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Scaling is tough. Researching markets, rolling out strategies that work in one territory but fail in others is costly and time-intensive. Fintechs face enormous challenges when it comes to scaling across borders in the EU.

In making the exciting (and important) decision to expand to Europe, here are three tips for your fintech as you start scaling in the European markets.

1. Understand the culture

If you didn’t know it already, there are incredibly diverse cultures across Europe, and while you might be successful in one EU market, the chances are your strategy might not be as effective if you simply replicate it in another market. 

Do your research. Get insights into culture, buyers markets, financial markets, competitors market and analyse your data properly. You need to ensure that you are entering markets with an in-depth understanding of how your product/service will be received. 

2. Collaborate and partner up

As you scale, you will build foundations and infrastructure in the markets you enter, but most of the time, those foundations are not entirely in place when you start scaling. Be sure to expand your network before you implement your rollout. Partner with local experts on the ground, create collaboration between your teams and those on the ground. 

Distribution networks are essential, and as a fintech, having market insights from the ground will offer you a solid opportunity to gain insights and scale without more unnecessary costs and resources. 

3. Pick the right team

Your team is critical. You need support, expertise and determination to scale across borders effectively. Teams who are carefully selected, supported, and given the right resources can effectively adapt to new markets and tailor messaging and products to reflect the opportunities within the current market they are in.  

A common mistake fintechs make when scaling is employing a few “Jack of all trades”. The problem with this is to employ the same team to various markets and add to their plates. If you are serious about your expansion, separate your rolls. Do not let your financial officer handle marketing and customer support too. 

As you start preparing to scale, look for talent with specific skill sets to empower your fintech to implement its strategy. 



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