Shaking up the traditional banking sector

Yvonne Edseth, Marketing Manager in Payr. Photo: Private

Yvonne Edseth, Marketing Manager in Payr. Photo: Private

Payr is a fast-growing Norwegian Fintech startup set to shake up the traditional banking sector. They recently raised a pre-seed round of 400 000 Euros to launch their app, set to happen in only a few weeks! Meet Marketing Manager Yvonne Edseth in Bergen on Tuesday! 

#WHYWE scale

Payr`s big advantage is that we are able to build a product that gives independent and actionable advice in a market dominated by low trust, low competition and slow rate of innovation.

We have first-mover advantage, short time-to-market, extremely scalable business model, and a rapid growth and scale strategy. Our licenses from the Financial Authorities, clearing bank and KYC/AML partners, are easily passportable across EU, reducing time and cost to go to new markets. We have built the first version of Payr as a springboard to have perfect timing and scale to take full advantage of PSD2 and other imminent European regulatory changes. These forces are forcing banks, card issuers and other financial parties to lower their costs and open up data access. This gives us a head start that is ample for Payr to be one of the winners in a "post PSD2 world".

#WHYWE have gotten investors

A new regulation in the EU, PSD2, enables bank customers, both consumers and businesses, to use third-party providers to manage their finances, opening up for competition with established banks without actually needing to become a bank.

We saw this opportunity early, and are well-prepared for when the regulation officially takes effect in 2018. Being an early mover allows us to focus on building a strong brand and good customer relations, as well as building a product stepwise that customers actually desire. Our current investors are tech-savvy analysts and entrepreneurs; they have seen the same opportunity as us and believe in our concept, timing and team.

#WHYWE want investors

We have global ambitions and believe that we can take a reasonable share of the market, first in the Nordics, then rolling out in several other European countries. We are also going to add more features to offer our customers, such as a product comparison engine. In order to achieve this we need to grow our team and scale our business. This requires cash, smart advice and network effects, and we are looking for the right investors to join us on this journey.

#WHYWE will win the market

Payr is a fast mover in a slowly changing market, with a strong team with years of experience in building and scaling companies. We also have a dedicated and strong Board of Directors with relevant experience from Mastercard, Nordea, mCash, Telecom and the legal field. With three designers on the team, we`ve also had focus on creating a great user experience from day one. Last but not least we have secured strong partnerships with some of the leading providers in the banking industry, among these Nets, Swedbank, BankID and eFaktura, and we have crossed the regulatory minefield and secured EU-wide operations approval.

#WHYWE are an awesome team

Our founding team has a total of 6 exits, so we have walked the entrepreneurial path before, and know a lot of what is to be expected. We also believe that a diverse team is a winning team, and we have an almost 50/50 balance of men and women, with team members from both Norway, Latvia and Poland.

#WHYWE want to join Startup Extreme

First and foremost to meet investors and media, and to connect with the Norwegian startup ecosystem. Doing it the Norwegian way with extreme sports and extreme dinner is a bonus!

And in the end, best tip: If we have to choose only one thing, it would be to not be too scared to share information about your concept and plans when talking to other startups and investors. Unless your idea is very unique, it`s not all about the concept, but rather execution, timing, scaling, your team and your traction. Don't waste time in meetings where you give too little information, because people can´t help or trust you if you don't share anything. Bonus tip: Pay(r) it forward as much as you can!

The Payr team. Photo: Payr

The Payr team. Photo: Payr

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