Riding on the backs of Unicorns

Michael JacksonMangrove Capital

False Unicorns

Lion fights the unicorn

Fund industry

Fund industry

2,3 million Danes use this product And still growing.

It has changed the way people transact.

A Danish Unicorn ? Why successful ?• Users of MobilePay are able to attach their

local danish debit card as a loading source. The local debit card system is much cheaper than MasterCard/VISA transactions and unlike direct debit not charged back easily by the customer. Easier for customer and more secure for provider.

• Because the product was new, they went to see the regulator to ask how to handle the product. The regulator said they could run a year without any kyc while the regulator wanted to take a decision.

A Danish Unicorn ? Why successful ?• Users of MobilePay are able to attach their local

danish debit card as a loading source. The local debit card system is much cheaper than MasterCard/VISA transactions and unlike SEPA direct debit not charged back easily by the customer. Easier for customer and more secure for provider.

• Because the product was new, they went to see the regulator to ask how to handle the product. The regulator said they could run a year without any kyc while the regulator wanted to take a decision.

1. Luxembourg benefits from adoption of new products

Startup support everywhere

Startup support everywhereBut nowhere

1. Luxembourg benefits from adoption of new products

2. Existing players must let people use what they have

1. Luxembourg benefits from adoption of new products

2. Existing players must let people use what they have

3. The forums we have in Luxembourg have a true need for info from the wide world.

We don’t need to create UnicornsBut we must know how to ride them