How a virus changed the relationship between fintechs and banks

COVID-19 has a tremendous impact on many fintech companies, for good and for bad. The shift to digital is undeniable, and banks understand this as well. At the same time, however, they have become more selective in their investments and partnerships. Fintechs that are low on cash may be struggling now. This will impact the negotiation power of these young companies.

How is this impacting the fintech industry? How can banks benefit from this situation?

To answer that question, we asked Don Ginsel (CEO Holland Fintech) and Toon Vanagt (Director Fintech Belgium) to join us on May 14. For the first time, we invited two special guests. The result was a session with more input from the experts, spiced with some exciting poll results to feed the discussion. As always: a big thanks to these two special guests and the participants. This blog would not have been possible without you!

We started the session with a first poll, to capture everyone’s opinion on a first dilemma: “how will this crisis turn out for fintech?”. The vast majority believed that collaboration is the right way forward.

I know, and the discussion afterwards confirmed it: the answer looks different depending at what kind of fintech you look at.

Smaller size today is an asset. It means there is a lower cost to sustain and more flexibility, making it easier to adapt to change.

Toon’s experience as an entrepreneur in the dotcom crisis comes in handy here. Today, all that matters is changing to the circumstances. He quoted Sequoia: “The good times are over, make sure you make revenues now…

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