New Rivals

Fintechs Forge Into Corporate Banking

  • Why it matters

    Why it matters

    Fintechs new focus on corporate customers pose another threat to established banks, which are already suffering from rock-bottom interest rates and rising regulation and digitalization costs.

  • Facts


    • According to SSC Management Consult, about 100 fintechs are starting to offer services for corporate customers.
    • SSC concludes that German banks could lose about €3.4 billion in annual gross income earnings to fintechs in the corporate banking business.
    • Traditional banks are expected to see very little earnings growth by 2020.
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Businessman looking down on miniature colleague
Looking at me, looking at you. Source: Getty / Blend Images [M]

For many years, Christopher Plantener was loyal to the bank he opened an account with when he was a student. When he founded his first company, he wanted to open a new corporate account there too. “It took me 10 years to get a line of credit, and I’m still waiting for a credit card,” said the 41-year-old, who has never had an employment contract.

Mr. Plantener wants to do better than his bank. With three like-minded individuals, including a former manager of smartphone bank N26, he established the financial start-up Kontist a few months ago. It offers the self-employed a free account and helps them to immediately set aside the correct amount of tax whenever income is posted to their account. Additional functions will be added in the future. Mr. Plantener’s vision is a business account that takes the bulk of the accounting work out of the hands of solo entrepreneurs and also helps them with their personal financial planning.

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