LENEO’s core product is a software solution that allows financial advisers to offer business leasing. The solution is targeted financial institutions that do not have their own leasing company or IT development department. LENEO was established in 2016, and the first customer came on board in 2017. Today, LENEO has a client list of 14 Danish banks, and the goal is to expand to nearby markets such as Germany, the Netherlands and Belgium.
“For us, the challenge has been twofold. It is a big, intrusive thing for a financial institution to take in a new business product like leasing. It requires a Board decision, and therefore, a sale may take a while. At the same time, it has been a challenge to find the right software developers in Denmark. As a startup, you are often not as attractive as a large software company with hundreds of IT developers,” says Marc Bøgh Barnholdt, CTO, LENEO A/S.
LENEO already had two IT developers in Denmark, but with the prospect of a major agreement with Opendo, a partnership between Danish banks, LENEO had to add more resources relatively quickly. After having advertised the vacant posts three times, Marc Bøgh Barnholdt chose a different approach.
“I want a development team which is mine alone – consisting of people who take ownership of what they develop.”