SILICON CANALS: Dutch fintech startup Flow bags more than half a million funding to launch new product
Dutch Fintech Flow has bagged 600k funding to take the final step in the development of their product. Initially, the product is designed for self-employed people. In a later state, Flow aims to service other groups of people. For instance people in debt counselling or students.
Flow is a fintech that enables clients to set up automated saving and spending with Smart Money Flows. For instance, Flow can enable clients to automatically pay all their standing charges on the day their salary arrives or on the days that the charges are due.
But before Flow can approach the market with their product, they need a PSD2 permit. The permit is currently work in progress for Flow. The application for a PSD2 permit can be very time consuming and expensive. Neils Mulder (Co-founder of Flow) stated that Enigma Consulting supports them with their permit application. “We do this together with Enigma Consulting, specialist in this area. That party is one of the investors in our company”.