# The Expansion Journey: Insights from a Fintech Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-04-05 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: UK Fintech Tax Breaks: Driving Growth in Europe and Globally Meta Description: Discover how Funding Options, led by Conrad Ford, successfully expanded into Europe, with insights on collaboration, insights and challenges faced in the Tags: featured Tag URLs: featured (https://financedigest.com/tag/featured) URL: https://financedigest.com/the-expansion-journey-insights-from-a-fintechhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/conrad-ford-1736839068275-compressed.jpg) **By Conrad Ford,** Founder and CEO, Funding Options There’s no doubt that the UK, and specifically London, remains Europe’s fintech capital thanks to a skilled workforce, investment and supporting regulatory and tax schemes. We have generous tax breaks for technology investors, such as the Seed Enterprise Investment Scheme, and we also have a favourable tax system for employee stock options, which is the envy of continental European start-ups. These [tax breaks](https://www.financedigest.com/irish-corporate-tax-boom-breaks-more-records-in-november.html "Irish corporate tax boom breaks more records in November") have led to cities such as London, Manchester and Edinburgh becoming thriving technology centres. However, as UK [fintech companies](https://www.financedigest.com/7-cyber-threats-fintech-companies-should-watch-out-for.html "7 Cyber Threats FinTech Companies Should Watch Out For") scale up, it’s clear that our home-grown innovative, creative products and services are relevant not just to the UK but to Europe and globally. ![Conrad Ford, Founder and CEO, Funding Options](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/conrad-ford-1736839068275-compressed.jpg) Conrad Ford, Founder and CEO, Funding Options Our mission at Funding Options is to help small businesses walk tall, by providing them with access to [alternative finance](https://www.financedigest.com/demystifying-alternative-finance.html "DEMYSTIFYING ALTERNATIVE FINANCE") when they need it and which is right for their unique situation. But the problem we solve is not limited to the UK – it’s a global issue and that’s why expanding into Europe was the natural [next step](https://www.financedigest.com/eu-leaders-to-discuss-next-steps-on-energy-ukraine.html "EU leaders to discuss next steps on energy, Ukraine") for our business. In September 2018, we [launched Funding Options in the Netherlands to support the 1.8 million](https://www.financedigest.com/uk-launches-270-million-pound-fund-to-support-green-heating-technology.html "UK launches 270 million pound fund to support green heating technology") small and medium-sized businesses there. As we begin to look ahead to which other countries we can support, we’ve been reflecting on our [journey into Europe and the challenges and achievements](https://www.financedigest.com/the-journey-to-cloud-native-overcoming-hurdles-to-drive-modernisation-and-achieve-long-term-success.html "The journey to cloud-native: overcoming hurdles to drive modernisation and achieve long-term success") that have been different from our start-up experience in the UK. Here’s what we’ve learned: 1. [**Collaboration is key**](https://www.financedigest.com/white-bullets-collaboration-with-polands-sygnal-association-significantly-reduces-ad-funded-piracy-in-key-european-market.html "White Bullet’s collaboration with Poland’s Sygnał Association significantly reduces ad-funded piracy in key European market") – If possible, when expanding into a new country, you should identify and partner with a like-minded organisation in that country. Not only does this provide you with local expertise and the backing to navigate cultural, regulatory and customer understanding, but you’re already at a [competitive advantage](https://www.financedigest.com/ai-holds-the-key-for-both-competitive-advantage-and-risk-mitigation-in-2022.html "AI holds the key for both competitive advantage and risk mitigation in 2022") over lone fintech startups and operations. We were fortunate enough to align to the strategy of ING, the Dutch banking giant, which also led to us gaining [investment from their corporate venture capital arm](https://www.financedigest.com/italys-brembo-sets-up-venture-capital-arm-to-invest-in-tech-startups.html "Italy’s Brembo sets up venture capital arm to invest in tech startups"). ING is widely regarded as a trailblazer in the world of [fintech for their recognition that everything should be digital](https://www.financedigest.com/the-fintech-digital-revolution-will-continue-in-2022.html "The Fintech Digital Revolution Will Continue in 2022") and mobile first, and that products and services should have the customer experience at their core; a philosophy very much shared by Funding Options. Like the UK, [small businesses](https://www.financedigest.com/pakistan-floods-add-to-pain-for-struggling-small-businesses.html "Pakistan floods add to pain for struggling small businesses") are the backbone of the Dutch economy, and it was a huge benefit to be able to craft a vision alongside ING to help more Dutch businesses find the right funding for their situation from a wider range of options. 2. **Change is a constant** – In such a dynamic environment as fintech, we are well aware that change is a constant. However, the fast pace of [change during expansion overseas meant that the business](https://www.financedigest.com/lane-change-assist-systems-market-overview-business-growth-development-factors-application-and-future-prospects.html "Lane Change Assist Systems Market Overview – Business Growth, Development Factors, Application And Future Prospects") morphed on a weekly basis – the speed of which we didn’t fully appreciate when we first started. The small team that was working on launching Funding Options in the Netherlands needed to cover areas they might not have touched upon in their UK roles: we found we needed them to work on operations, sales, HR, [project management and marketing](https://www.financedigest.com/power-management-integrated-circuit-pmic-market-is-projected-to-grow-at-6-4-during-2021-2028.html "Power Management Integrated Circuit (PMIC) Market is projected to grow at 6.4% During 2021-2028"). We found that being able to re-calibrate your skills to keep up with this constant change was [key while also trying to navigate all of the opportunities](https://www.financedigest.com/vehicle-mounted-spotlights-market-industry-outlook-growth-prospects-and-key-opportunities.html "Vehicle Mounted Spotlights Market: Industry Outlook, Growth Prospects and Key Opportunities") without dropping the ball. This meant that the team members who led the expansion needed to be multi-skilled, flexible and agile. 3. **The range of cultural differences** – While the Dutch are [culturally very similar to the British when it comes](https://www.financedigest.com/cell-tissue-culture-supplies-market-share-to-exhibit-steady-growth-in-the-coming-decade.html "Cell Tissue Culture Supplies Market Share to Exhibit Steady Growth in the Coming Decade") to day-to-day life, we were surprised to find several differences in the business environment, including: **(i) Problem Solvers** – We found that our Dutch partners were extremely pragmatic and direct when it came to problem solving. For example, lenders very much worked together to resolve the issue of [small business](https://www.financedigest.com/government-assisted-financing-schemes-for-small-businesses.html "Government Assisted Financing Schemes For Small Businesses") lending and even though they are competitors, they would meet up to discuss issues. **(ii) Open-Minded** [Small Businesses](https://www.financedigest.com/foolproof-local-marketing-strategies-for-small-businesses.html "Foolproof Local Marketing Strategies for Small Businesses") – With technology you quite often have early adopters but it can take some time for the rest to catch up. We expected there to be some reluctance to adopt digital solutions, but we found that the Dutch small business community was extremely open-minded and happy that we were able to help them solve their financing problems with [technology solutions](https://www.financedigest.com/grain-and-cereal-crop-market-novel-technological-solutions-will-create-lucrative-growth-opportunities.html "Grain And Cereal Crop Market : Novel Technological Solutions Will Create Lucrative Growth Opportunities"). With PSD2 now implemented across the European Union, we [expect businesses](https://www.financedigest.com/t-mobile-sells-wireline-business-to-cogent-for-1-expects-hefty-charge.html "T-Mobile sells wireline business to Cogent for , expects hefty charge") and consumers to become even more comfortable using technology in their financial lives in future. This reinforces the need to fully understand your [target market](https://www.financedigest.com/automotive-ecu-market-size-analysis-top-players-target-audience-and-forecast-to-2026.html "Automotive ECU Market Size, Analysis, Top Players, Target Audience and Forecast to 2026"), and the importance of not making assumptions based on experiences in other countries. 4. **The** [importance of celebrating successes](https://www.financedigest.com/the-importance-of-data-analytics-for-success.html "The Importance of Data Analytics For Success ") – Share and commemorate achievements both with the wider teams and the public. We experienced many ‘firsts’ which were significant, such as the first lender onboarded, the first colleague employed solely for the new Netherlands team, and the first [customer funded](https://www.financedigest.com/impact-com-fiscal-year-h1-2021-1-5b-valuation-150m-in-funding-bigcommerce-integration-69-customer-growth.html "impact.com Fiscal Year H1 2021: .5B Valuation, 0M in Funding, BigCommerce Integration, 69% Customer Growth"). All of these were key milestones and, while one new lender coming on board wouldn’t necessarily have been a [big event for the UK side of the business](https://www.financedigest.com/how-china-became-big-business-for-twitter-from-blocking-to-blue-checks.html "How China became big business for Twitter, from blocking to blue checks"), every new partnership was a key success in the Netherlands. It’s important not to lose sight of how big these achievements are. When we surpassed our first one million [Euros](https://www.financedigest.com/sp-global-fined-1-1-million-euros-for-premature-credit-rating-publications.html "S&P Global fined 1.1 million euros for premature credit rating publications") lent in the Netherlands it seemed small against the hundreds of millions of pounds lent in the UK, but we got there a lot quicker this time! As you start to [see your European](https://www.financedigest.com/european-airlines-see-travel-withstanding-consumer-squeeze-for-now.html "European airlines see travel withstanding consumer squeeze for now") or overseas business take off, it’s an exciting time. It not only validates your [business proposition, but we’ve found that there’s an energy that flows from the new business back](https://www.financedigest.com/generali-pulls-back-from-russia-intesa-reviews-business.html "Generali pulls back from Russia, Intesa reviews business") into the UK operations. For the Funding Options team, this confirmed to everyone that our solutions can resolve real challenges for small businesses in the UK and beyond. We know that [small businesses across the world – not just in the UK – can struggle to access finance, whether because they’re too small or they haven’t been trading](https://www.financedigest.com/trade-finance-the-small-brush-to-paint-the-big-picture.html "Trade Finance: The Small Brush to Paint the Big Picture") long enough. But these businesses – the local bike shop, the hairdressers on the corner – are the backbone of the economy. Technology can help transform the products and [services available to these businesses](https://www.financedigest.com/philanthropy-is-an-underrated-tool-for-growing-financial-services-businesses.html "Philanthropy Is an Underrated Tool for Growing Financial Services Businesses") and the UK fintech community is thriving. We’re undoubtedly in an exciting [time for the UK fintech sector](https://www.financedigest.com/time-to-act-as-cybercriminals-hot-on-the-heels-of-finance-sector.html "Time to act as cybercriminals hot on the heels of finance sector") and I truly believe we have the potential to leapfrog the US to take the number one spot. Imagine the impact on the GDP of overseas countries if the creativity and [innovation that exists in the UK’s fintech](https://www.financedigest.com/the-role-of-fintech-in-shaping-innovative-future.html "The Role of Fintech in Shaping Innovative Future") sector was available globally? Indeed, with worrying [data from the ONS suggesting automation is likely to replace 1.5 million English jobs](https://www.financedigest.com/chipmakers-weigh-on-european-shares-focus-on-u-s-jobs-data.html "Chipmakers weigh on European shares; focus on U.S. jobs data") in the future, nurturing our technology community is going to be critical for the country’s prosperity. With a thriving [technology sector](https://www.financedigest.com/how-communication-technology-can-help-relieve-pressure-on-staff-in-the-financial-services-sector.html "How communication technology can help relieve pressure on staff in the financial services sector "), that continues to support startups, we will be able to create new job opportunities and reinvent our workforce with rewarding, high-value roles. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---