June 03, 2021
The fintech Swoon intends to seduce Belgian consumers with an “all-in” subscription and an offer focused on savings.
Founded in 2019 in Lille, Swoon is investing its first foreign market, and this is naturally Belgium. After a year 2020 which allowed them to test their product with a thousand testers, Victoire and Quentin Haddouche, the founders of fintech, really launched the adventure.
Initially conceived as a payment institution, Swoon eventually took the form of a neobank offering a wide range of services that should allow its customers to better manage their money. She tied partnerships with several companies, including the Belgian Qover for its insurance products.
The range of its unique offer will expand with its mass of customers, who will pay a fixed rate each month. “For example, when we have reached the 10,000 customer mark, we will offer a life insurance product, all in a single offer,” explains Quentin Haddouche. At the same time, fintech remove the services that do not meet the expected success.
Two customer niches
To stand out in a market already well occupied by large “traditional” establishments and new entrants, Swoon intends focus on savings and investment of it. His robot-advisor Gus will soon be deployed for establish clients’ risk profiles and guide them in their investments. Credit is not in his offer, at least initially.
As she shifted her focus to clients aged 25 to 45 initially, testing revealed two customer niches. “On the one hand, people from 35 to 50 years old, with a good vision of their savings and an idea to make them grow, “explains Victoire Haddouche.” On the other hand, young clients, between 18 and 25 years old. Savers aged 25 to 35 are more difficult to reach, in particular because they have often already been picked up by the bank that granted them their mortgage. “
“Our roadmap is already in place to launch us in the Netherlands.”
Co-founder of Swoon
Belgium, and then the North
Swoon really starts its activities this month in France, Luxembourg and Belgium, but the neobank is already seeing further afield. “Our roadmap is already registered to get started in the Netherlands. We will look ensuite further north and east of Europe, especially in Denmark et en Germany. On the other hand, we have no ambitions in the United Kingdom “, concludes Quentin Haddouche.
The fintech team currently consists of eight people at the company’s Lille headquarters. One or two additional collaborators will soon be working from Brussels.