Luxembourg has known for its thriving business environment and supportive ecosystem, has emerged as a preferred destination for startups in the European Union. Nasir Zubairi, CEO at the LHoFT delve with us into the reasons behind Luxembourg's suitability for entrepreneurs and the support available to them as well as the role of the Luxembourg House of Financial Technology in facilitating startups' growth by providing essential resources, connections, and opportunities. 

How is the Luxembourgish ecosystem more suitable than other places in the EU to start a business? 

Connectivity, support, and access to decision-makers are significant competitive advantages for entrepreneurs establishing their businesses in Luxembourg. Despite being a small country, Luxembourg possesses a proactive and determined approach towards fostering business growth. The depth of expertise and international connectivity in the business sector is truly exceptional. Moreover, the close collaboration between industry and government, exemplified by public-private initiatives, plays a pivotal role in providing vital support to young enterprises in managing risk and pursuing expansion opportunities.  

In Luxembourg, it is not uncommon to encounter CEOs and government ministers in everyday settings such as the supermarket or the gym, with some even residing in the same neighborhoods. The local business community exhibits a down-to-earth demeanor, displaying a genuine willingness to engage, assist, and facilitate commercial endeavors. 

An often-overlooked advantage of Luxembourg is the remarkable breadth of language skills available and their integration within the business sphere. Notably, English, the global language of commerce, holds a prominent position and uniquely, within the European Union, is accepted in legal matters, including the drafting of contracts, as well as in regulatory frameworks. 

What does the LHoFT offer to those who want to start a new activity? 

We offer comprehensive assistance for entrepreneurs seeking to establish a presence in Luxembourg, providing a smooth and seamless entry into the market. Our offerings encompass access to a well-developed and multifaceted support infrastructure, encompassing both formal and informal channels. Furthermore, we offer a diverse range of training programs, facilitated by seasoned professionals in the fields of business and entrepreneurship, allowing entrepreneurs to acquire valuable knowledge and insights.  

One of our key value propositions is our ability to connect startups with two essential prerequisites for success: access to capital and the acquisition of customers. Through our extensive network and an array of promotional packages specifically tailored for startups entering the LHoFT, we enable entrepreneurs to tap into vital financial resources and establish crucial customer relationships.  

Our dedicated team stands ready to provide expert guidance and support, recognizing that each business is unique and possesses its own distinct requirements. Moreover, we increasingly leverage our extensive international network to facilitate connections for firms seeking opportunities abroad. It is worth noting that our facility is renowned for serving the finest coffee in town—an additional perk appreciated by many. 

Can you share with us some Luxembourg Fintech startups success stories? 

Let’s start with Next Gate Tech, a cutting-edge provider of intelligent data management and support solutions for the Asset Management Industry. They recently achieved a significant milestone by securing an impressive Series A funding round of $8 million. This substantial investment not only underscores the market's confidence in Next Gate Tech's innovative platform but also highlights the company's potential for exponential growth. Notably, this funding round included notable participation from Expon Capital, a prominent Luxembourg venture capital firm. The successful capital raise will empower Next Gate Tech to further enhance its offerings and expand its reach to become a leading player in the industry. 

Next is FundVis, an emerging startup dedicated to optimizing workflow within the Asset Management value chain, recently forged a highly advantageous and lucrative partnership with EBRC. As a registered Professional of the Financial Sector (PFS) and a trusted hosting solutions provider for numerous entities, EBRC's collaboration with FundVis represents a significant endorsement of the startup's capabilities. This strategic alliance will enable FundVis to leverage EBRC's robust infrastructure and expertise, facilitating streamlined and expedited deployment of its innovative solution to clients. The collaboration with EBRC not only enhances FundVis' credibility in the market but also positions the startup for accelerated growth and market penetration, offering a win-win proposition for both parties involved.