ume – an example of an innovative technology enterprise.
ume is an innovative enterprise in the regulatory field of asset management. It was founded as a start-up in February 2017 and participated in the acceleration programme Fit 4 Start in autumn the same year.
Management companies have an obligation to understand the distribution and sales process of their funds. They carry out due diligence reports, i.e. verifications of fund distributors carried out by a purchaser or an investor prior to enacting a transaction. Every company carries out such data collection via a specific questionnaire.
ume offers a standardisation of such data as well as an automation of the analysis of distributors. This way, all the stakeholders gain in efficiency and time. ume uses this structured information to develop a global distributor base and positions itself along the lines of "Trip Advisor" in the sphere of fund distribution.
Three questions for Laurent Denayer, CEO of ume
In 2017, you took part in the Fit 4 Start and ume has been, out of over a hundred participants, one of the five selected start-ups for the training programme. Why did you want to take part in this competition?
We had analysed our market but we had questions regarding our business model. We are a worldwide information platform and we needed to be challenged on our assumptions. It has also been an opportunity for us to translate our vision of society and our aims into words.
How has the company developed since?
The development has been very fast-paced for us. We had a three-figure growth in 2018 and 2019, we are active in 65 countries across the world and 9 of the 50 largest fund managers are now our clients. We have also obtained recognition on several occasions: 2017 Best Fintech start-up in Luxembourg, 2018 Best Regtech in Luxembourg, Top 100 of the most innovative Regtechs in the world.
What is your best advice for young entrepreneurs in today's financial technologies?
The financial sphere is a very complex one and you need to be surrounded by people with good knowledge and experience when it comes to the workings of the financial sector. The technological factor is certainly a distinctive element, but knowing your market is crucial.
A national platform for financial technologies
THE national platform and THE innovation centre dedicated to Fintech is the LHoFT (Luxembourg House of Financial Technology). This financial technology centre favours innovation and the development of solutions to shape the future of financial services. It is responsible for the promotion of the Fintech ecosystem, public authorities, research and universities, as well as for the stimulation of the development of specific sector-related products. The LHoFT connects Fintech stakeholders from all over the world and encourages national and international collaborations. It also helps foreign Fintech to set up, develop and establish the right connections in Luxembourg. The development of Fintech enterprises is supported by private and public funding sources, both during their creation and throughout their lifetime.
In 2021, the LHoFT Foundation is introducing a brand new series of Fintech development programs, grouped under the brand name CATAPULT, to enable companies to grow to new heights. CATAPULT was developed in collaboration with the ministry of the Economy and the Directorate for Development Cooperation and Humanitarian Affairs and is supported by key strategic partners. The brand is divided into two components:
- Inclusion Africa 2021: the 3rd edition of the program targets Fintech companies that focus on financial inclusion in Africa, creating bridges between this continent and Europe.
- Kickstarter 2021: the brand new program supports Fintech startups from around the world that provide tools to traditional financial services companies to digitise their businesses (B2B) or develop new and improved services directly to customers (B2C).