Reinventing financial services for SMEs: kompasbank

SME Banking
04/04/2023 Interview
profile picture of Michael Hurup Andersen

Michael Hurup Andersen

kompasbank

Founder and CEO

kompasbank is a Denmark-based neobank for SMEs that began operating in full in January 2022 and currently operates in Denmark, Germany and Spain. We interviewed its Founder and Co-CEO Michael Hurup Andersen to learn more about this exciting new player in the banking industry.

In which countries do you operate and how do you perceive the banking offer to SMEs there? In your opinion, does the offer from existing financial institutions meet the needs of SMEs?

The SME segment comprises more than 99% of all Danish companies, but they do not have sufficient access to financing (business lending/loans and capital). 

We believe existing banks are doing a fine job, but just not enough. The sheer size of the market and the swiftly developing needs of the SMEs are creating substantial opportunities for us to own marketshares. 

We have created kompasbank to help SMEs reach their full potential. We do so by providing SMEs with flexible, fast access to financing and other banking services when they need it. And by helping them control, run and grow their businesses through digitization and access to our platform services, where they have access to digital solutions within administration, HR, Sales, Marketing, Legal etc. 

We began our journey in Denmark, and we are now in the process of rolling out our concept and platform to other parts of Europe, where we are also experiencing a great demand for a dedicated SME bank that can offer flexible, tailored solutions that match the needs of SMEs.

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