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  • Writer's pictureJiří Caudr


Is every succesful startup inevitably going to turn into a corporation? And can older people thrive in a startup environment? These are just some of the questions discussed at the 12th Creative Talks on February 26.

We enlisted top representatives of the Czech Republic’s most prominent fintech and insurtech startups: Michal Šmída, the founder of Twisto, David Pavliska, the CEO of Revolut in Czechia, and Jindřich Lenz, CEO of Mutumutu, a unique insurtech startup built by Creative Dock.

Twisto and Revolut are fintech products that each take their special approach to managing personal finances, Twisto by essentially providing their customers with credit online, Revolut by facilitating instant payments.

Mutumutu is an insurtech product that takes a sledgehammer to life insurance. It’s attracted great attention from both big insurance companies, and their customers. Thanks to Mutumutu’s streamlined approach to life insurance, a seven page Terms&Conditions, and discounts for a healthy lifestyle, the insurance revolution they plan may come sooner than anyone expected.

Michal Šmída, the founder of Twisto, David Pavliska, the CEO of Revolut in Czechia, and Jindřich Lenz, CEO of Mutumutu

The David and Goliath battle in finance

“The road we decided to take is not an easy one. People are beginning to understand just how important life insurance is. They also understand how much Mutumutu changes the core aspects of life insurance, and how much better their experience can be. And this goes insurtech and fintech as a whole. We want to be different, help people and make their lives easier,” said Jindřich Lenz.

2008 saw the rise of companies that challenge big banks and insurance companies in business, and also the way they conduct it. From P2P payments to communal banking, fintech slowly but surely transforms our way of life. But can we expect it to eventually eradicate the big bad institutions they’re after?

“Most fintech startups are still celebrating every new client, and traditional insurance houses and banks can afford to lose thousands and maintain their hold of the market. Time is also a factor. Fintech is here for about ten years, banks are here for centuries. Time builds trust, it’s as simple as that. This is why big banks are here to stay,” summarised Michal Šmída.

So is fintech already kicking everyone's ass?

Yes, and no. A garage startup can make brilliant products that outcompete the biggest banks in the world, but the market share remains small. Given time and enough people “voting with their wallets”, we might still get to see the world of finance changing for the better.

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