Natech eyes expansion in EU and beyond

Ioannina-based startup Natech, which specializes in the production of banking software, is claiming a growing share in a European market that has some 6,000 clients and an annual turnover of 90 billion euros.

Focusing on this target, the Greek information technology solutions company has already started making inroads in the European industry. doubling annual turnover, though it still remains on low levels. 

Over the last few years it has enjoyed a major growth in its fundamentals and a significant expansion of its client base, investing in ints constantly growing staff.

It is these growth rates and prospects that have already attracted the interest of a Greek private investment fund that is currently negotiating the acquisition of a stake in the company managed by Thanasis Navrozoglou. The announcement is expected in the next few months, while the company’s management continues to evolve the firm.

Having opened offices not only in Athens but also in Dusseldorf and Berlin, Natech is seeking more clients among the smaller European banks, whose software is reaching the end of its life cycle.

Navrozoglou explains that banking software in the continent on the one hand concerns the approximately 1,050 large credit institutions, i.e. a market of €85 billion, and on the other some 5,000 smaller creditors that make up a market of €4.5 billion. Having already obtained significant experience, as Natech’s clients include small cooperative lenders in Greece and several more abroad, it now sits at the negotiating table with dozens of small foreign groups from the banking or other sectors.

Its core market remains banks, as well as groups that in the broader sense have payment systems, such as OPAP gaming company, and others needing services such as those Natech offers, notes Navrozoglou.

However, “all our targeting at the moment is abroad, and in countries like Germany, Britain, Italy, Georgia, Cyprus and even Nigeria, but we have also made some inroads in the US with the help from the Hellenic Initiative,” notes the Natech chief executive officer.

Fortune magazine recently selected Navrozoglou among the top 40 entrepreneurs in Greece aged under the age of 40 from various economic sectors for 2021.