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David Conde Sayans, Coinscrap Finance

David Conde Sayans, Coinscrap Finance

[FH]: What inspired the creation of Coinscrap Finance?

[DC]: We started in 2016 as a micro savings App based on behavioral economics. We know that saving is not sexy; the same thing happens with the gym: we want the benefits of sport but without the sacrifice. For that reason we’ve created a series of automatic rules and gamification modules that allow you to save effortlessly.

At Coinscrap Finance we are inspired, among others, by the Nobel Prize Winners in Economics who have highlighted the role of psychology in our financial habits and in economic decision-making. That is the case of Richard Thaler, who states: “The nudge theory is based on the premise that, between two options, people often choose the easiest rather than the more suitable one.”

The term “nudging”, coined by Thaler, represents the way to drive people to make decisions that offer long-term benefits.

This brings us directly to the situation that Millennials and Gen Z are facing right now. After two economic crises and with the current high inflation, they struggle to consolidate a life project in an uncertain environment and, in general, with little economic background. That is where we come into the picture. Our goal is to improve the lives of 2 million people in the next 2 years.

This is the challenge and to make it happen, we aim to be the most accurate Financial Health AI Platform using transactional data and behavioral economics through scalable and replicable use cases for banks, insurers and financial service distributors.


[FH]: What is something about open banking that you wish every potential clients knew before starting the conversation?

[DC]: There is no doubt that open banking has changed the financial landscape forever and brings multiple advantages for banks and FinTechs. As you know, APIs allow a company’s software to be integrated into third-party platforms to facilitate the exchange of data, prior user confirmation.

Due to the European PSD2 regulation on electronic payment services, the security of transactions is guaranteed while promoting innovation and the adaptation of the financial sector to new technologies. Once they have given their consent, companies can offer products and services tailored to the individual’s needs.

In addition, through the categorization and enrichment of banking transactions, the knowledge of the final user increases. This allows placing them at the center of the strategy and being able to offer the right service at the right time. It also allows banks and insurers to customize their messages. This improves user experience, increases satisfaction and creates a lasting bond that leads to the possibility that they will recommend the product to family and friends.

[FH]: What advice would you give to someone starting a company?

[DC]: It is important to develop MVPs fast and test them qualitative and quantitatively. Startups should pivot their business model a few times before finding the right product, so quickness is key. The other important aspect to grow is surround yourself with a talented team that complements you, so every aspect of the process will be covered.

Another relevant point that we should not neglect is to build strategic relationships in the industry that help you reach potential clients and VCs. That’s easier said than done, but you can make an impact with a well-planned networking strategy and perseverance.

[FH]: What is Coinscrap Finance´s company culture like?

[DC]: We feel very proud of having our corporate values permeating all business areas. From founders to Data experts, going through the design department, we all believe in the importance of:

Scalability: To do a lot more by doing less, better and faster. It is all in our capacity to adapt and innovate.

Metrics as a tool: We measure our achievements by the results obtained. What is not measured cannot be improved, so let’s measure it!

Non-conformism: We are innovative, bold, determined, champions of positivity and curiosity.

Welcoming mindset: It is in our DNA to welcome new team members with open arms. Our customers too, of course.

Detail-oriented: We want to be an example for the rest of our colleagues and to strive towards the best version of ourselves.

Run baby, run: As a good startup, we know how to run. It is not always necessary but we are definitely always ready.

[FH]: Where do you see Coinscrap Finance in the next 5 years?

[DC]: With our internationalization plan fulfilling stages successfully, we expect to reach our goal of helping 2 million people with their financial struggles before the established deadline of 2 years.

We have already collaborated with banks as renowned as Santander or EVO Banco and insurers as important as Mapfre or Caser. For the first one, we developed a tool that helped their customers save €161 M in less than a year. Santander was able to increase a 20% in service NPS with our help.

Right now, we are also collaborating with them in Mexico, with COCO{Categorization}, an AI engine with more than 90% accuracy. This product allows the bank to clean up transactions and sort them into categories to create better data-driven services. Without processing the tons of data generated by their customers, reliable business decisions can barely be taken.

At Coinscrap Finance we also hope to be consolidating our presence in LATAM in the near future… and why not, to be floating on the stock market.

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