SnapSwap Achieves Everest

Designed by the Luxembourg-based company in partnership with Mastercard, the online platform aims to help startups and SMEs better manage their payments and expenses.

Photo: Denis Kiselev, Founder & CEO of SnapSwap / Credits © Olivier Minaire / Silicon Luxembourg

SnapSwap, a Luxembourg-based company that specializes in electronic money services and solutions launches a new online platform, Everest.

The payments and expense management application has been developed in partnership with Mastercard, the US financial services group. “Everest allows SMEs and startups quick and easy access to corporate cards and the possibility to manage expenses efficiently online”, both partners said in a press release.

“Our survey in Luxembourg shows that 86% of small business owners cannot clearly identify various business expenses within their bank accounts”, the CSSF-licensed fintech notes.

“Our goal is to help entrepreneurs and top managers focus on their clients and products, while Everest takes care of payments and expenses management”, Denis Kiselev, founder and CEO of SnapSwap adds. “It addresses the pressing needs of entrepreneurs in efficiently managing both their teams and expenses. It helps them to optimize their financial flows by assigning flexible credit lines or saving time on reporting and accounting”.

Mastercard will manage the card issuing

The fintech targets around some 200,000 customers in the Benelux countries with the new solution by 2021. The company plans to extend the availability to other Eurozone countries by 2022.

Founded in 2016 and hosted in the House of Startups, SnapSwap International offers payments and electronic money services and solutions. The CSSF-licensed fintech employs 25 people, of which half work in Luxembourg.

Its board includes Paul Helminger (chairman and former mayor of Luxembourg City) and Raymond Schadeck (board member and former CEO at Arthur Andersen and EY Luxembourg).

In 2016, the company launched Snaprove a digital onboarding and identity verification platform. In 2018, SnapSwap joined StartPath, a global fintech accelerator powered by Mastercard.

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