Beyond Saving #FintechPortraits

Making financial education accessible to everyone? That is the goal of Beyond Saving, the start-up founded in 2020 by Carlos and Martin. Together with their team, the two approach the topic of finance in a simple, understandable and digital way. From budget books to ETF savings plans to retirement planning, the educational platform covers any financial topic. Founder Carlos talks to us about brainstorming, funding and the development of the fintech market.

Why did you found your startup?

We worked in the financial industry for years and saw firsthand how difficult people have with their finances. Even the most basic questions often cause great difficulties. We also noticed the implications this has on people's everyday lives. Financial constraints or problems have a significant impact on our physical and mental well-being. Our goal is to offer these people a platform that introduces them step-by-step to the world of finance.

What is special about your business model?

What makes us special is, on the one hand, our independence from commissions. While other platforms finance themselves through affiliate commissions, we focus on genuine, objective and independent financial education. In addition, we take a holistic view of the topic. We do not focus on special topics, but cover all relevant financial topics (for our users) - from household accounts to insurance and retirement planning. Another USP will be launched in Q3 with our learning app. With the Fibi app, we want to lower the hurdle to dealing with finances even further. Fibi gives our users easy and entertaining access to all financial topics - regardless of time and place.

What was the most valuable piece of advice someone gave you during your startup phase?

I can't remember any specific advice, but honest criticism helped us a lot as founders. You rarely hear "honest and harsh" feedback from close acquaintances - but that's exactly what you need as a founder. People who not only say "yes" but also question and challenge the business model are extremely valuable in the young start-up phase. This has included, in particular, other founders and experienced entrepreneurs with whom we have regular exchanges.

People who not only say "yes" but also question the business model are extremely valuable in the young start-up phase.

What were the biggest hurdles you had to overcome at the beginning of your start-up?

There were no major hurdles. With Martin, I have a co-founder who believes in our vision just as passionately as I do. We overcame hurdles as a team - which was even fun (for the most part), because you can learn a lot from challenges. As a founder, you have to take care of a lot of things at once - especially in the beginning. It can be difficult to keep the focus. For this reason, it makes a lot of sense to consider already in the founding phase whether it might make sense to bring reinforcements into the team. The more focused you can work on your topics, the better the end result will be. Founders who want to do everything on their own quickly get lost in the workload and don't realize the full potential of their business idea.

What support or would you have liked to have had during your startup?

We received a lot of support from our circle of acquaintances. This helped us to define our business model even more precisely. The topic of start-up financing and funding programs proved to be a (small) challenge. We would have liked to have a more transparent overview of our options and the application process. This is currently still a bit too complex and bureaucratic.

Did you work with an accelerator?

No, we made a conscious decision to start up independently of an accelerator for the time being in order to remain more flexible. However, we have heard a lot of positive things from many partners who are in accelerator programs. Especially if you want to be in regular contact with mentors, that's ideal.

What would you have liked from working with an accelerator?

I personally find the mentoring and educational components of accelerator programs very exciting, as they help founders professionalize their startups. I have already exchanged ideas with many founders and especially on the topic of financial planning & marketing they were able to get a lot of inspiration. I would hope for the same from a cooperation with an accelerator. To always have a contact person available for questions who has experience in building start-ups. Google searches are relatively limited, especially for complex questions.

There are currently around 900 fintechs in Germany. How do you succeed in such a booming market?

You have to have a clear vision, be aware of the competition and your own USP. When we started out, we took a close look at the market environment and worked out where we still saw niches or potential for improvement. These results then flowed into our product development.

How do you feel about the current funding opportunities for fintechs in Germany?

There are a lot of opportunities for founders to access funding programs. Start-up competitions are also very popular - we recently won first place in the "BM Canvas" category at the Berlin/Brandenburg Business Plan Competition - that was a great experience and gives us more freedom. However, especially in the everyday life of a founder, it is difficult to get an overview of all the options, which is why we recommend that young founders get an advisor on board to take care of the issue. Many advisors only charge once funding has been approved, so you don't have to pay upfront.

What direction do you think the fintech market is heading?

In my view, the market is occupied by too many players. I can imagine that sooner or later there will be consolidation. Some fintechs will exit the market, others will merge with each other, and others will be acquired by established financial service providers. Especially in the DLT/blockchain/payments area, I see many more new players in the coming years. In the more "older" areas, there will likely be more mergers.

Thank you very much for the interview.

Personal details: Carlos Link-Arad was born in Portugal and studied economics & physics at Goethe University in Frankfurt. He then worked in various positions in the financial industry. Then, in 2020, he and co-founder Martin Klatt founded their startup - an educational platform for finance. Since then, the two have dedicated themselves to their heart's project: making financial education accessible to everyone.

About our partner fintogether:

The state accelerator "fintogether" is an early-stage startup support program where FinTechs are supported in a targeted manner from their foundation to their market entry. The goal is to build a lively and successful FinTech scene in Baden-Württemberg so that companies, startups and investors can benefit from it.