Croatia’s biggest success story when it comes to fintech and the digital payments sector, arguably, is Microblink, a software company that develops computer vision technology.
When it started in 2013 as a local company, it relied only on the financial resources of its founders. Now it has a global presence in the US, Europe and Southeast Asia, developing AI-powered scanning and data extraction products that more than 100 million end-users use.
Microblink’s products have opened up business opportunities for the company, which has been recognised by the fintech industry. It was listed among Europe’s fastest growing companies for 2020.
The company isn’t planning on stopping now, either. It plans to launch new innovative products that revolutionize the fintech industry.
“Two weeks ago, we launched a first-of-its-kind identity document scanner made to be used directly in a web browser. And we firmly believe in-browser ID scanning holds the potential to reshape the way we onboard financial services for the better,” the company told BIRN in a statement.
Another company to watch is Elektronički računi, a company that primarily provides digital business services. It was founded in 2013, when digital invoicing was beginning to become an important segment of business modernization.
“Since 2014, we have introduced the e-Invoice to tens of thousands of companies,” Josip Kovacec, a member of the board of the company, told BIRN.
“It gave us a foothold in the market in EU member states at the time when the mandatory electronic issue of invoices in public procurement was introduced,” he added.
“The idea was to make the e-Invoice available to everyone, with special emphasis on the SME sector, which usually does not have the financial resources to digitize operations,” Kovacec continued.
He said the company had now positioned itself as the largest private information intermediary on the market, sending about 200,000 e-Invoices a month to the Croatian government service that receives all electronic invoices addressed to public entities.
While there are other successful fintech startups and scale-ups in Croatia, what is lacking, however, is a sense of cohesion that would make the Croatian fintech scene a more powerful trend, experts say.
“There have been meetups and conferences, but the situation around COVID-19 has made such events impossible,” Ivan Brezak Brkan, the founding editor of Netokracija.com, told BIRN.
“For experience and knowledge to compound for the whole community, there has to come a point where they all need to work together to create a ‘fintech scene,’” he added. “A rising tide lifts all fintech – and an active community would help create interest among developers, new companies, and so on.”
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August 20, 2020 at 01:41PM
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