This Luxembourg based fintech company, which only recently graduated from Luxinnovation’s demanding Fit 4 Start Fall 2017 programme, just added two more feathers to its award cap by being selected for Fintech Europe 2018 and winning Temenos Multifonds Luxembourg Innovation Jam.
ume is a company led by Laurent Denayer, CEO, who has more than 20 years of experience in the financial services industry and Oleksiy Shostak, CTO, an experienced software developer and architect. They realised that too much time was being dedicated by management companies and global distributors on due diligence – up to around 15 hours per fund distributor per year – and saw an opportunity to automate these tasks saving upwards of 90% of valuable time.
The solution is up and running and business is good. On top of their satisfied and diligent customers, ume also have a string of awards they have already won since their creation in February 2017. By the end of that year at the Luxembourg Finance Awards they were voted Finance Startup of the Year not only because of the reduction in time but also for “helping people make better informed decisions and reducing risks related to fund distributors”. They were also listed on the RegTech Top 100 Power List 2017.
Innovation and potential to disrupt financial markets
Add to this the company’s selection in April 2018 to participate at Fintech Europe 2018 Village Capital. The criteria for this programme’s selection process were innovation and potential to disrupt financial markets. Laurent Denayer says, “We are curious and eager to move forward. This keeps us innovating, exploring new paths and opening new doors. Be part of our journey!”
Fintech Europe 2018 is a venture development program for entrepreneurs creating technological solutions that help financial institutions, financial markets, regulators and consumers interact with financial products and services in the digital age.
During the spring of 2018, Village Capital, PayPal and Middlegame Ventures will scale and support innovative Fintech ventures to foster a new generation of fully compliant financial solutions tailored for the digital age and centred on the financial health of retail and commercial consumers.
Ume allows for automated customer due diligence
Then on April 28, while we were preparing this article, it was announced that ume also won the Temenos Multifonds Innovation Jam: 6 Start-ups Transforming Asset Management. This event was co-hosted with The LHoFT who invited fintech start-ups to showcase their innovative solutions of financial services software to the fund management industry.
These most recent accolades quickly follow ume’s graduation from the Fit4Start Autumn 2017 edition. Laurence Hulin, Advisor-Start-up Support, says of ume:
“The Ume team achieved great progress during their participation in the Fit 4 Start programme which they attended from November 2017 to February 2018. Located at the LHoFT, they had a strong commitment to the coaching sessions and the expected deliverables of the programme and they successfully graduated. They put a lot of energy into the exchanges with the coaches and the jury as well as towards acceleration, expanding their marketing campaigns towards onboarding distributors faster as this is a cornerstone of ume’s strategy.”
Want to know more about Luxinnovation’s FIT 4 Start programme that offers access to early-stage funding and coaching?
Luxinnovation contributes to the economic development of Luxembourg by fostering innovation, fuelling international growth and attracting foreign direct investment supported by: Ministry of the Economy, Ministry for Higher Education and Research, Luxembourg Chamber of Commerce, Luxembourg Chamber of Skilled Crafts, FEDIL – The Voice of Luxembourg’s Industry.
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