On November 30th, ume was named Finance Startup of the Year during the Luxembourg Finance Innovation Summit. We met with CEO Laurent Denayer to discuss the origins of the startup and its next steps.
How did you come up with the idea of ume?
The idea of digital due diligence of fund distributors or ‘Know your distributors’ is actually not new but the obligations on this topic have been reinforced with MIFID 2. We were quite surprised to see that the existing solutions on the market were focused on some aspects of this issue but were not adequately covering the needs of both management companies and distributors. This is a gap that we wanted to cover with a different and innovative approach.
Can you tell us more about our offering?
Our solution is mutualizing the painful efforts to collect, analyze and report all the necessary aspects of due diligence of fund distributors. It is a win-win solution for the distributors and the management companies. We believe we can save up to 90% of time and efforts on the process currently in place. We are also helping the industry to be more transparent on the distribution value chain, which ultimately will generate additional opportunities for all the players. Our ambition is to become a Trip Advisor like of fund distribution.
How many people worked on the project? What are the next steps for ume?
We are currently 5, which is enough to have an agile, flexible and fast implementation process.
Next steps? Things have been evolving very fast for us and we have been very busy.
We have less than 10 months of existence. We have been hosted in the LHoFT in July. In September, we were selected as one of the 5 start-ups (and the only Fintech/Regtech) to participate in the Fit4Start Autumn edition (Fit4Start is a coaching and public aid programme from Luxinnovation and the Ministry of Economy). And now, we received this award of Fintech start-up of the year!
We will continue the implementation of our solution as well as winning additional clients.
Do you plan on partnering with banks and other financial institutions?
We are in discussion with several actors for partnering but this is not at this stage our primary focus. We want to stay focused on our clients and reach a critical mass to be in a better position to discuss partnership.
Publié le 08 décembre 2017