1. Tell us a bit about yourself
My name is Dirk Rudolf, Co-Founder and Managing Director of FinTecSystems. At FinTecSystems I ‘m responsible for Product, IT & Operations. Over the past 20 years, I have co-founded several companies and was previously part of the management team and CIO of SOFORT, one of Europes’ leading payment systems.
2. What product/services do you sell, and who are your competitors?
FinTecSystems is acting as an Account Information – and Payment Initiation Service Provider, specialised in the field of fully automated financial analyses on the basis of online banking data. With our products, that can be used by bank customers in Germany, Austria, and Spain, we supply analyses on the creditworthiness of consumers & businesses.
3. What made you decide to seek external / VC funding?
I think there are always certain reasons for seeking external funding. Within our permanently changing market there is a demand on quick time-to-market. From my point of you going this direction it’s pretty hard to grow organically. Also, sales cycles take much more effort than I know if from the past in eCommerce. Much more compliance & regulatory tasks need to be done, etc.
4. How was the fund-raising journey for you, and how did you end up winning your investors?
From Angel Investment via Seed to Series A & B. Each round had its special moments. From my perspective it’s always a combination between network of trust, a bit of luck and a momentum. I think one of the benefits why and how we got attraction at our investors was that the founding team of FintecSystems has long common journey serving as e.g. CIO and COO of SOFORT, an experience which we sometimes describe as our Live MBA, accompanying the business from startup to exit in 2014.
5. Any insider tips for other EU FinTechs looking for funding?
I think it’s pretty hard to find the right investors. For every step of the company it needs the right people at the right time with the right understanding. Fintech is in many parts way more complicated than other businesses. I can always recommend to look for investors who have themselves a portfolio that fits to your needs and who can support you in terms of making the right decisions.