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From India to the NL: How Manoj started his FinTech company in Amsterdam

Entering the financial services and payments sector in the Netherlands turned into a successful endeavour for Manoj Tutika, an entrepreneur from a small city in South India. As the co-founder and the chief technology officer of the financial technology (fintech) company Sprinque, he shares his smooth experiences settling in the country and starting a business which is currently in its growth stage. He will surely help you delve into and get excited over the numerous opportunities within the world of digital payment companies in the Netherlands. After all, as he likes to put it, he has “always been a tech guy.”

Portrait photo of participant Manoj Tutika Manoj Tutika
Manoj Tutika ©Sprinque
Picture of Sprinque team
Co-founders: Manoj Tutika, Juan Espinosa and Mark Holleman ©Sprinque

Sprinque: B2B Payment Solution

We started Sprinque in February, 2021. The fundamental thesis is that while there is a lot of digitization in how consumers buy online, there are similar trends in how businesses buy online from other businesses, i.e., business-to-business (B2B) e-commerce. It is an enormous market worldwide, and COVID has accelerated the shift towards online channels for businesses to purchase goods and services. In Europe, you can see that B2B e-commerce growth has been significant year over year.
Sprinque currently operates in three different markets: Spain, Germany, and of course, the Netherlands. We aim for Sprinque to become the most popular B2B payment solution for
medium to large merchants in the B2B sector who sell their goods and services to other businesses. Specifically, by 2025, we aspire to process one billion euros of B2B trade here in the Netherlands. That would be an incredible achievement.


Journey to the Netherlands

At the end of 2020, I was working in Germany for Yelp, a Silicon Valley company, and I was exploring B2B payment ideas. I really wanted to start my own company, but unfortunately, that wasn't immediately possible in Germany due to the requirement of permanent residency to establish a business. I didn't feel like waiting, and that's when Antler came into the picture. Antler is an accelerator program which focuses on bringing together individuals interested in partnering up and starting a startup. They helped me find co-founders in Amsterdam, facilitated my move to Amsterdam with a startup visa and managed all the immigration-related matters.

“I used the startup visa, and I have to say, it was one of the smoothest immigration visa experiences I’ve ever had.”

To set up the business, I used the startup visa, and I have to say, it was one of the smoothest immigration visa experiences I've ever had. I am truly grateful for that. Thanks to the Netherlands and RVO. We have set up in Amsterdam, and I believe it's a fantastic city. The city has a talented workforce and a diverse culture of people from different countries working in various cool tech startups. It's great to be a part of Amsterdam's tech scene. I think it was the best choice for us.


Fintech Payments Technology Sector: the Netherlands vs. India

As for the fintech payments technology sector in the Netherlands, I believe it is probably the best country in the EU. The population here is very receptive to digital payments, and it's a cashless society. Many people are comfortable buying and selling goods online, with seamless payment methods like iDEAL. There are numerous reputable banks like ING and Rabobank that have a strong digital presence. Additionally, there are innovative companies like BUNQ, which is a fully digital bank. The Netherlands is also home to many successful tech companies like Adyen, Mollie, and, which inspire us at Sprinque. Overall, it's a good ecosystem for our startup.

The main difference between this sector in the Netherlands and India is that operating from the Netherlands makes it easier to go global with our product, software, and offerings, starting with the EU. Within the EU, trade happens between countries without borders, allowing us to service Dutch merchants selling to other EU countries. This advantage is significant as Dutch merchants face challenges when they sell abroad, and we are working to solve them. On the other hand, for fintech and payments companies based in India, my home country, it is challenging due to limitations imposed by the Federal Bank and the restrictions of the Indian rupee. Another advantage of the Netherlands is its historical reputation as a trading hub for centuries, facilitating smooth business trade between businesses and continents, which is beneficial for us as we are in the business of helping companies trade seamlessly regardless of their location.

“Getting on my bike, going to a cafe, grabbing some coffee, and taking a walk in Vondelpark is a daily experience I really, really enjoy about the Netherlands.”


To work and to live in the Netherlands

The ease of doing business in the Netherlands is excellent. Besides this, the country's quality of life and lifestyle is quite good. The strangest Dutch habit you'll come across is to take some bread, spread some tuna, and put ham on it. Then call it lunch. Nevertheless, getting on my bike, going to a cafe, grabbing some coffee, and taking a walk in Vondelpark is a daily experience I really, really enjoy about the Netherlands. I would say that the Netherlands is a fairly advanced and progressive society that embraces technology. Especially for those from India, such as software engineers or those working in the IT or banking sectors, it's a great place to work and contribute to society through taxes and more. So I would definitely encourage them to go for it. Through straightforward processes to start a business and settle in the Netherlands, Manoj Tutika could enter the fintech payment sector. His example shows how the right mindset and hard work, supported with a beneficial environment, can produce a successful startup story. A passionate tech entrepreneur is continuing to innovate the field alongside other companies he's been inspired by, and the Netherlands has proved to be the perfect place for this.


Explore your options in the Netherlands

Learn more about the Dutch Finance & Fintech sector, the Amsterdam area and the NL Startup & Tech ecosystem