LHoFT Foundation, in collaboration with the Ministère de l’Économie – Luxembourg, selects 10 startups for Catapult: Kickstarter bootcamp. PayPact from Romania is one of them.

29 mai 2021

Catapult: Kickstarter 2021 is a four-week acceleration bootcamp, a brand-new programme developed by the LHoFT Foundation in close collaboration with the Ministère de l’Économie – Luxembourg.

We believe the participants will gain a lot from the programme and from connecting with the Luxembourg finance community; vice versa, we believe these firms also have a lot to offer the financial centre in solving key challenges that institutions are experiencing,” said Nasir Zubairi, LHoFT CEO

The 10 Selected Fintech Startups of the Catapult: Kickstarter 2021 programme are:

► unum IOS – Luxembourg
► Go2insure – Slovenia
► Greenomy – Belgium
► Meliora – Luxembourg
► PayPact – your claim money in 48 hours – Romania
► EthicsGrade | AI & ESG – UK
► Autopay World – Poland
► NodeVenture – TMIA GmbH – Austria
► Cygnetise – UK
► Divizend – Germany

PayPact simplifies the claim filing process and reduce the pay time from 40 days days to 48 hours in the case of motor claims. First, the company provides objective evaluations of the damage immediately after an accident, so clients can choose the best course of action, including quick payment directly from PayPact. If the client decides to proceed with this option, the claim is filed via our web app in as little as 10 minutes and they can choose to receive the money straight to their account.

Dan Cobeanu, Founder & CEO Paypact:

We are very excited that  PayPact is one of the 10 teams selected to be part of Catapult: Kickstarter, the Fintech acceleration programme run by the LHoFT Foundation in Luxembourg in partnership with key strategic partners. It is a confirmation that what we are developing is valuable and needed on the market.
At PayPact we solve a major problem in the insurance industry.  If you want to buy an insurance policy, you can do so in just a few minutes straight from the insurer or from one of the hundreds of insurance broker companies. And most importantly, the process is entirely digital. The situation is very different when it comes to compensation after an insured risk. 

Let’s take MTPL (motor third party liability) as an exemple. The injured party often waits more than 30 days after the accident to receive the money for repairs. The process differs and is rarely entirely digital, usually requiring phone calls and paperwork. When we compare this user experience with that of buying a policy, we can understand clients’ frustration.

This is why we decided to step in by first addressing MTPL and CASCO claims. We shorten this process in 2 ways: digitalization of the FNOL (first notification of loss) together with an independent financial evaluation of the claim, as well as allowing the client to receive the money in maximum 48 hours in a fast, safe and simple manner. We are currently working  on implementing the instant payment function too.

Our participation in the Catapult: Kickstarter program will definitely help us create meaningful connections, receive feedback from the industry, and explore other markets in Europe. It will be a great opportunity for PayPact and hopefully a step towards putting a spotlight on Romanian insurtech.” 

For the Romanian startup PayPact, the selection will came with a grant of 50,000 euros.

PayPact is a founding member of the Romanian Fintech Association.

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Constantin Rotariu – cofondator & COO Bitcoin Romania

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In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?