Fyndiq employs at the moment 105 people based in Stockholm and Berlin
Fyndiq, an online marketplace connecting merchants and bargain hunters, launches today in Germany. Founded in 2010, the Swedish startup company has helped thousands of merchants selling a range of bargain products in a hassle-free online outlet. During the past five years, Fyndiq has outgrown Ebay in Sweden and now the company aims to succeed in one of the largest e-commerce markets in Europe.
Dinesh Nayar, the CEO and co-founder of Fyndiq, says that launching in Germany is a huge milestone for the company. Fyndiq had a lot of different opportunities while pondering which market to enter first after Sweden.
“We have always known that Sweden only was the beginning and I’m proud that we now have taken the first step to be the best global marketplace for bargain hunters,” says Nayar. “Germany is the bargain hunter’s stronghold with a strong desire for our offering. That’s why we believe that our concept of a bargain superstore has excellent chances of succeeding,” Nayar continues.
Fyndiq team believes that their launch in Germany will bring a breath of fresh air to the market as the leading online marketplaces in the country have been criticized of their unfavorable conditions. According to the company, another point of critique at the market has been that many online marketplaces act as merchants themselves – And employ aggressive business practices in order to gain advantages over merchants who are using sales platforms.
“We will not be executing any direct sales and have no plans to do so, which means that we won’t be competing against our merchants. Our vision is to provide a stress-free marketplace for online merchants, as well as a shopping paradise for bargain hunters. We want to offer a real alternative to current market leaders. In doing this, online merchants is our key partners,“ Nayar emphasizes.
In Sweden, Fyndiq has achieved brand recognition of 82% within their target group of 18–27 year olds – And while sales platforms and marketplaces are currently estimated as one of the most successful trends on the internet, it’s gonna be interesting to follow how their story continues in Germany.