7 Questions- Startups

7 Questions with Indrek Neivelt of Pocopay

1. Who are you?

I am Indrek Neivelt, CEO and a co-founder of Pocopay that is a new player in everyday banking business coming to live later this year.

I have been more than 15 years the CEO and Chairman of two different banks. I feel it is time to bring some freshness into the old business.

2. Which services do you sell and who are your competitors?

We will launch our product in last quarter this year. Our goal is to have the best everyday banking solution for modern lifestyle people and for different communities. We offer all payment services necessary for people who live in Eurozone: fully online bank account, instant payments inside community, euro payments, card etc.

But not only. We will bring together best European money services.

We are not a wallet or new app next to an old bank. We created our own core system which is designed for payment business.

3. How did you get your startup idea and how did you finance your startup?

I have a banking experience for almost 25 years. Few years ago I recognised that the whole business setup in banking business is so old fashioned and needs to be refreshed.

We need another setup of financial companies which will be cheaper for customers and more modern. Customers want to choose between several players not to take all products from one bank.

Our company is financed by it’s founders so far but will raise new funds later this year.

4. What were the biggest challenges in starting?

I am surprised how protected this business is. If you are already inside banking business you do not see all these barriers.

5. What areas within FinTech do you personally find most interesting and why?

I like to see how the all financial ecosystem is changing and will change. Why? Because we are noticing the change in our everyday life: people move abroad to work and study, families are apart from different countries. The world is changing so quickly but the banks are still the same as in decades ago. It is time to change it as fast as other things around us, just enough to get our banking done across the Eurozone, no borders, less restrictions.

6. What opportunities do you see for FinTech startups in the DACH region, and how can we help to accelerate it?

FinTech companies are facing great opportunities. Old banks are not very advanced in certain countries and FinTech companies could take the lead in online banking business.

It could be even more effective when FintTech companies could co-operate more. In too many cases, they are too small or covering too narrow areas in banking business, and that makes customer acquisition costs too high.

Together with others it will be easier to challenge the existing ecosystem.

7. What tip would you like to give FinTech entrepreneurs?

I think FinTech entrepreneurs should co-operate more. In many cases 1+1 is more than 2.