Eight startups have now embarked on a shared journey to develop new fintech solutions together with Danske Bank, Nykredit, Copenhagen Fintech, and Accelerace. We talked to some of the founders on the very first day of the program. Read why Likvido, a Danish debt collecting service find exactly the Copenhagen Fintech Accelerator relevant:
Likvido has put invoicing, registration and bookkeeping on a digital formula to make debt collection 100 percent autonomous.
“We help our customers to save time, get their payments faster and give them better insights in the risks and cash flow they have,” explains CEO Maximillian Frimmer when we met him at the kick-off at Copenhagen Fintech Lab.
The idea of Likvido comes from personal struggle
This is a service that means a lot to Maximillian personally. Together with Lars Holdgaard, Maximillian ran the company Monera before starting Likvido. Monera was a platform where smaller companies could market themselves in an online CRM-system.
The customers – mostly seasonal workers – would pay to be on the platform. But because of the different workloads in winter and summer for the contractors on the platform, they sometimes wouldn’t pay for the service. Monera was busy scaling and lost the grand overview. They couldn’t retrieve the money they were owed by the customers, small amounts adding to a larger sum.
Suddenly more than 10 million Danish kroner was missing from bad payers. Monera had to file for bankruptcy. The two founders took some time off to lick their wounds and the idea of Likvido was sparked. Never should anyone go through what they had struggled with.
International inspiration and strong fintech network
Likvido was founded in January 2018. Almost exactly one year later, they applied for and was accepted into the Copenhagen Fintech Accelerator. A program the team sees as highly interesting to them of three reasons:
“The most important thing for us is that there is a clear purpose of being here. There is a clear purpose in working towards a proof of concept. This is not a generic program to make a company better. There is a very concrete output. That is the first thing. Then there’s the international aspect. The other companies are from different countries, which is very positive for getting some international inspiration. Thirdly, we have the opportunity of collaborating with some big financial institutions that can broaden our network,” says Maximillian Frimmer.
He and the rest of the team, three of them participated in in the kick-off where all startups, partners, and banks were present, are looking forward to meeting and working with the other companies.
“It is always very inspiring when you get to collaborate with other companies in the same sector. We are on a common journey, and we can establish a strong network and hopefully spark a mutually beneficial partnership with one of the banks. There is a great opportunity here to learn and network,” says Maximillian Frimmer.
Within half a year of operations, Likvido was approved for debt collection. In that first period the company also got their first 100 customers, and in the spring of 2018 Likvido got an investment of one million Danish kroner from Pre-Seed Ventures and a series of Business Angels. Next goal is to scale outside of Denmark.