While businesses in the region are already growing successful In fintech ecosystems, the development of the industry in North Macedonia is still in its early stages, with only a handful of fintech startups making progress in recent years.
Project Robin Hood reloaded is one of them – the startup was founded by Macedonian tech enthusiast Dime Galapchev, in cooperation with Swiss fintech company MW Finance. The startup has developed investment solutions that users can make on the stock markets, thanks to artificial intelligence. In this way, the startup has already started to diversify the country’s fintech industry.
“Project Robin Hood Reloaded is an international startup that provides both investment solutions to its clients and regular funding to non-profit organizations by automatically transferring the majority of its share of profits to chosen or recommended charities by customers. The investment solution works by allowing clients to easily diversify their portfolio through only the best trading strategies available on the market, enabling secure portfolio growth,” Galapchev told The Recursive.
Although Galapchev did not specify whether the name was inspired by the American investment trading company Robinhood, which was involved in this year’s GameStop action. controversialhe says, the inspiration for the name comes from the legendary English outlaw Robin Hood, who took from the rich and gave to the poor, alluding to the giving that is part of the investment solution.
Use the potential of the fintech industry
Galapchev had the idea to create a startup two years ago, when he was just getting started in the fintech sector. Before that, Galapchev worked for most of his career in digital marketing. While realizing the potential of the industry, during the first half of 2020, it also experienced the setback that most investors faced due to the COVID-19 pandemic.
“In 2020 I was experimenting with different models, at that time I contacted Laurent David from Belgium, a magnificent entrepreneur who has already developed a few trading strategies based on machine learning,” recalls Galapchev.
In March of this year, he and David began their official partnership and launched the startup, whose sole goal is to provide a solution where everyone can safely invest in themselves and their community at the same time.
“Once the investment solution was solved, we added the philanthropic part, where every month 18 cents of every dollar earned by each individual investment is automatically transferred to a chosen charity, research institute or other community project or recommended by investors,” Galapchev explains. The recursive.
While the startup is currently actively seeking investments, it has already started working with Startup Macedonia, the main umbrella organization for the country’s ecosystem.
“This includes raising funds for our two projects, creating an app and establishing a better legal infrastructure, enabling better security for our customers. Even though we are already communicating with potential funders, we are launching an open call to anyone who wants to join us, help us and enlighten the financial sector,” emphasizes Galapchev.
“We have helped hundreds of startups and rarely see a fintech startup with a win-win principle at its heart. The dynamism and impact that the team behind Robin Hood Project wishes to have are undeniable. Therefore, it is great to support their journey and be their beneficiaries, because they will significantly increase our autonomy and ability to have a greater impact on the startup ecosystem,” said Igor Madzov, co-founder from Startup Macedonia, to The Recursive.
Overly protective laws for financial services, an obstacle for fintech startups
The slow development of the fintech sector in the country is mainly due to overly protective laws for financial services, according to a report by the National Banks of North Macedonia.
For those looking to open fintech startups, over-regulation poses the biggest challenge, as compliance requires substantial resources and investments that are not linked to the core business. Along with fintech, cryptocurrencies are another difficult area to regulate at present, with most cryptocurrencies traders in the country facing obstacles when it comes to profiting from their transactions. Regulators therefore have the difficult task of balancing consumer protection and innovation, according to the report. declared.
According to Galapchev, the potential for the development of the fintech industry in North Macedonia exists, but it needs to be fully exploited, especially now, in the golden age of fintech.
“The potential comes from the great diversity of our country, particularly due to economic development. The privatization processes that followed the collapse of Yugoslavia, as well as the series of poor economic decisions that followed, have given Macedonian entrepreneurs unique insight into what works and what doesn’t, allowing them to impartially seek solutions for the good of the economy. many unexplored parts of the financial sector,” concludes Galapchev.