MONEYBANKER is a comparison engine for personal loans. Based on your search criteria, the platform matches you with possible online financing options. We asked Mads Hvidberg, MONEYBANKER’s founder, for more details about his startup and his life as an entrepreneur.
(Featured Image: Mads Hvidberg / Image Credit: MONEYBANKER)
What is MONEYBANKER?
MONEYBANKER is a Danish company that compares personal loans online. We have been developing an engine that is easy to use and that can give users the best offers available based on their research criteria within just a few seconds.
We have realized that there is very low trust in the personal loan sector. That is why we have been creating a service that is clear and transparent. To offer a complete service, we also offer a blog to guide consumers and help them make the best decisions from an economic standpoint.
Today, we are a team of seven employees and are active in five different countries: Denmark, Norway, Finland, France and the U.S.
We would like to consolidate our business in the five existing markets where our service is currently available.
What is your day-to-day schedule like?
My day always starts with glancing at my calendar and quickly assessing how I should prioritize my time. Then, I check how things are going in all of the countries in which we are present.
My day also usually begins with answering some questions from my colleagues. My primary task is to ensure that our employees have the best conditions to succeed in their tasks. Therefore, it is important to show them that I am available and here to help them out when needed.
The rest of the day I follow my own agenda. This can include, for example, answering email, speaking on the phone, and also leading marketing projects in Denmark, which falls under my responsibilities.
What are the next steps of your development strategy?
We would like to consolidate our business in the five existing markets where our service is currently available. To develop a service in a new country costs money and it costs even more to settle in a new market. It is not enough just to have a service available online. The entire challenge is to create traffic. It requires a substantial marketing budget.
You are a Danish entrepreneur—What is it like to be an entrepreneur in Denmark?
Entrepreneurship is very popular in Denmark and it is quite normal to start a company, whatever your age. It only takes five to ten minutes to register a new company online. After which, you can drive your company totally legally.
The education system encourages innovation, and gives young Danish people the first tools to start their own companies. I think that is why there are so many Danes who have tried to launch their own businesses.
Furthermore, we have a lot of possibilities to seek support and assistance, which helps Danes successfully develop their businesses. For example, there are many centers that advise entrepreneurial companies. They also offer entrepreneurial courses. They teach how to concretely start your company, explain the risks and how to face them, etc. They are a real support for entrepreneurs.
It is not possible to be good in all aspects of running a business. So, my best advice would be to find someone with competencies and skills that complement yours.
What does it take to be an entrepreneur?
It requires that you can handle many different types of tasks and that you understand how to learn from your own mistakes, as well as the mistakes of others. It also requires being able to handle stress at times and work under pressure. Most importantly, being an entrepreneur requires working a lot. That is why it is very important that you really like what you are doing, so that you can enjoy every hour spent at work.
What is your advice to people who would like to turn their idea into a business?
I am personally very happy that I started my company together with someone else. It is more fun to share successes with someone who also lives and breathes for the company. It also means that you don’t sit alone stressed with all of the responsibilities. Instead, you can support each other.
Furthermore, it is not possible to be good in all aspects of running a business. So, my best advice would be to find someone with competencies and skills that complement yours.
However, if you are two co-founders, never forget to speak about your expectations before you start your business. Open communication is fundamental to success.