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In brief:
The Dutch FinTech sector has grown significantly, with 861 FinTechs in 2023 (up from 635 FinTechs in 2019).FinTechs are still relatively young and concentrated in the Randstad area. Amsterdam is most attractive, with 40% of the FinTechs based here. The level of financial activity and its international character makes Amsterdam stand out.
In general, the Netherlands is seen by FinTechs as an attractive location for FinTechs, owing to its digital infrastructure, English language proficiency and culture. The biggest challenges for FinTechs are attracting qualified or suitable talent, the general economic climate and geopolitical developments. Dutch FinTechs cite access to existing or new markets, as well as access to new investments as major development opportunities. Moreover, FinTechs no longer see collaboration as one of their biggest challenges, but as an important opportunity for further growth and development. Access to an existing customer base, a stamp of quality and access to investment budgets are the main drivers for cooperation for FinTechs.
Attracting and retaining qualified talent remains a major barrier for FinTech growth, with providing appropriate remuneration being the most significant barrier to staff retention. 56% of FinTechs see remuneration policies as a barrier to attracting and retaining talent.
A remarkable difference between the 2019 edition is that FinTechs have less difficulty to comply with laws and regulations: 62% said they have no problem complying, up from 43% in 2019. However, compliance has a significant impact on the cost and effort required: administrative requirements to comply with laws and regulations is disproportionately high, according to 37% of respondents. Although the government's intention to encourage innovation is visible, FinTechs believe that the government could be more proactive in supporting them: 40% of FinTechs say they would like to see a more active role by the government in facilitating innovation in the sector.
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Read moreRaising capital is currently not a problem for FinTechs, with approximately half (53%) of the FinTechs having raised capital to date. The top three sources of funding are venture capital (30%), investments from founders (25%) and business angels/informal investors (20%), where in 2019 the biggest source was investments from founders. This suggests a more maturing FinTech landscape. However, FinTechs recognize that investors are increasingly focused on “profitable growth” and uncertainty is emerging about the future availability of capital.
In comparison to other countries (European countries, the United Kingdom, Singapore and Australia) the Netherlands ranks especially high on the digital competitiveness and world talent rankings, encouraging FinTechs to enter the Netherlands.
Based on this research, EY identified three key themes to maintain and further facilitate the Dutch FinTech landscape. These three themes are ambition and strategy, a guiding function and policies and regulations, for which EY identified 13 underlying recommendations.
You can read the full FinTech census report 2023 by downloading the report below.
The second edition of the FinTech Census, conducted by EY on behalf of the Ministry of Finance in 2023, aims to answer the following questions:
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