Näktergal is a development company based in Stockholm, that has worked on multiple projects but their biggest being the Magellan platform. The Magellan platform is a malleable and comprehensive lending platform that can be re worked to match the requirements of their clients and their organizations. Ideally it has been created and is suited for lending institutions and banks. The company stands apart since it is run by people who have an in depth knowledge of banking and the financial sector. They worked at leading positions in banking and lending institutes, they completely understand their customer wants or requirements.
“We strive for three things: predictability, transparency and aligning our interest with our clients”
The product solves the entire issue of applying for bank loans. A process that takes much longer time than necessary. They have streamlined the process for their users allowing the dispersal of money a lot faster.
The company is headquartered in Stockholm, Sweden. In 2014, Stockholm accounted for 18% of all fintech investment in Europe, which made it the best place to startup such a startup. Näktergal says that it is possible to gather revenue of € 200 mil a year. They are sure that the solutions they find in Stockholm would easily work in other countries as well. Currently, they are using their system in Sweden and Finland but they are looking to take their product to Poland as well. They should make an entry there around the second quarter of 2018. That’s not all, they are looking to receive a market share of 50% in Sweden and Finland in the next five years.
The current system is barely functional so there has to be a shift to something that works. That is where Näktergal comes in. The move to new technologies and making sure all the rules and regulations are followed is basically a no brainer.
The company is currently running with only 6 employees. They are looking to get their hands on another web developer soon. They are looking to hire some developers, a product designer and an event manager in less than a year.
No matter what, the company has made it a point to put their customers first. The founders feel that customers should spend as little time working in the bank as possible. That’s what is pushing them to build an amazing system. The system is regularly being updated with new features so it is always changing for the better. The company learned that they could not build everything themselves. When they were hit with difficult features, they began with integrations, which worked well for them. They even realized that their system architecture works well with integrations.
The only advantage that their competition has is that they have been in the market for a lot longer. They have a lot more recognition than Näktergal. Furthermore, banks do not want to take chances with new entities in the market. They are sure that the existing players work and even if they don’t have the best solution, banks are quite happy dealing with them.
Näktergal Magellan did manage to sell to one bank in Finland. They are now handling lending volumes north of €11 000 000. They are in negotiations with three other banks in Norway and Sweden, one in Poland and two in Spain/Portugal.