Startup Spotlight is a series of Q&A articles about Stockholm Fintech Hub members. This week's startup Market2Member, whose mission is to make it easier for banks and card issuers to build and run merchant funded reward programs.
Tell us about your company – why you started it and how it is going
M2M: "We saw that the card & retail bank market would be disrupted already back in 2011. In an environment with transaction margin pressure, card issuers need to find cost efficient ways to drive card usage and spend. For retail banks the challenge would be to keep customer ownership after PSD2. Our solution provide card issuers and retail banks with an easy way to build and run incentive shopping programs to drive card usage and increase loyalty. A card/ bank partner will be able to offer loyalty & incentive programs containing hundreds of shops in just a couple of weeks. What we saw would happen back in 2011, is happening now. From 2016, when the interchange cap came into effect, the on boarding of card issuers has been fast."
What stage are you at with the company’s development and funding?
"We are currently running programs for card partners throughout Scandinavia on our platform. We have so far been able to build our business without any external financing. We are now looking for funding to further develop our platform and concept for retail bank customers."
Any advice for someone thinking of creating a fintech startup?
"Address a real problem & think about your revenue model early in the process."
What are the best and worse things about running a startup?
"Best thing is the beauty of addressing new challenges every day. The life of a start-up team rarely gets dull!"
Any predictions for the future of fintech (or your area of expertise)?
"We will go towards more individually tailored products & services. It's about knowing what the user needs and when he/she needs it & serve the right product/ service at the right time."