01 Dec Member Spotlight: Mollie
Amsterdam-based Mollie is a payment service provider (PSP) that enables businesses to accept payments using a wide range of methods such as iDEAL, credit card, American Express, bitcoin, and more. Within the highly competitive Dutch market, Mollie is a major player, currently serving more than 29,000 active merchants. In the past few years, this scale up has seen rapid growth, and now serves one-third of all online merchants in the Benelux region and around half of all Dutch web shops.
Mollie’s beginnings are what you might call classic in the tech world. The company was founded by the young entrepreneur Adriaan Mol in the attic of his parent’s house in 2004 and named for his own schoolyard nickname. Originally, Adriaan built a tool that provided a simple technical solution to a problem that had long-troubled Dutch ecommerce businesses; namely, costly fees to SMS customers due to complex telecommunications contracts and technical connections with KPN. Eventually, when iDEAL came along, the situation was similar – difficult connections and contracts with banks – so again he built a tool to fix the problem. Years later, the original SMS service ultimately spun off to become its own company and Mollie shifted focus toward the payments business.
These days Mollie is lead by Managing Directors Remco Boer and Gaston Aussems and is a technology driven financial institution. This means it is licensed by the Dutch Central Bank and subject to strict regulations such as Know Your Customer (KYC) rules. Mollie’s technological focus helps it build advanced services but also to solve issues of compliance, thus turning it into a competitive advantage. For instance, Mollie has created a system that reliably automates most of the Merchant on-boarding process, enabling the company to bring in 150 to 200 new clients everyday. With growth rates of more than 100% per year in the past two years, Mollie’s rise has certainly been remarkable, and it isn’t over yet. In two years the company also managed to grow from just 12 employees to 45, and will likely reach 50 by the end of the year.
During a recent interview Managing Director Remco Boer further highlighted some of Mollie’s unique selling points: “We differentiate by making payments simple and reliable. We offer one single connection through our RESTful API and one single contract for all of the payment methods, plus numerous integrations with ecommerce platforms that further enable an easy connection. Connecting to Mollie takes less than 15 minutes. Within those 15 minutes you can establish and complete the technical connection, finish the legal paperwork, and be ready to accept your first payment. This works well for start-ups but also large corporates that don’t want to allocate precious IT and legal resources in connecting with a payments provider. Making this easy is pretty difficult, but it really sets us apart.”
Remco Boer: “Our future plans consist of key pillars: (1) to serve a broad spectrum of clients, (2) to integrate our advanced features with more platforms to create an ecosystem of services for the end-user, and (3) international expansion with the goal of being active in all of Europe by 2020.”
On the topic of the changing fintech landscape, Mr Boer maintained: “We exist because banks failed. We have seen that the banks’ business model of trying to do everything just doesn’t work anymore. By cooperating with different companies that are providing innovative solutions for different components of financial services we are creating an ecosystem of better products at a lower cost.”
After nearly two years membership Mollie is highly positive about the value Holland FinTech contributes to the Dutch fintech landscape: “Holland FinTech has played an important part in helping the Dutch government and regulators realize that they needed to make changes to better accommodate fintech.”
Mollie will be hosting our Holland FinTech monthly meetup on Friday, 9th December and is looking forward to the opportunity to meet and network with Holland FinTech and its members!