The not-so-well-known Munich-based startup NDGIT yesterday cut out one of these “That can be said by anyone” press releases, which in fintech-typical modesty means that in 2018 “with strong growth and broad internationalization, they have come to the top European B2B Fintechs “, gained more than 20 banks as customers, quadrupled license revenues, etc.
So what did we do? Just called, if NDGIT (a specialist for API-solutions) can prove at least one of these lewd claims … To which, to our surprise, the boss said, of course he could. Then he sent us a zoom link (read: an invitation to a Videoconference) and we already had in front of us: the bodily BWA of a realizing German financial startup. And what could you see there? Everything, even though we had to promise not to write anything during playback:
Summing up the 2018 monthly sales of the fintee, which was only started in 2016, then one comes across roughly where the far more prominent Solarisbank came from in 2017, or, if you want a second classification, about half of what Scalable Capital 2018 should have redeemed. So i.d.T. not so bad.
Now, most of the sales that NDGIT generated in 2018 came from project orders. Of course, this is not forbidden per se – but: As is well known, investor fantasies do not base caretaker work on B2B fintechs, but on licensing revenues (which are also explicitly stated in the PM).
So how do we do that now if we are not allowed to give too precise an indication of the absolute amount of these royalties? Let’s try it spongy: If you look at the latest months, then you can say: yes, these are numbers that consist of six digits – and not about five, as we would have expected from the gut. And: If one compares the monthly turnover level from the end of 2017 / beginning of 2018 with that of the end of 2018 / beginning of 2019, then that is true with the quadrupling (whereby the starting level was, of course, modest).
What about the alleged over 20 banks acquired as customers? At this point, NDGIT has applied a bit, as we understand individual bank subsidiaries were included, if they belong to the same parent bank. Nevertheless, we got insight into the invoice. And at first glance it became clear that NDGIT is doing business with at least half a dozen banks from the category “These names are known”. Some of these customers may also be mentioned, for example, UBS is one of them.
What was more surprising: According to PM, NDGIT already has 50 employees about three years after its founding, which is comparatively high for a German B2B fintech. We once counted the people on the homepage and actually come to 49 (which is almost 50). And a comparison in the social networks suggests that it is not about fake profiles and / or any Praktis. Because: After all, two-thirds of the employees also come out at Linkedin.
So, the not-so-well-known Munich-based startup NDGIT actually took “the lead in European B2B fintech”. Well, that’s a very lush self-description. But: In any case (which is not always self-evident in the fintech industry), it really seems to be something behind the big door.