The Luxembourg-based company adds usual payment functionalities on its Everest platform dedicated to startups and SMEs that cannot access retail services from traditional Luxembourgish banks.
Photo: Denis Kiselev and SnapSwap’s team expect to launch another set of solutions around expense management in Luxembourg / Credits © SnapSwap
SnapSwap, a Luxembourg-based company that specializes in electronic money services and solutions, launches a new set of online banking services via its Everest application.
Everest is an online platform for business payments and expense management dedicated to startups and SMEs.
“It is a simple business account with an IBAN, that our clients can use the same way they use their traditional bank account,” Denis Kiselev, founder and CEO of SnapSwap explains. “They will be able to make simple banking operations and administrative tasks such as money transfer, salaries and expenses payments, invoicing and reconciliation”.
“Our goal is to help small and medium companies which cannot open an account within the traditional retail banks in Luxembourg. Our new solutions address the pressing needs of entrepreneurs in managing digitally and efficiently both their teams and their expenses, while helping them focusing on their clients and products,” Kiselev continues.
“Today, companies cannot get a credit card from a Luxembourg-based bank for their staff such as salesforces, who operate in another EU country.”
Simplifying the access to credit cards
SnapSwap expects to launch another set of solutions around expense management in the Grand-Duchy by mid-May.
Additionally, companies will be able to issue credit cards for their employees via the platform, no matter where they are stationed in the EU. The service is provided in partnership with MasterCard.
“Today, companies cannot get a credit card from a Luxembourg-based bank for their staff such as salesforces, who operate in another EU country,” SnapSwap’s CEO regrets. “They therefore need to open a bank account and to request a credit card in each country they make business in. This gives them an extra administrative work such as document collection and reconciliation.”
The service, which has been approved by Luxembourg’s regulator, is already available in The Netherlands and Belgium. SnapSwap expects to extend it further in other EU countries this year.
Founded in 2015 and hosted in the House of Startups, SnapSwap International offers payments and electronic money services and solutions. The CSSF-licensed fintech employs 25 persons, half of which operate in Luxembourg. The company launched its Everest platform in August 2020.
The fintech aims to target around 200,000 new Benelux customers by the end of 2021. The company plans to extend the availability to other Eurozone countries by 2022.
Its board of directors includes Raymond Schadeck (board member and former CEO at Arthur Andersen and EY Luxembourg). Paul Helminger, the former mayor of Luxembourg City, who passed away last March, was its chairman. No new chairman has been appointed yet.
In March, SnapSwap announced the integration of its KYC application on the Mastercard Engage platform. The digital solution automates the onboarding process of new clients in compliance with AML/KYC regulations.