simplesurance, getsafe, Coya, and ONE – convergence, emotions, and power of customer base in FinTech

The German mobile bank N26 announced that they are expanding into the USA. This announcement comes almost exactly one month after revolut, their biggest competitor, launched its operations in Austria and Germany (I wrote about revolut in revolut, N26, and the future of banking). Also, this announcement comes only a few days after revolut’s announcement of the cooperation with the InsurTech startup simplesurance. simplesurance — a test case for simplesurance and the industry This partnership is interesting due to several reasons. Specifically, in regards to simplesurance, it is interesting because their simplesurance’s solution for revolut does not stem from their standard offering. simplesurance, the Berlin-based FinTech, has three offerings: B2C products such as through which they offer insurance for consumer electronics, insurance cross-selling for e-commerce, and an insurance broker. I guess that this is a test case for them and — if successful — going to integrate that as a standard offering. As it is concept-wise similar to their cross-selling solution, it makes sense to incorporate that into their offering from a portfolio perspective. From an industry-perspective — and this is another interesting aspect of this cooperation — it makes sense as well because it points at the convergence of

byte heroes, HydroMiner, and Wysker — first ICOs in Austria and Germany

 In the last couple of days four ICOs have been announced in the DACH-area: HEROCoin by byte heroes (Austria’s first ICO) H2O by HydroMiner wys by Wysker (Germany’s first ICO) CTD by Cointed Here I will cover HEROCoin, H2O, and wys. As Cointed was accused of fraud, it deserves a more detailed look and I will do so separately. ICOs in general, are a fascinating topic and I am equally excited that we have them now in Austria and Germany as well. In this post, I am going to focus on the white papers and only briefly touch upon the startups itself. Due to lacking regulations, there are no binding guidelines regarding what such a white paper should contain or a company-specific coin should be. However, what struck me was How little information about the current state the white papers provide: finances, competition, and market overview, for instance, are sparsely elaborated How little information about the future they present: wysker is the only company to provide measurable metrics for assessing progress (and these metrics are not the most useful ones) The lack of an economic model for the coins: I believe that the issued coin should be tied to the

revolut, N26, and the future of banking

revolut, the app-based bank from Britain, started their operations in Germany and Austria on September 27. From their profile on SEEDRS Revolut is targeting consumers and businesses that are dissatisfied with their banks and other financial services for three main reasons: (i) lack of product innovation (ii) the expense of spending money abroad and (iii) fees to transfer money overseas. — SEEDRS The narrative is clear (this is important as I will show later on) and is well summarized in revolut’s claim: “ Revolut — The only account for your global lifestyle”. Concretely this means that you get fee-free purchase and withdrawals for 120 currencies, free money transfers of up to £5,000 per month and you can keep up to 26 currencies in the app which you can exchange without fees. Furthermore, they focus on user-friendliness through insightful spending overview (financial forecasting is planned), immediate balance update, splitting-bills between revolut-users, P2P credits, in-app credit card (un)blocking, instant money transfers and an in-app customer support chat bot. In terms of products you can either use a real or virtual credit card and they also offer an insurance for smartphones. In addition to free services, they have a premium version (6,99€/month) though which you