amnis: The Venture Leader Fintech providing an international payment platform serving SMEs

25.11.2022 09:00, Morgane Ghilardi

The Swiss National Startup Team welcomes new members after an expert jury selected ten startups for the Venture Leaders Fintech 2022 program. In anticipation of the London roadshow at the end of November, we would like to introduce our community to each of the Venture Leaders. Meet Michael Wuest, CEO of amnis.

Name: Michael Wuest 
Location: Zurich
Nationality: Swiss
Graduated from: FH St. Gallen in 2005 with a Bachelor and in 2008 as a Chartered Financial Analyst (CFA) 
Job title: CEO 
Number of employees: 35 
Money raised: CHF 9.3 million 
First touchpoint with Venturelab: 2004, at an innovation and entrepreneurship workshop 

What does your startup do and why?
amnis's payment platform allows small to medium-sized enterprises (SMEs) to overcome the usual barriers to global trade by offering local IBAN accounts, competitive foreign exchange rates, and local payment capabilities in more than 50 currencies.

How and where did you come up with the idea for your startup?
My co-founders and I worked in treasury departments of large companies, where we recognized that the subsidiaries and affiliate companies of large caps have a huge advantage over SMEs: they have access to sophisticated services and competitive rates provided by the in-house bank. This motivated us to build a digital platform that serves SMEs.

What do you expect from the Venture Leaders roadshow, and how do you think it will help you achieve your vision?
I expect to connect with interesting people and find sparring partners to challenge us on our journey. Expanding our network of potential investors would help drive our mission forward.

Whom does your solution help, and how?
Our solution helps SMEs with international business activities to save money and time and to automate workflows. We offer a free starter plan, which enables SMEs to save up to 2% on currency exchange and already includes free payments and IBAN accounts in various currencies.

What are you most excited about at work right now?
Creating an exciting product that helps SMEs to be more competitive, together with an amazing team. Currently, we are working on offering companies a free debit card with the easiest handling ever. It is really exciting to rethink the functionality of a debit card if you have all the technical possibilities.

How did you build your team?
I worked together with one of my co-founders and studied with the other. For additional team members, we hired talent and passion to make sure that we really can redefine how international banking works.

Which market are you addressing and what is the potential of your startup?
The global wholesale transaction banking market has a revenue potential of more than USD 500 billion according to BCG. While we focus on businesses with less than EUR 5 million in turnover with our product-led growth strategy, we also serve companies with up to EUR 100 million in turnover. The market is dominated by traditional banks. While large companies work with High Street banks, SMEs are highly underserved and dependent on regional banks with limited offerings.

What are your key achievements to date? 
While we started out bootstrapping, we now serve more than 2,000 SMEs and grew by more than 100% in 2022. The Financial Market Authority granted amnis the EEA-Payment Institution license, which allowed us to expand to 8 additional countries.

What is one thing not many people know about you?
I guess I am one of the last users of the Teletext. I even have an app on my mobile to get access at any time. In addition to this, I am a proud dad of two kids, ages 3 and 5.

What is your favorite podcast and why?
I often listen to product-led growth podcasts. On a road trip this summer, I listened to a 10 hours PLG podcast. Why? Because I truly believe that PLG is key to scaling and I am always eager to learn from others' experiences.

What is your favorite book and why?
The Art of Contrary Thinking by Humphrey B. Neill. Even though it was published in 1954, it's an inspiring book and many of its theses still hold true. Maybe the crowd is wrong sometimes, and contrary thinking might help to find a different path.
 

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"I always like to talk to customers to learn more about how they use our products and learn what could be done better."

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How did you come up with the name of your startup?
Amnis is a Latin word that means "flow." We took it as an abbreviation for cash flow.

Who inspires you and why?
Elon Musk with his storytelling skills, Pichai Sundararajanor with his leadership style, and Steve Jobs with his product thinking.

Which startup do you wish you had founded and why?
Climeworks, because I like how big they think and what they contribute to a better future.

What is the most challenging aspect of being a founder?
To keep the startup spirit while growing the team. It's still extremely important to adapt fast to market needs and to try things to stay ahead of the market.

What is the most rewarding aspect of being a founder?
Recognizing that what you built is used by thousands of companies. I always like to talk to customers to learn more about how they use our products and learn what could be done better.

What is something you wish you had known about being a founder?
How long it takes to succeed and how tough it is to raise money in Switzerland.

What is the most important lesson you have learned as a founder?
Stick to your mission and go deep rather than wide in product development.

What is the best advice you have ever received and from whom?
Don Draper, the protagonist of Mad Men, said: "If you don't like what's being said, change the conversation."

What is your greatest professional failure, and what did you learn from it?
I built a dairy trading platform together with a friend before starting with amnis. Unfortunately, we stopped the venture after a few quarters. The most significant lesson I took with me was that the market is never waiting for you or your solution.

How do you stay on top of industry trends?
I read several hours per week, and I am always interested in learning from other startups. 

How do you foster creative thinking among your team members?
We have growth team sessions to brainstorm inspiring ideas. In addition, our OKR approach enables everyone to contribute, which also fosters creative thinking.

Who do you look to for guidance and mentorship?
Our board members, board advisors, and investors are always great sparring partners. When it comes to product development, I often talk to clients.



The amnis offices and the startup's product: a payment platform for SMEs

The Venture Leaders Fintech roadshow in London is organized by Venturelab in partnership with Swissnex and supported by EPFL, ETH Zürich, and Walder Wyss.