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BRIDGEFUND'S ONLY WAY IS UP AND THIS IS WHY

In THE ONLY WAY IS UP, MASTERS focuses on startups that have the guts to present a new idea to the world and achieve great success with it. This week the spotlight is on BridgeFund, which enables loans to entrepreneurs without the intervention of banks.Text: Patrick Stoffer
Image: Bridgefund

BridgeFund, bank-free financing

BridgeFund bridges the gap between idle capital from successful entrepreneurs and working capital for entrepreneurs. So the money comes from entrepreneurs who invest it with us, making a bank unnecessary. The money from the lender can be in the account within 1 hour after approval. MASTERS spoke with CEO and Founder Julian van de Steeg about the success, mission and goal of this innovative startup.

Started from the bottom and now we're...

"We launched at the end of 2018 and now our team consists of more than 50 employees. Currently, we have provided more than EUR 50 million in financing to over 2,500 entrepreneurs. We also receive approximately 1 billion in funding requests per year. That big difference is due to our rigorous (data-driven) assessment process of entrepreneurs' creditworthiness. Providing financing responsibly is essential. A loan must, of course, help an entrepreneur move forward."

Best tip you've had?

"Create a strong team and don't underestimate the value of a culture. Make the whole team part of your challenges and you will be surprised what you are then collectively capable of."

Why do you think you are so successful?

"We listen extremely carefully to our clients and bring together the interests of entrepreneurs and investors in a super simple way."

Why didn't I think of that?

"Bitcoin."

What would you do with 1 million?

"Our investors let us know that there is (unfortunately) slightly less space available in the fund..."

Where do you see yourselves in 5 years?

"Alternative finance is slowly starting to become mainstream. There are several FinTech companies working on providing financing in a smarter way. We are adding to this by also providing funding in a smarter way and also providing this side of the market with an attractive return. With technology and open banking we bring supply and demand of money together through our platform. This way we are not an intermediary of the bank and we can rightly say that we are bank-free financing. This is very scalable within European borders and that is where we will be in 5 years."

Interested in investing or looking for a business loan? Then visit BridgeFund's website.

THE ONLY WAY IS UP

THE ONLY WAY IS UP is a brand new column from MASTERS, asking successful startups* about their success, inspiration and future. Each week a new startup will be spotlighted, so be inspired! Also curious how startups Felyx and Somnox are taking the route to success?

Your startup also in the spotlight? Mail for the possibilities to Patrick Stoffer (patrick@mastershq.nl).

*Startup: a company no more than five years old focused on rapid growth with an innovative idea: young, ambitious and innovative.