Startup in the spotlight: Bittiq
Startup in the spotlight is a new StartupUtrecht initiative to showcase our wonderful portfolio of regional startups and their founders. This week we have Hidde Koning, founder of Bittiq.
Hello Hidde. Can you briefly introduce Bittiq?
"Bittiq is an Utrecht FinTech startup, founded in 2017 by Federico Spiezia and me. We help people to get a good overview of their monthly expenses and make financial decisions based on common sense. We do this by categorizing their expenses, mapping their fixed costs and presenting them better deals for, for example, energy, internet or insurance. "
What problem do you solve with Bittiq?
"People often do not feel like they have control over their money - in fact, 20% of Dutch households have financial problems and another 20% are at risk of that. With Bittiq it’s easy to take the right financial decisions, giving you more time and money for the things that are really important.”
For who is Bittiq?
"Bittiq is for everyone, but primarily we focus on young families who try to keep their career and family life in balance and therefore do not spend as much time on their finances as they should."
How does Bittiq distinguish itself from competitors?
"At product level, Bittiq distinguishes itself not only by providing an overview, but also by encouraging people to take action. The app not only makes a list of your expenses and subscriptions, but also offers the best deals on that basis. You decide what you do: stay, switch or cancel. Moreover, Bittiq is the first and only app in the Netherlands where you can connect all major banks. At brand level we want - in contrast to most FinTech startups - to be more than just a new technological gadget. For us, technology is the means, changing behavior and more financial awareness among consumers are the goals. "
In which phase of your company are you?
"We have completed the first phase in which we have connected all the banks and now we are ready to grow. Thanks to a capital injection from Holland Startup, there is a good minimal viable product that has been already downloaded more than 10,000 times and won prizes at Centraal Beheer's start-up pitch event. Now we are looking for funding to finetune the app and continue to market Bittiq. "
What is your ultimate wish for the day of tomorrow?
"The ultimate wish is that, for example, a bank says, ‘We are gonna lift this together to a higher level’. Banks now look very passively at the finances of their customers and advice is still a neglected child. With our insight they get a much better view on what their customers really need. "
What do you want to achieve in the long term?
"More than just a FinTech startup, we are also a startup that wants to change behavior for the better. I sometimes call ourselves jokingly the digital version of 'Dubbeltje op zijn Kant', the RTL4 program in which John Williams prevents families from getting into debt. We believe that good financial advice should be accessible to everyone. When that is also seen and appreciated by the market, we have succeeded in our mission."