Ecosystem Zoom in Series: Luxembourg
Finologee: An ecosystem on its own
In the last ‘Ecosystem Zoom-In’ series of Breaking Banks Europe, we had the opportunity to take a deep dive into Luxembourg with Nasir Zubairi and Jonathan Prince, two exceptional individuals of the Luxembourg ecosystem in their own rights. They themselves do not tend to need an introduction, but just in case, Nazir is the CEO of the LHoFT (The Luxembourg House of Financial Technology) and Jonathan is a serial entrepreneur, his latest hat being the Co-Founder and Chairman of Finologee. Luxembourg gives a lot to talk about, from being a major financial hub in Europe to being on the first-mover wave of FinTech adoption at a governmental level to their work in Microfinance and Financial Inclusion. We could go on, and on. For the purpose of this article, we will focus on Finologee, their outstanding journey of the last two and a half years and what lead them there.
Who better to tell the story than the founders themselves:
“we started out in 1999 by building a digital agency from scratch, Nvision; then we launched a telecom messaging, routing and micro-payments specialist company in 2006, Mpulse; the next endeavour was to build the Luxembourg’s retail banks’ mobile payments product and infrastructure as of 2012, with Digicash; and finally we launched our latest venture in 2017 to provide the tools and platforms to digitalise financial industry customer experiences and processes, Finologee.”
As mentioned by the founders, Finologee “provides the tools and platforms to digitalise financial industry customer experience and processes,” from PSD2 for Banks to Digital onboarding to platform operations. After years of providing technology solutions for banks and financial services, they decided to make the move towards a novel space, RegTech. During an interview with InFinance they clearly explained what Finologee offers:
- facilitate digital on-boarding of end-users by aggregating the best international FinTech products
- help banks holding payment accounts to achieve full PSD2 compliance
- create a digital marketplace and a leading-edge technical environment where FinTech companies and traditional financial industry players give access to their services and expose their APIs
- enable customers to identify, fill-in and sign their SDD mandates using their computer or mobile phone
- and finally, develop a system for creating multichannel messaging strategies, e.g. for the optimization of billing procedures, user authentication or digital marketing
Basically, Finologee is operating a one-stop-shop for FinTech building blocks. Since launching their products they have; 30 banks in 9 countries live with their PSD2 for Banks and are delivering their Digital Onboarding product for KYC automation with partners such as IDNow, KYCTech, ARIADNEXT and LuxTrust. They ave also obtained a ‘Support PFS’ License by the Luxembourg Minister of Finance and are regulated by the CSSF.
Be it whether you are a FinTech, a Bank or a payment provider, you are sure to find easy to improve your offerings by visiting Finologee’s website.