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The German FinTech Market: A Retrospective and Predictive Ecosystem Report
The FinTech markets in Germany and the Netherlands are booming and share some characteristics. Nevertheless, as a FinTech, it is not easy to use one country’s experience and best practices to start in another successfully. Despite many contacts and joint activities between German and Dutch FinTech hubs and associations since 2016, it is still challenging to maintain a comprehensive overview of the mutual FinTech landscapes, including major trends, opportunities, and challenges.
We were commissioned by the Netherlands Enterprise Agency (RVO) and the Netherlands Business Support Office (NBSO) in Frankfurt am Main to prepare a study on the German FinTech ecosystem with a focus on prospects and opportunities for Dutch Fintechs.
Jointly with our partner, Berlin-based Contextual Solutions, we completed the study in Q3 2022 and presented the results at an event hosted by Holland FinTech in Amsterdam on 17.02.2023.
The study uses unique market insights, research, and interviews with German FinTech ecosystem stakeholders while shedding light on the whole ecosystem. The primary goal of the analysis is to provide a market overview.
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Amélie Speckenbach (NBSO Frankfurt), Elif Kocaoglu Ulbrich and Simon Ulbrich (Contextual Solutions), Paul Vonk (RVO), Dr. Jochen Biedermann (FinTech Consult)
SUMMARY OF STUDY FINDINGS
GERMAN MARKET CHARACTERISTICS
- Highly relevant FinTech market in terms of size, potential, and hubs but less advanced than the Netherlands in most regards.
- Operating in the market requires a thorough analysis of its several unique traits (e.g., business culture, consumer behavior, ecosystem, infrastructure, and regulation).
- Ecosystem is recently shaped by an increasingly strict regulatory climate and economic turmoil (i.e., insolvencies and layoffs).
GERMAN MARKET OPPORTUNITIES FOR DUTCH FINTECHS
- New growth potential due to market size (population of 84 M, 3.5 M businesses, 1.5 k banks), FinTech-friendly ecosystem.
- Competitive advantages when entering the German market deriving from the excellence of Dutch FinTech and its innovation edge.
- Latest trends and initiatives increase the pressure to digitize (business) processes and change consumer behavior.
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