Daily Money20/20 Europe Roundup Tuesday 6th June 2023

  • FinTech StartUps
  • 07.06.2023 05:40 am

The first day of Money20/20 Europe started with Tracey Davies, President of Money20/20, and Scarlett Sieber Chief Strategy & Growth Officer of Money20/20, kicking off another fantastic event at the RAI, Amsterdam on the Encore stage, welcoming all and outlining what’s hot at an action-packed show this year. 

Please see below a list of session highlights with quotes from the speakers, a list of companies who made announcements throughout the day, and a snapshots folder (including B Roll, logos and pictures from the first day),  we hope this will help with your reporting. 

Session highlights 

On the Encore Stage at 10:40 CET, Lily Cole, renowned author, supermodel, activist and entrepreneur in an exclusive, sat down for an interview with Money20/20 President, Tracey Davies. Lily,  known for her podcast and book  “Who Cares Wins”, outlined the importance of new, care-led strategic approaches, in a world faced with accelerating climate risks, financial inequality and the increasing global complexity of money.

“There’s an increasing desire for change which we’ve seen with the demand from companies to be B-Corp certified, and I see this continuing. People have the power to make a change by choosing who they work for or with, voting for what they want, and building pressure to change policy. Everyone needs to rise to the challenge, embrace innovation and help solve problems. There must be more action and not just words.”

“Companies also have a role to play and shouldn’t fear being called out. It’s not the responsibility of just one company, as no company is perfect. We shouldn’t be hypocrites; we all need to work together and do better. Be honest and upfront, share learnings, and create an open dialogue. The role of technology is essential, but we need to be careful not to think that technology will solve everything, it’s not the silver bullet.”

Waze Co-Founder and author of “Fall in Love with the Problem, Not the Solution – A Handbook for Entrepreneurs”, Uri Levine, followed on the Encore Stage at 11:05 CET to share his first-hand experience founding Waze and Moovit, which were acquired by Google and Intel respectively, and shared top tips for startups and entrepreneurs looking to make it big. 

“When building a successful startup, you need to focus on the product market fit, which is always the first part of the journey. It's imperative that you create value for customers and if there is value they will always come back. Start with product market fit, then you need to find your business model and growth etc. A metric to measure this is retention or renewals. If you've got a good handle on this, you're on the path to success. If you don't, you will die (I mean, your company).”

“Being an entrepreneur is like being on a rollercoaster, with lots of up, down and twists. All entrepreneurs should collaborate, talk, discuss, and lean on others to learn from each other and provide much-needed support. CEOs need to make tough decisions quickly, you should have a 30-day rule, if someone in your team isn’t right, act fast and get rid of them. Firing and hiring, it’s hard to fire someone and easy to hire them, but if you don’t have the right team, it won’t help you to succeed. Being an entrepreneur is a challenging journey, you need to be 1000% committed, with your mindset, time, and energy if you want to create something of significance.”

“Banks need to think about their next product, who the customers are, what do they want and what is value they can bring to their customers. If you’re not solving a problem, forget to develop a product.”  

HSBC UK CEO Ian Stuart at Encore (13:15) talked about how the HSBC team worked to structure the SVB UK deal in record time, why HSBC felt it needed to act fast to support the UK’s startups and how he sees things playing out for European startups and banks as they build a new future together.

“Challenger banks have made us (traditional banks) good and I’ve always been open about that. We would have carried on doing what we have always done. They have given us a massive wake-up call. We were slow to move. We’ve embraced the market and are interested in doing more.

With SVB UK – the market shouldn’t be worried; we are 158 years old and know what we are doing. SVB UK is a good bank and we will take it global. People have the assurance that we will protect SVB. Time is the barometer. The next 5 years will be exciting. 

The macro-environment in 2023 is going to be difficult, in late 2024 market will come back. This isn’t new, this happens all the time across the markets.  We are in pause mode; inflation is an issue. Rates will come down but not yet. Innovation will play an important role. It will take longer for interest rates to come down but once it’s under control growth will happen.  

There is a rush for digital as Central banks actively focus on digital currencies, with China leading the way but not sure how it will be used. More to come!”

Creating Dynamism in Capital Markets: LSE CEO Julia Hoggett at Encore Stage discussed LSE’s role in helping address the funding needs for companies across Europe – both for private and publicly traded companies – despite a challenging economic backdrop. She also talked about her role as Inaugural Chair of the UK Capital Markets Industry Taskforce.

“London is by far the largest financial centre in the world, raising more money every year than any other venue.

We have great universities, disproportionately more than most countries, and we have a world-leading capital market, if we can just connect the two together more effectively. We have all of that raw materials, far more than most countries do.” 

Announcements 

See below a few announcements that grabbed everyone’s attention today: 

  1. Lucinity: https://lucinity.com/blog/the-journey-of-luci 
  2. Discoverhttps://investorrelations.discover.com/newsroom/press-releases/press-release-details/2023/Discover-Global-Network-Study-Finds-93-of-Global-Fintechs-Increased-Reliance-on-Payment-Networks-Given-the-Current-Economic-Environment/default.aspx 
  3. Defactor Labshttps://defactorlabs.com/press-release-alpha-bonds/ 
  4. Klearlyhttps://klearly.eu/klearly-officially-launched/ 
  5. Rabobankhttps://www.rabobank.nl/en/business/embedded-services/knowledge-and-trends/articles/banxware-and-rabobank-partner-up-to-make-short-term-financing-more-accessible-for-smes 
  6. Converahttps://convera.com/blog/company-news/future-of-b2b-global-payments-trade-report/ 

Don’t forget to check out the announcements on the Horizon Stage tomorrow to hear their news before anyone else does! 

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