Remco Veenenberg: How a Runner's Tenacity Powers Fintech's European Ascent

In the quiet, early hours of the morning, while most of the world still lingers in slumber, Remco Veenenberg is already charting his course through the empty streets. An avid runner, Remco's physical journey through these tranquil moments echoes the deeper path he has carved out at the intersection of seemingly disparate worlds: psychology, startups, and the rapidly evolving sphere of FinTech.

Remco's initial venture into the professional world wasn't in the bustling financial districts or tech incubators; it was within the nuanced and intricate realm of human psychology. This background might seem at odds with the precision and analytics-driven sphere of financial technologies, but for Remco, it's been the cornerstone of his approach: a focus on the human element in an industry often criticized for lacking it. "My journey into FinTech began as a startup mentor," Remco shares, "an unexpected twist in my story given my background in psychology." Yet, it's this very twist that has imbued his work with an empathetic perspective, often missing in the tech world.

Now a partner at The Connector (founded by Koen Vanderhoydonk), Remco isn't just another executive. His role goes beyond conventional business development; he's more of a conduit, enabling harmony between supply and demand in the financial industry. His task is to foresee not just the immediate needs of the market but to anticipate the evolving demands of a consumer base increasingly reliant on technology for their financial interactions.

Each role in Remco's career has been a purposeful stride towards integrating more intuitive, user-centric approaches in FinTech. With Ondato, he ventured into using AI to make essential financial processes like KYC smoother and more accessible. At Perfinal Technologies, his goal was to help traditional institutions find their footing in the new, digital-first economy.

Through his ambassadorship with Revolut and his strategic involvement at W.UP, Remco has consistently championed for a more inclusive financial world. His efforts were as much about numbers as they were about breaking down the barriers that keep everyday people from understanding and trusting digital financial services.

Beyond the boardroom, Remco dedicates time to mentoring startups, imparting wisdom not just on business strategies but on cultivating resilience and adaptability. His mentoring, informed undoubtedly by his psychological insight, is approached with the vision and stamina of a marathon runner: for Remco, it’s not just about short term growth, it’s about preparing the next wave of entrepreneurs for the emotional and intellectual challenges of the startup world.

His founding of communities such as Budapest.AI and City AI reveals his belief in collective growth and shared knowledge. These aren't just networking platforms; they represent Remco's vision of a collaborative ecosystem where ideas and innovations are nurtured and brought to fruition.

For Remco, each run is more than exercise; it's a time for clarity and reflection, a moment to sync his thoughts with the rhythm of his strides. His journey from psychology to FinTech is a demonstration of how diverse experiences and skills can blend to create a unique impact in the technology sector.

In telling Remco's story, what stands out is not just his career achievements but his genuine commitment to understanding and improving the way people interact with financial technologies. While too many of us focus too  hard on the destinations reached, Remco sees value in the insights gained, and the paths explored in his continuous quest to bring a more human touch to the world of FinTech.

One can't help but reflect on how Remco's journey and insights are not just lessons in FinTech, but broader teachings on how to navigate the complexities of modern business and personal growth. Read below for learning, inspiration, and perhaps, some reflections for your own daily run.

Remco, can you describe a recent FinTech trend that's caught your attention and how it might reshape the banking sector?

Picture this: Embedded Finance, where financial services seamlessly blend into our daily lives. It's bold, and daring, and it aims to revolutionize traditional banking. From ordering a ride to shopping online, financial services are becoming as accessible as the air we breathe, significantly enhancing both financial literacy and financial inclusion. This trend is rewriting the banking narrative, making it more convenient and finally delivering on the so-called personalization promise that I’m currently focusing a series of events on. According to a UK-based FinTech, Weavr, almost two-thirds (63%) of surveyed executives in UK banks and financial firms consider embedded finance a significant commercial growth opportunity for banks, just to emphasize.

On the other side, we have the metaverse. While the concept of the metaverse holds immense fascination and potential, it's crucial to recognize that applying it to banking comes with numerous obstacles. Given its virtual nature, the metaverse raises significant concerns about security, privacy, and vulnerability to cyberattacks. Additionally, it remains uncertain whether the metaverse can truly replicate the trust and reliability that traditional banking institutions have provided for generations. Banking is built on trust, and money is a matter of trust. Let's not forget that "metaverse"-like virtual ownership and currencies have existed for a long time, notably in the gaming industry.

In your journey working with startups and the FinTech sphere, what common challenges do these disruptors face when partnering with traditional banks, and how can they overcome these hurdles?

Navigating the regulatory maze is akin to running a marathon – it demands preparation and stamina. Startups often grapple with compliance, but it's a race that can be run. My advice: build regulatory expertise in-house and collaborate with experts and other FinTechs in the field. Trust is your currency here, and it's earned through transparent communication, demonstrating how your innovation aligns with the goals of regulators and banks. Keeping your compliance processes up-to-date is essential; one such company offering such a solution is Clausematch. Moreover, keeping a close eye on the ever-changing European regulatory framework is vital, as the growing demand for standardized regulation has not gone unnoticed.

Can you share a real-life example where a FinTech company and a bank joined forces to create a win-win scenario?

Imagine Revolut teaming up with traditional banks, offering customers a one-stop shop for financial services. It's a high-energy partnership where Revolut's tech prowess meets the stability of banks. They've redefined banking by introducing services like global money transfers and crypto trading. It's a story of symbiosis – traditional meets tech-savvy to benefit all parties. Revolut was one of the prime reasons I personally gained interest in FinTech, coming from a completely different background as mentioned before. This shows the potential of FinTech for good: I can say with certainty that Revolut was a great inspiration throughout my FinTech journey.

What factors, in your experience, fuel the growth of early-stage FinTech startups, and how does this differ for growth-stage ones?

Early-stage startups thrive on audacity and innovation. They disrupt by thinking outside the box, which is now more important than ever. The entire FinTech market has shifted from being a disruptive force to improving existing services and leveling the playing field, especially for early-stage startups. Growth-stage startups, on the other hand, focus on scaling and execution. They prove their mettle by expanding aggressively and capturing market share while keeping up with regulations, and trends, and most importantly, fostering a healthy internal culture. It's a shift from 'What if?' to 'Let's do it!' as they mature.

The Baltic region is known for its vibrant FinTech scene. What sets this area apart, and what opportunities does it offer for financial technology startups?

Estonia, Latvia, and Lithuania are a melting pot of potential. I’ve had the pleasure of visiting these countries regularly as a mentor of Startup Wise Guys, the leading Baltic accelerator, where I met with tons of inspiring FinTech leaders, founders, and so forth. The Baltics offer a regulatory environment that welcomes innovation and receives progressive government support. You’ll literally find the FinTechs located around the corners of regulators, law firms, and banks, creating a close-proximity, high-intensity collaborative environment, from which we in the Benelux area, for example, the Netherlands, can learn a great deal. Additionally, the presence of a skilled tech talent pool is a game-changer. But perhaps the biggest allure is their strategic location – a launchpad to conquer larger European markets while maintaining cost efficiency. Some notable organizations here are Invest Lithuania, and BCCS Cluster, hosting regular events, and providing any company seeking to conduct business with the necessary tools & knowledge.

As a startup mentor, what's your advice to early-stage FinTech founders in navigating regulatory compliance and shaping their path in the financial industry?

There's a lot of advice I could provide! But let’s say you need a rock-solid foundation, starting with a truly unique idea, a founding team that is coachable, and a commitment to compliance from day one. Compliance isn't an afterthought; it's your foundation. Cultivate a culture of compliance and stay ahead of regulatory changes. Engage with regulators and leverage RegTech solutions. It's about earning the trust of your customers and partners while driving innovation that aligns with the rules. Lastly, don't waste resources on ineffective marketing operations: convey a message that’s personal and relevant, demonstrating how your solution can drive change. Avoid spending fortunes on conferences, events, or other opportunities that don't yield tangible results.

And lastly, Remco—what is your one guiding principle in both life and work?
In life and work, I live by one audacious principle: Embrace change and innovation with open arms. My personal acronym is CHANGED: Choosing Humility Allows New Growth Each Day. Humility fuels my journey – from psychology to startups to fintech. I believe fintech isn't just about transforming finance; it's about transforming lives. It's about making everyday life better, more convenient, and more personalized. It's daring to dream and then making those dreams a reality, while never - ever backing down. It’s similar to running: there are days when things won’t be pleasant, but you still have to make the run, despite feeling bad - you will feel better once you’ve made it.

Images courtesy of: Remco Veenenberg