Dutch Financial Services Provider, Achmea, has completed a minority investment in BetterTradeOff- a Singapore headquartered FinTech that makes financial planning accessible to everyone. The funding comes via the Achmea Innovation Fund, established to support start-ups that strategically align with Achmea’s mission.
With the Dutch pension scheme moving from a ‘defined benefits’ model to a ‘defined contribution’ model, responsibility for securing one’s retirement will shift increasingly from pension funds to individuals. As a result, people in the Netherlands will now play a more active role in planning their future and determining what they need for a happy retirement. According to a survey from Mercer, only 20% of Dutch people think their pension scheme will provide them with sufficient funds during retirement.
BTO’s online platform dramatically simplifies the process of building a sound and comprehensive financial plan. Users can set-up an initial plan in minutes, simply by entering their current financial details. From there they can drag and drop different goals and dreams into their plan and see for themselves what they need to get there. The tool provides users with a complete picture of all their finances- from investments and property, right down to their monthly living expenses.
This new offering aligns with Achmea’s mission to support customers with financial solutions in the present and future. Achmea believes this innovative tool will help customers in various domains with pension related matters, as well as other tough financial questions impacting people’s lives.
US launch in the works
BTO will use investment from the Achmea Innovation Fund to launch, first, in the Netherlands, and from there into the U.S. and Canada in Q1 2023. An office in Holland has already been established, and work to set-up North American operations is underway. The platform, which has already been deployed in Singapore, Malaysia, Hong Kong, the Philippines, the UAE, Switzerland, and now the Netherlands, is being localised for the U.S. and all 50 states- including things like inflation rates, key statistics, tax rules, pension schemes, housing regulations, and education expenses. BTO Co-Founder and CEO, Laurent Bertrand, commented:
"We’re thrilled to have new funding for our continued expansion, and the opportunity to enter the Netherlands. Through strong collaboration with Achmea we can help everyone in the Netherlands address the challenges created by the fundamental change in the pension system. It’s also an opportunity for industry players in the Netherlands to be at the forefront of the pension system transformation affecting many countries.”
Happy to work with BTO
The Achmea Innovation Fund was established in 2019 to support start-ups that can strategically support Achmea’s mission- with improving the financial well-being of customers and society as one of its main goals. Arthur van der Wal, chair of Achmea’s Pensions division, commented:
"Financially, the future is becoming more and more uncertain with upcoming regulatory changes in the pension market, for instance. Helping people get more insight into what they need in their life and what actions they can take to improve their financial position, is key in tackling this problem. We are very happy to be working with BTO to make an impact in this area".
Achmea is a broad financial services provider with strong brands such as Centraal Beheer, Interpolis and Zilveren Kruis. Achmea makes sure that people can get on with their lives at times when it really matters. We have been here for more than 210 years, by and for our customers and for society. Together with our customers, strategic partners and others, we deal with major social issues in health, living and working, mobility and income. In this way, we create sustainable value for our customers, our employees, our company and for society. Past generations could count on us; future generations must be able to do the same.Achmea’s customers contributed premiums of approximately €20 billion in 2021. Achmea is the market leader in Non-Life and Health in the Netherlands and a major player in Retirement Services. Achmea provides mortgages via Centraal Beheer and Woonfonds, among others. The asset manager, Achmea Investment Management, has €175 billion in assets under management. Syntrus Achmea manages €40 billion in real estate and mortgages on behalf of 70 pension funds and other institutional investors. Achmea is also internationally active in Turkey, Greece, Slovakia, Australia, and Canada. The company employs approximately 17,000 FTEs, more than 3,000 of whom are active abroad.
About The Achmea Innovation Fund
The Achmea Innovation Fund invests in start-ups and scale-ups that match the mission and strategic domains in which Achmea is active. The fund only takes minority interests in these companies, with the aim of further growth and realising strategic value for Achmea. The fund was established in 2019 and now manages a portfolio of 15 participations. The Achmea Innovation Fund contributes to solving social issues, for example in the domain of financial planning.
BetterTradeOff is a Singapore-headquartered FinTech that’s revolutionising financial advice with online tools that help simplify and demystify financial planning. Making it possible for everyone, regardless of financial acumen, to make better financial decisions. Interactive and visual, the platform makes it easy for users to see and understand the impact of different decisions, while simulating a wide range of financial situations, such as purchasing a new home, or planning for retirement. The online platform has been deployed in Singapore, Malaysia, Hong Kong, the Philippines, the UAE, Switzerland, the Netherlands, and the U.S, and is utilised across three distinctive business lines- a free, do-it-yourself, financial planning platform for consumers, a SaaS solution for Financial Advisers; and a white-label, API based enterprise platform for financial institutions. In 2021, BetterTradeOff launched SC Goals Planner with Standard Chartered Bank- providing Singapore customers with comprehensive financial planning via the bank’s online banking portal and mobile app. The award-winning tool was selected as the Malaysia Champion in Zurich’s global Innovation Championships 2020. In 2018, BTO won the Global FinTech Hackcelerator organised by the Monetary Authority of Singapore (MAS); and the ‘DIAmond Award – Most Innovative Start-up’, at the most prestigious InsurTech event in the world, the DIA Conference in Amsterdam.