Luxembourg is a leading European financial center in banking, wealth management, investment funds and life insurance. It is also a gateway to the European market geographically and economically. This combination makes it an appealing location for fintech businesses.
According to PwC, Luxembourg, with its modern financial institutions, is well positioned to take reigns of the fintech revolution. A PwC fintech survey found that Luxembourg financial institutions are not ignoring the threats that fintech companies pose to their business models, and are also recognizing the opportunities that fintech brings, especially in areas of improving customer experience and meeting changing customer needs.
Luxembourg already serves as the European hub for major e-commerce and e-payment companies and currently stands as Europe’s number 1 cross-border financial center. The number of e-money and e-payment institutions operating from the Grand Duchy has tripled between 2012 and 2015, according to Luxembourg for Finance.
But besides the large corporations, there are a number of notable fintech startups that are growing strong. Here is our list of the nine fintechs in Luxembourg that are worth following.