Ecosystem Nov 24, 2017

Let's continue our discovery of the Techstars Paris startups. Today SnapSwap! We asked a few questions to its founder, Denis Kiselev.


1. Please explain what SnapSwap is all about.

We are a financial institution that develops innovative solutions for banks, telecom operators, insurance companies and the investment industry. All of our products are fully compliant with all existing and upcoming regulations in Europe as we have an Electronic Money Institution license in Luxembourg being passported to 28 European countries. Our main solution, Snaprove, is a fully automated onboarding solution that simplifies the account opening process, in compliance with anti money laundering and “know your customer” requirements. Snaprove allows the verification of the customer’s identity, collection of KYC data, performance of due diligence and the obtaining of a legally binding electronic signature. Due to full automation, banks and other businesses can now stay open for new customers 24/7 and allow a customer to complete initial onboarding in less than 6 minutes from their home or even on the go.


2. We would love to hear a little more about you, where are you from and what did you study?

I am originally from Russia, but I moved to the United States for my studies where I obtained my degrees in Economics and Computer Science. Then, I pursued my career as an executive in traditional financial institutions in the US and in Europe. I established my FinTech startup in Silicon Valley and then moved headquarters to Luxembourg, obtaining the first license in Europe to issue electronic money and provide payment services using Blockchain technologies.


3. Do you have time to travel much?

We are applying to a lot of accelerator programs and pitch competitions in Europe and abroad, so I travel quite a lot. For example, we were selected at SIBS Payforward program in Portugal, and integrated their headquarters during 2 months. We participated in two pitch competitions organized by BBVA in Washington and BBVA Bancomer in Mexico. We won the BBVA Open Sandbox Identity competition and participated in an immersion week at Madrid’s headquarters. We also had the chance to travel to Asia and pitch in Japan, at the Japan Summit.


4. What motivated you to apply to the Techstars program?

We evaluated the value of the program, and we decided that Techstars and Partech Shaker were good matches for us, strategically speaking. We had also the idea to spend more time in Paris. We were motivated to apply to Techstars because the program corporate partners are very relevant for our business. It also gives us the opportunity to present our business to international investors, and to find investors who are relevant and that will enable us to conquer the world.


5. What do you find useful about being in a city where there are many incubators and accelerator programs? Are there any drawbacks?
Overall, Paris has a great startup ecosystem, including companies, founders, mentors, accelerators, business angels and venture capital firms. The ecosystem is well connected internationally with major hubs, like Silicon Valley, London, Berlin. The drawback is traffic is very heavy in Paris, but we take the metro now.


Thank you Denis and we understand your concern about traffic in Paris. The good thing is that the Partech Shaker is close to several metro stations :-)


Learn more about SnapSwap and Snaprove on their website.