New10 Company Profile

Background

Overview

New10 is a financial technology company based in Amsterdam, Netherlands, specializing in providing fully digital lending solutions to small and medium-sized enterprises (SMEs). Established in 2017 as a subsidiary of ABN AMRO Bank N.V., New10 aims to revolutionize SME financing by offering a fast, simple, and transparent digital application process.

Mission and Vision

New10's mission is to set a new standard in SME lending by delivering a fully digital application process, enabling entrepreneurs to receive credit decisions within 15 minutes. The company's vision is to empower business owners to finance their growth ambitions efficiently and transparently.

Primary Area of Focus

New10 focuses on providing digital lending solutions tailored for SMEs, facilitating quick and straightforward access to financing for business owners.

Industry Significance

As a subsidiary of ABN AMRO Bank N.V., New10 combines the financial expertise of a major banking institution with the agility and innovation of a fintech startup, addressing the evolving needs of SMEs in the digital era.

Key Strategic Focus

Core Objectives

Digitalization of SME Lending: Streamline the lending process for SMEs by offering a fully digital application and approval system.

Rapid Credit Decisions: Provide credit decisions within 15 minutes, ensuring swift access to financing for business owners.

Transparency and Clarity: Offer clear terms and insights into the applicant's financial health, fostering trust and understanding.

Specific Areas of Specialization

Digital Lending Platforms: Develop and operate digital platforms that facilitate quick and transparent lending processes for SMEs.

SME Financing Solutions: Provide tailored financing options to meet the diverse needs of small and medium-sized businesses.

Key Technologies Utilized

Cloud-Based Infrastructure: Utilize cloud technologies to ensure scalability, flexibility, and rapid deployment of services.

Digital Identification and Contract Signing: Implement secure digital identification methods and electronic contract signing to expedite the lending process.

Primary Markets or Conditions Targeted

SMEs in the Netherlands: Focus on small and medium-sized enterprises seeking efficient and transparent financing solutions.

Financials and Funding

Funding History

As of the latest available information, New10 has not publicly disclosed specific funding details or total funds raised. The company operates as a subsidiary of ABN AMRO Bank N.V., which provides the necessary capital and resources to support its operations.

Recent Funding Rounds

No specific details regarding recent funding rounds have been publicly disclosed.

Notable Investors

As a subsidiary of ABN AMRO Bank N.V., New10's primary investor is its parent company.

Intended Utilization of Capital

While specific utilization plans are not publicly detailed, it can be reasonably inferred that capital is allocated towards:

Platform Development: Enhancing and expanding the digital lending platform to improve user experience and service offerings.

Market Expansion: Exploring opportunities to extend services to a broader range of SMEs within the Netherlands and potentially in other European markets.

Technological Advancements: Investing in advanced technologies to maintain a competitive edge in the fintech industry.

Pipeline Development

Key Pipeline Candidates

As a digital lender, New10's primary focus is on its existing suite of SME financing products, including business loans and credit facilities. Specific details about upcoming products or services are not publicly disclosed.

Stages of Product Development

New10 operates in the financial services sector and does not engage in clinical trials. The company is continually developing and refining its digital lending products to meet the evolving needs of SMEs.

Target Conditions

New10's financing solutions are designed to support SMEs in various industries, assisting them in managing working capital, financing inventory, and funding growth initiatives.

Relevant Timelines for Anticipated Milestones

Specific timelines for upcoming product developments or market expansions have not been publicly disclosed.

Technological Platform and Innovation

Proprietary Technologies

Digital Lending Platform: A fully digital platform that enables SMEs to apply for and receive credit decisions within 15 minutes.

Cloud-Based Infrastructure: Utilizes cloud technologies to ensure scalability, flexibility, and rapid deployment of services.

Significant Scientific Methods

Data Analytics: Employs data-driven approaches to assess the financial health of applicants and make informed lending decisions.

Digital Identification and Contract Signing: Implements secure digital identification methods and electronic contract signing to expedite the lending process.

AI-Driven Capabilities

While specific AI-driven capabilities are not detailed, New10 likely leverages advanced algorithms and machine learning techniques to analyze financial data and assess creditworthiness efficiently.

Leadership Team

Key Executive Profiles

Mark Schröder: Co-founder and Commercial Director. Previously served as a Management Trainee at ABN AMRO Bank, focusing on project and process management.

Jaap Boersma: Chief Technology Officer. Formerly Co-Founder and CTO at Blanco.

Sebastian Sawicki: Chief Happiness Officer (Head of People & Culture). Holds a degree in Corporate Communication from the University of Amsterdam.

Dennis Overbeeke: Chief Commercial Officer.

Leadership Changes

No significant leadership changes have been publicly reported.

Competitor Profile

Market Insights and Dynamics

The SME lending market in the Netherlands is evolving, with increasing demand for digital and efficient financing solutions. Fintech companies are playing a pivotal role in transforming traditional lending practices, offering faster and more transparent services to SMEs.

Competitor Analysis

Floryn: Formerly known as InvoiceFinance, Floryn provides business financing solutions across various sectors, including flexible business credit, term loans, invoice factoring, commercial mortgages, and e-commerce financing.

Qredits: A non-profit organization offering business credit, coaching, and training to support entrepreneurs, including microcredit, SME credit, and business mortgages.

Swishfund: An alternative lender focused on providing term loans to SMEs across various sectors, utilizing cash flow as the primary basis for lending decisions.

Strategic Collaborations and Partnerships

In January 2020, New10 partnered with Vonage to enhance its contact center capabilities, aiming to deliver exceptional customer experiences through integrated communication solutions.

Operational Insights

New10 differentiates itself by combining the financial expertise of ABN AMRO Bank N.V. with the agility and innovation of a fintech startup, offering a fully digital lending process that provides credit decisions within 15 minutes.

Strategic Opportunities and Future Directions

New10 has the opportunity to expand its services to a broader range of SMEs within the Netherlands and potentially in other European markets. By leveraging its digital platform and strategic partnerships, the company can continue to innovate and meet the evolving needs of business owners seeking efficient financing solutions.