooter. They are able to accept, and they are even expecting, some small additional security related complexity associated with the verification of their physical identity. What they are not expecting, at all, is the need to spend additional time with papers or physical presence. To achieve this expectations there is a need to use the same technologies, methodologies and evolve at a similar pace. LOQR, as an IT product company, focuses precisely on that, allowing banks and other regulated service providers to focus on their core services which, normally, are not around developing technology. And that is why we look at banks, not so much as client, but as business partners where we also share risks, because like any other successful business partnership it must be a mutually benefiting one.
COMPLYING WITH PSD2, GDPR, AML, AND OTHER SPECIFIC REGULATIONS, SPECIALLY IN THE DIGITAL WORLD, REQUIRES ADDITIONAL AND RELIABLE IDENTITY VERIFICATION (IDV) INVESTMENT AND IMPROVED STRATEGIES. THIS HAS BEEN AND WILL CONTINUE TO BE A GROWING MARKET WITH MUCH TODO FOR YEARS TO COME.
THE PARTNERSHIP WITH BANCO MONTEPIO
It all started a year ago. At a time when the love-hate relationship between Fintech and traditional banking was being discussed, Banco Montepio, called a young startup to bring innovation, technology, and put traditional banking at their customers’ fingers. It was the beginning of a relationship that led Banco Montepio to take another step in its digital transformation process.
With the integration of LOQR’s platform, which enables the customer’s virtual presence in full compliance with KYC guidelines and contract signing, Banco Montepio was able to launch, in just 12 months, 3 new services: 100% digital
remote account opening for individuals, 100% digital online consumer credit and 100% digital online account opening for SME’s.
And what do they have in common: the customer experience is always simple, fast, secure and the use of the account or credit money is immediate as they wish.
Banco Montepio was particularly apprised with the 100% digital online account opening for SMEs, since they are the next focus of their technological innovation at Banco Montepio.
To finish, we can only say there is much more to come.
12 MONTHS, 3 NEW SERVICES
“With this business partnership, and by adopting a technology base that will accompany it in the future, Banco Montepio has been able to strengthen its path towards a more digital banking service and is able to offer its customers the user experience they are used to on a daily basis even with other state of the art digital service, always according to the Bank high security and compliance standards.” – Luís Melo, IT Director at Banco Montepio.
BIG TOTAL BANKING
hAPI, founded in 2018 by Diogo Nesbitt and Frederico Mangas, is an enabler of the fintech ecosystem. The team counted with the expertise from previous ventures, such as the “B2B” fintech startup Magnifinance, and from years of consulting for some of the biggest players from the Portuguese industry. It was the combination of this knowledge and skills that led the founders to work together on the creation of solutions for the banking sector, in a time in which financial institutions grow their awareness for the importance of providing new applications on top of their clients’ data. Being the market demand ever-growing, this is probably one of the best times to empower applications, instead of creating them on your own - in other words, to work as an enabler in a “B2B” model.
The Founders focused their product on the delivery of any kind of financial information, of any kind of financial institution, in a single point and format. At first, you could think that it is another PSD2-fueled startup, but as you will see, it serves institutions in ways that exceed the norm.
"HAPI IS THE ENABLER, THE USE-CASE IS YOURS"
AN OPPORTUNITY TO INNOVATE
anco de Investimento Global - “BiG” - is an innovative bank since its inception. In 2018, the bank focused on
investments and savings, addressed the arrival of PSD2, always looking at it as an opportunity, and not as a threat. It was this outside look, combined with an inwards analysis and a close contact to its clients, that allowed BiG to take advantage of the open banking philosophy. It knew that its customers seldom keep their assets in a single institution; that they were managing their portfolio based on the institution and not as a whole; and therefore, not taking all the potential they could be getting, plus being too much exposed to certain products or asset classes. BiG was keen on providing a solution for this problem and it did mark the start of an innovative project and a partnership with hAPI.
IN SEARCH FOR A SOLUTION
BiG goes therefore to the market in search for a solution that can empower its use case – the display of the entire net worth of a client in one single place, whenever he wants, wherever he wants, totally cost free, and with all the convenience and security. hAPI is then the best choice to attack this opportunity. It has the experience in the Portuguese market; the highest number of connections with banks and other sources (including even elements from the tax authority or social security with applications on several areas as consumer credit); the integration of several asset classes, going beyond payment accounts; and it went through the Portugal FinLab with all the Portuguese regulators, reinforcing all measures on how to be fully compliant and up to date at a regulatory level. Payment aggregators are now common, however, investment account aggregators — think, for instance, of having a full view of your stocks, bonds, funds, ETFs, and more — are seldom seen. The scope of the project included the development of an account aggregation solution that, not only showed a full picture of a client’s portfolio detained in another bank account, but also provided an analysis of the growth of their respective portfolios by bank and by asset.
"THIS IS A TOOL THAT WILL BE ACTIVELY PRESENT IN THE DAILY LIFE OF OUR CLIENTS. THEREFORE,
WE FOCUSED ON DEVELOPING A SERVICE THAT IS SECURE, INNOVATIVE AND FREE"
- PAULO FIGUEIREDO, MEMBER OF THE BOARD OF DIRECTORS OF BIG
COOPERATION IS THE ANSWER: AN INVESTMENT BANKING USE-CASE
It is itself an innovative solution – going beyond the known “PFM” (Personal Finance Managers) to create an “IFM” (Investment Finance Manager) – and help manage the entire net worth of BiG’s clients. Cooperation was without any doubt what allowed to develop such a proposition, with the desired capacities and conforming with the highest standards and regulatory measures.
hAPI worked with BiG to create a solution with the speed and specific knowledge of a startup, along with the legal requirements and necessities of a bank as BiG and its clients. Throughout it, there was the involvement of the technical teams of hAPI as well as of the business and technology teams of BiG.
Regarding the design of the project, there were two major challenges associated to BiG Total Banking: data protection and security; and the collection of information.
One of the major challenges of the project, as with any that includes data management in the EU, was to comply with GDPR requisites. BiG demanded the implementation of a diligent solution and one of the great benefits of hAPI concerning data protection — as viewed by BiG, an institu-
his is only one of the many use cases hAPI can power and one that the company was always keen to support
tion that deals with sensitive personal data daily — is that it does not touch client data. Instead, as mentioned previously, they provide a fully independent software that works solely through the bank and then stores all the information on the core system, being all the information secured with the highest standards. This means, remarkably, that client information is secure, never being handled outside the respective bank’s servers and being thoroughly inaccessible to any other parties or even to hAPI.
Additionally, another project challenge was the use of data collection technologies, along with the enforcement of PSD2. The client is the main focus when providing these services and, therefore, hAPI and BiG’s partnership was born and developed with it in mind. Both always believed, from the first moment, that the user owns its data and must be able to use it whenever and however he wants. Therefore, the technology allows the way around that protectionist attitude, allowing the client the freedom to choose whether they want a full view of their portfolio or not. On the other hand, the infrastructure ensures the easy elimination of all the data in the moment the client demands it.
ONLY THE FUTURE WILL TELL
The roadmap for the future includes, certainly, a continuous partnership, both in the maintenance of BiG Total Banking and the development of new verticals to expand to. BiG is looking to expand to new geographies and providing unique services to different target clients, so only the future will tell which solutions will grow out of this partnership, however, they are bound to be as creative as they will be innovative.
Until the moment, BiG Total Banking counts with thousands of aggregated accounts and, with the option to do it, more than 60% of the clients choose to share their data with BiG to have a better service and look for a closer contact with the bank to
better manage their portfolio and maximize their results. Besides, the tool launched in November 2018, almost one year before the enforcement of the PSD2 regulatory standards, was distinguished as the Financial Innovation of the year by Euronext Lisbon Awards 2019.
FOSTERING EFFICIENCY ACROSS THE SECTOR
dvicefront is a technology company founded in 2015 that is building a digital financial advice platform for financial advisors (FAs) and their clients, aiming to reinvent the way FAs help clients grow their money and achieve financial security.
The first product that the company launched is Onboard - which aims to remove the friction from the beginning of the advice journey for FAs and clients, particularly when it comes to collecting information about risk tolerance, fact-finding, payments and digital client agreements. The company has a second product in beta testing called Plan, which is being developed with a community of advisors to help FAs build interactive financial plans and dynamically generate suitability reports to clients, making sure the advice given follows the highest regulatory standards.
"HUMAN-LED FINANCIAL ADVICE SHOULD BE ENHANCED, NOT REPLACED. WE BUILT ADVICEFRONT TO MAKE FINANCIAL ADVISERS BRILLIANT AT WHAT THEY DO - THEY’RE THE HEROES OF OUR STORY."
HOW DID THE IDEA COME ABOUT?
Jose Supico, CEO and co-founder of Advicefront, was working in the Wealth Management industry and realized that the world of FA was lagging behind in terms of technology and that many clients didn’t have access to high-quality financial advice mainly because of the cost involved in delivering it in a timely manner. The original idea was to create a robo-advisor tool, but he soon realized a more human-centric approach was critical during the advice process. After consulting with several investors, the CEO, his co-founder (André Costa, CTO) and Adrian Durham (FNZ CEO and a board member of Advicefront) decided to focus on building a totally new B2B platform for FAs in the UK.
As a London-based company, one of the biggest challenges to Advicefront was to break into the UK market. However, they defined it as one of the most important strategic goals. For instance, from a long-term perspective, as the UK market is heavily regulated that is a big advantage. In particular, the strict regulations in the UK market makes it easier to expand operations and enter other markets which are still lagging in terms of regulation, such as the US. On the other hand, the company has decided to keep its Product team in Portugal, as maintaining contacts in both markets improves its ability to source talent and keep a more global perspective going forward.
HOW DID THE PARTNERSHIP WITH BEST MATERIALIZE?
As specialists in the Banking, Asset Management and Trading areas, BEST is a Portugal-based bank that is known by its technological business products, using a platform to manage its clients’ everyday finance, investments and trading. However, a problem that is commonly faced by companies of this type is the time-consuming process for FAs to build an investment position, which could take 6 to 8 hours. Until Best started to work with Advicefront, this was no exception.
Advicefront's value proposition was to reduce the amount of time required to build a proposition to about 15 minutes (depending on the level of configuration) whilst safeguarding the ability to personalize every proposition to the specific client and use-case. Moreover, getting efficiency up means reducing costs for customers and partners - and maybe for their clients as well.
BEST, as one of the leading digital banks in Portugal, understands the need to keep innovating and improving processes so it was a no-brainer on the day Advicefront presented BEST’s bespoke investment proposition built in just 15 min, after one of the consultants had spent approximately 6 hours to build the exact same proposition.
WHAT HAS BEEN THE OUTCOME OF THE PARTNERSHIP?
BEST’s Financial Advisors no longer have to struggle for hours with Word documents to build a proposition, everything happens automatically within the Advicefront/BEST platform.
Advicefront has improved the product on an ongoing basis with feedback from real clients and the day-to-day operations of the Investment and Advisory team at BEST.
BEST has managed to cut down the time it takes to deliver an investment proposition to a client from 6 hours on average to just 15 minutes.
This solution was tailor-made for BEST using the Advicefront engine and core platform so that BEST is able to both benefit from the ongoing updates and feature releases but also to provide a fully customized experience to their clients, who never have to leave the BEST website.
ONE OF THE ORIGINAL FINTECHS
ack in 1958, Dee Hock, Visa Inc. Founder and Chairman, created a company based on the disruptive idea of electronic money: “What if money became fully electronic? It would become nothing but electrons and photons that move around this world at
the speed of light that any individual could use at any time, wherever they happened to be, seven days a week, 24 hours a day”.
From this idea and focusing on being the best way to pay and to be paid for everyone and everywhere, Visa has been the leading global payment technology company for the last 60 years.
As the world moves from analogue to digital, Visa is applying brand, products, people, network and scale to reshape the future of commerce and bridge businesses and customers:
1. Giving consumers secure, seamless and convenient ways to pay.
2. Supporting issuers by continuing to provide innovative and secure solutions for their clients.
3. Providing acquirers with a low cost and low risk acceptance tools.
4. Providing merchants with assured payments and larger customer reach.
FINTECHS: THE PARTNERS ON THE DIGITAL ERA
Fintechs are stirring the financial sector across the world and, through several approaches, Visa has been supporting these companies to thrive, keeping the focus on the potential value brought to the ecosystem.
Visa is devoted to be the most responsive and supportive network for emerging and disruptive payment players, where “Visa has a commitment with European fintechs that materialize in an improvement of our internal processes, as well as an investment program that supports the European Fintech development.” (Charlotte Hogg, Visa Europe CEO). For example, the following three case studies showcase Visa’s role on the fintech world.
BEYOND REGULAR CURRENCY
Spanish start-up founded in 2016 with the aim of developing the “financial platform of the future” that would bridge the gap between crypto users and the mainstream market to simplify customers’ financial decisions and give them full control of their financial services.
In 2019, 2gether enabled its prepaid Visa card to be used in 19 Eurozone countries and allowed clients to immediately convert cryptocurrency to euros and to spend it wherever Visa cards are accepted, free of charges.
This solution allows the consumer to pay in euros or instantly converted crypto currency, to manage both euro and crypto balances, and to buy and sell crypto on the 2gether platform, without putting the consumer through the common hassle of conversion and use of several different applications for one final purpose.
2gether’s prepaid Visa card became a reality across Europe through the partnership with Pecunia Cards E.D.E. (Pecunpay), as their regulated Electronic Money Institution, and with support of Visa for solution deployment and performance monitoring.
To assist fintechs in this space, Visa developed a framework to approve card programmes that enable consumers to convert cryptocurrency to fiat currency, which can then be used to make purchases using Visa debit or prepaid cards.
2gether and Visa collaborated on a pre-paid card programme, undergoing the following phases: Visa BIN request, BIN implementation and certification, card design and chip configuration definition. With this process successfully concluded, Visa is continuously supporting 2gether with further developments, making sure existing and new programmes deliver to the market needs.
Born in Hamburg, Germany, neobank Tomorrow combines the concepts of “mobile banking” and “sustainable finance”, offering a mobile current account and various opportunities to use finance for positively impact the world in both social and environmental aspects (e.g.: microcredits, organic farming and renewable energies).
More recently, through a Visa partnership with solarisBank (banking-as-a-service provider that offers both the technology and the banking license), Tomorrow is able to offer Visa cards to their 12,000 and growing customers, where for every new cardholder, during a period of time Visa will fund 100 new trees in Brazil. Visa and Tomorrow are also exploring opportunities to create environment friendly cards.
Tomorrow’s issuing became a reality through Visa’s Fintech Fast Track Programme, which provides start-ups a clear path towards the market entering supported by Visa’s:
1. Rapid onboarding – designed to meet companies’ specific needs, cutting down the process up to four weeks.
2. Industry expertise – connection to Visa’s network of certified partners that provide services across the payments spectrum (e.g. solarisBank).
3. Growth drivers – commercial incentives to help companies get started, and marketing and consulting support their scale-up.
INTELLIGENT URBAN MOBILITY
Born from the idea of sustainable cities and smarter mobility, German MOTIONTAG helps mobility providers to aggregate their masses of users into useful information so they can offer seamless, intermodal experiences.
In 2018, MONTIONTAG participated in Visa Everywhere Initiative (VEI) for Germanspeaking markets. Conceived to promote payment innovation, VEI challenges start-ups to answer the future payment market needs, improve their own value propositions and develop innovative services and products considering Visa’s value chain and network.
For the German-speaking markets edition, Visa dared start-ups to forecast the “Future Ecosystem for Payments” and provide ideas to enable technology-driven future use-cases powered by digital payments which will shortly become relevant in the market.
Focusing on the German ticketing hassle for public transportation, MOTIONTAG won the challenge with a use-case where passengers would receive a valid ticket with just one click and pay (with Visa card on file solution) just for the specific journey they were travelling, highlighting the need to provide solutions that encompass mobility market heterogeneity and give consumers a seamless experience.
After this successful edition, Michael Hoffmann (Head of Visa Innovation Centre Berlin) gratefully applauded the winners stating “We look forward to working with these exciting start-ups to help to develop their ideas with our payment expertise and take them to the next level”, leaving the door open for further collaboration.
VISA: SUPPORTING FINTECHS
To power fintechs and accommodate their diversity, Visa’s Fintech Strategy includes a wide range of approaches built upon three pillars:
Venture and investment - financial participation in companies that add value to Visa ecosystem or support new use cases for Visa solutions, promoting the differentiation and improving or accelerating the development of solutions and services
Fintech partner marketplace - partnership with fintechs, that add value to the payments ecosystem, for Visa’s Fintech partners network integration, widening companies’ exposure to potential clients and partners.
Commercial incentives - financial incentives adjusted to fintechs cash flows and treasury needs on their initial years in the market