Luxembourg, May 25th, 2021 — The Luxembourg fintech SnapSwap announces an expansion of its services offering to the Belgian and Dutch markets, in partnership with Mastercard. The expansion follows after an initial launch in Luxembourg in August 2020 and the company aims to accelerate its growth and acquire some 200,000 customers in Luxembourg, the Netherlands and in Belgium, with other European countries to follow in the course of 2021.

With more than 25 million SMEs in the EU, small and medium-sized companies contribute greatly to the European economy with over 97 million people employed. The Belgian market offers interesting opportunities as it counts more than one million small and medium businesses. Indeed, many small businesses do not have access to modern payment, banking or expense management tools. For example, the number of banks offering to open an account online is stagnating (only 64% of banks) and it may take weeks to open a business account in traditional banks. With more than one million small and medium businesses, the Dutch market also offers interesting opportunities. Nine out of ten account holders used mobile banking (on a smartphone or tablet) or internet banking (on a laptop or desktop) in 2020.

The card offers small and medium sized companies easy banking access and efficient services: instant account opening, online current account, multiple credit cards and automated expense management. Thanks to Everest’s tools, management can optimize financial flows by assigning flexible credit lines or saving time on reporting and accounting. As a Mastercard principal partner, Everest issues cards and processes transactions directly on the Mastercard network.

Everest’s digital, fully on-line services offering allows clients to: instantly open online business banking accounts, use an online current account, access to multiple credit cards, receive 35-days free flexible credit lines, benefit from an automated expense reporting through easy scanning of receipts and matching functionalities.

“When speed and control are of the essence, Everest is the solution for managers,” says Denis Kiselev, founder and CEO of SnapSwap. “Our goal is to help entrepreneurs and top managers to focus on their clients and products, while the Everest technology takes care of payments and expense management.” An entrepreneur himself, Denis is all too well aware of the difficulties entrepreneurs encounter when setting up their companies, opening accounts or getting corporate cards.

“We’re really proud to partner with SnapSwap for the Everest project and pleased that they are the first fintech company in the Benelux to launch a platform dedicated to SMEs,” says Henri Dewaerheijd, Country Manager Mastercard Belux. “Our partnership with SnapSwap dates back to 2018 when the company joined our global FinTech accelerator called Mastercard StartPath, hence confirming our strategy to work closely with fintech partners helping them scale and grow as we provide access to our expertise and network.”

The experience and knowhow acquired by SnapSwap with their digital onboarding and KYC platforms will allow the company to quickly expand their innovative Everest project throughout Europe. The Everest platform and services are now available in Luxembourg and in Belgium and the Netherlands. The company plans to extend the availability to other Eurozone countries by 2022.