SnapSwap recently joined the Silicon Luxembourg Business Club. Get to know the startup!
(Featured Image: Denis Kiselev, Founder and CEO of SnapSwap pitching at Techstars Demo Day in Paris in 2017 / Image Credit © Techstars)
Tell us about your startup.
SnapSwap is a fintech startup that offers a fully automated online and mobile onboarding solution for banks, insurance companies and the investment industry. SnapSwap offers plug and play fintech and regtech solutions to European financial institutions. Our products are fully compliant with all existing and upcoming regulations in Europe as SnapSwap is an authorized Electronic Money Institution (EMI) in Luxembourg being passported to 28 European countries.
How did you come up with the idea?
What we are building is based on our own experiences and knowledge of financial services. Take for example the issue of customer onboarding. As a customer, we do not like the way banks and other businesses treat us when we want to open a bank account. The onboarding process is time-consuming, resulting in a negative customer experience. We wanted to develop a solution that would improve this process.
“One of the top 10 European banks and one of the leading insurance companies in Europe are among our clients. Other banks and insurance companies, as well as cryptocurrency exchanges and crowdfunding platforms are also using our service.”
What are your products/services?
We offer Snaprove™, a fully automated end-to-end process available 24/7 at a fraction of the cost of manual onboarding. Snaprove™ provides businesses with advanced solutions that satisfy customer expectations of a seamless, modern user experience. It is also compliant with current and upcoming regulations, including PSD2, new AML directives and data privacy rules. Snaprove™ allows the verification of a customer’s identity, collection of KYC data and performance of due diligence and enables a legally binding electronic signature.
What is your business model?
We offer our solution as a service. After the initial setup is completed, our clients pay per verification fee, with volume discounts available.
Who are your clients?
One of the top 10 European banks and one of the leading insurance companies in Europe are among our clients. Other banks and insurance companies, as well as cryptocurrency exchanges and crowdfunding platforms are also using our service.
What are the next steps in your development?
Our new challenge is to bring our products to our clients and provide solutions that will satisfy user expectations and the high standards of the financial market. To achieve this, we have just released an improved version of Snaprove™, which will help companies considerably reduce customer-related risks and combat fraud, while also ensuring a seamless and omni-channel user experience for customers.
This article was first published in the 8th issue of SILICON magazine. Be the first to read SILICON articles on paper before they’re posted online, plus read exclusive features and interviews that only appear in the print edition, by subscribing online.