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Finductive: Part and Parcel of Malta’s Fastest Growing Industries
8 July 2021, 12:30:00
Julian Goffin and Carsten Schaefer are mapping out Finductive’s growth journey and point out that the depth and breadth of talent in Malta makes it an attractive place to start up a company.
For those that don’t know Finductive, can you provide some background on the company?
Finductive began operations in 2019. The founders, all with local and international experience in payments within various sectors, realised first-hand the challenges within the industry. It was their vision and innovation that formulated a solution – that solution was Finductive.
Finductive is an EU-licensed financial institution, licensed and regulated in Malta. Finductive’s vision is to modernise banking and payments by using the latest emerging technologies. Our modern online platform enables clients to have full control over their payments, make local and international transfers in multiple currencies, execute mass payments and control several accounts via one login.
We offer Corporate Payment Accounts, all with their own unique IBAN, which means that our clients can be serviced in a holistic manner, with accounts being identifiable worldwide. Our focus on customer-centricity is key and this is what makes us stand out from other Financial Institutions.
Can you share a little-known fact about Finductive?
We consider our company to be very diverse and an advocate for equal opportunities when it comes to employment. Currently, we have a team of 18 staff members who come from nine different countries, which makes for a very multi-cultural office. In addition, five of our Head Roles within the team are held by women. This really creates a dynamic and distinct working environment.
What are you currently working on and what are your company’s plans and strategic priorities for the coming years?
Finductive, having been in operation for nearly two years, has seen exponential growth within its client portfolio both locally and internationally. Our aim is to continue to maintain this level of growth. We have recently launched our new online onboarding platform, which has streamlined the application process, enabling potential clients to complete forms and upload the supporting documentation directly onto the platform and have visibility of their application status. This will make the account opening experience a positive one for our clients and partners.
Our team has also experienced rapid growth over the past 12 months. Initially, we started out with a team of four, and our team is expected to grow to over 20 by the end of this year. To accommodate this growth, we will be moving to new premises in the summer. This will not only enhance the working environment for our staff, but it will add to our clients experience too.
Are there any projects/achievements of your company that you are exceptionally proud of?
Finductive has been recognised by the local business community on several occasions and has received the following awards:
2019 Malta’s Best Entrepreneur of the Year Award
Malta’s Best Innovation Entrepreneur; Malta’s Best Emerging Entrepreneur of the Year; Malta’s Best Lifetime Achievement Award
2020 Malta’s Gaming Excellence Awards
Best Alternative Banking Solution; Malta’s Best Start-up Company
2020 Malta’s Best in Business Awards
Malta’s Best Payment Service Provider; Malta’s Best Innovative Company; Maltco Lotteries Overall Best Company of the Year
2020 Malta’s Best Entrepreneur of the Year Award:
Malta’s Best Employer Entrepreneur of the Year
Winning these awards was a great achievement and something we are proud to share with peers and clients. It also showed us that our vision of modernising banking and payments was much needed in the industry. We are also excited to announce that we have been nominated for the upcoming 2021 Malta’s Gaming Excellence Awards.
What in your opinion makes Malta an effective jurisdiction to set up a business?
Aside from the beauty of Malta as a country to live and work in, the tenacity that Malta exudes when it comes to supporting and encouraging new businesses to locate here is a great attraction. The industries that are being drawn to the island are those that are experiencing growth, and for us, it made sense to be here and be part of it.
Malta continues to see strong economic growth and that includes growth in the banking and finance sector. Despite the recent challenges, the professional bodies and regulators are ensuring that new businesses are meeting the requirements enforced by the EU, and this contributes to setting the foundations of a strong financial industry.
The high caliber of talent in Malta makes it an excellent place to begin building a company. With experienced local and foreign professionals from key industries, we were able to handpick a dedicated, loyal, and hard-working team to begin our journey.
Malta is an exciting place to be at the moment for new businesses, and we believe this will only continue.
What kind of people/companies in the financial services community would you want to connect with?
We believe in the power of conversation; we want to talk to anyone that might be interested in our services, wants to partner with us, or think that they have something to offer us. We work with local and international clients and believe we have a lot to offer when it comes to payments.
Whether you are a corporate service provider needing client accounts with a dedicated IBAN, a Director of a start-up needing a payment account with FX conversion facility, a company CFO that wants a more streamlined payment solution, or an HR Manager that wants an easy option for making the monthly salary payments – we are here to offer our services.
Our team is available via email, online chat, and phone to assist potential and existing clients and we are both happy to jump on a video call when the need arises to further strengthen our business relationships. Communication and client focus is key for us.
At the helm of Finductive are Julian Goffin and Carsten Schaefer. They bring with them over two decades of experience within relevant industry sectors. Their vision for modernising banking and payments is what drives Finductive and their knowledge of payments and the emphasis they put on clients is what has contributed to the growth of the company in this past year. Being able to see the need for a solution that was not available and having the innovation to put it into action is a skill both possess.