Why Top Banking Executives Are Choosing Startups — And What It Takes To Get Them There

Last year, European fintech venture builder and investor 0TO9 (Zero to Nine) launched out of stealth with an ambitious aim. It wants to build 1,000 profitable fintechs by 2045.

And today, one of those fintech startups, Flow & Partners, a financial services company providing working capital solutions for fast-growing European businesses, emerged from stealth and announced Jessica Sparrfeldt as its CEO.

Flow & Partners provides European growth companies with access to cash flow-based financing and factoring solutions, helping unlock capital tied up in receivables, inventory, and payables — deals that have been completed but are not yet liquid. Working closely with large and mid-sized B2B companies across Europe, the firm finances transactions of up to €50 million and currently operates in four markets, with ambitions to scale to 21. Roughly €1.4 trillion in working capital sits unused across Europe’s 1,000 largest companies. This locks in cash that could otherwise fund investment, expansion and acquisitions. Further, the problem is compounded by Europe’s late payments crisis, where average payment periods now exceed 60 days in B2B transactions across the EU. By ending late payments, European SMEs could unlock over €100 billion in additional cash flow each year.

I spoke to Siduri Poli, Partner and CMO at 0TO9, and Jessica Sparrfeldt, CEO of Flow & Partners, about the pull of entrepreneurship — and how to convince seasoned corporate leaders to make the leap.

From banking frustration to a different kind of capital

Sparrfeldt didn’t set out to join a startup — at least, not consciously. She spent two decades in senior banking roles across Sweden’s largest financial institutions, serving as Nordic Head of Business Finance at Avida Finans AB and Head of Business Banking at Northmill.

Most recently, she held a senior position at PayEx, part of Swedbank.

The move came almost accidentally, shaped by years of frustration with the same recurring issue. She contends,

“Everything really started with my experience in banking and financial institutions,” she explains.

“I kept seeing the same problem: there’s so much capital locked inside companies.”

Throughout her career, Sparrfeldt worked across a range of financing solutions — from loans and revolving credit facilities to factoring. But the structural limitations of traditional banking became increasingly clear.

“In large banks, it’s hard to unlock liquidity because they rely heavily on historical data. What you actually need is to be more future-oriented.”

That realisation would eventually underpin her move into the startup world — even if she didn’t fully recognise it at the time.

A “third path” to growth

Flow & Partners operates as a distinct business unit within 0TO9.  0TO9’s model involves identifying structural gaps in financial services, then recruiting and backing operators who can build companies to fill them.

Poli saw the need for working capital solutions from years of working alongside founders:

“I’ve worked with entrepreneurs my whole life — helping them grow and bring ideas to life,” she says.

“Usually, lack of capital means fundraising: equity, investments.”

But working capital financing offered something fundamentally different.

“It’s like a third path: instead of just organic growth or external investment, you can finance your growth journey — even if you’re not ‘bankable’ yet.”

Curious, Poli tapped into her network across Sweden and Europe to better understand the space.

“I kept asking: who is the best person to explain this? And everyone kept saying the same thing: ‘You have to talk to Jessica Sparrfeldt.’ It became almost ridiculous — her name kept coming up.” ​

The meeting that almost didn’t happen

Determined to connect, Poli eventually secured a lunch with Sparrfeldt — though it didn’t come easily, offering a great case study in the importance of persistence in entrepreneurship.

She recalled:

“I finally managed to reach her and booked a lunch. She cancelled. Then she cancelled again — She was about to get rid of me — but I didn’t give up.

I insisted on that lunch.“I really wanted to understand who she was — not just her expertise, but whether she could be the founder we were looking for.”

By the end of that long-awaited lunch, the decision was made.

“At the end of it, I asked her to join us.”

At the time, the vision was still abstract. 0TO9 hadn’t yet launched, and there was little more than an idea to present.

“She had a top position — and we didn’t even have anything concrete to show.”

Sparrfeldt recalled:

"You didn't actually offer me a job. We just had a really good conversation. We didn't even need to define the problem — it was obvious to both of us. I'd cancelled those lunches because I was stuck in internal meetings. I hadn't spoken to a customer in months.

Then at lunch, we started talking about solutions. The food went cold. We were that deep in it.

"She challenged me: do you want to keep explaining the problem—or do you want to solve it?" "My first thought was: I have a real job."

So, how do you decide to go from business to entrepreneurship? ​

For Sparrfeldt, the appeal of startup life was the intellectual challenge.

“Do I want to keep explaining why things are broken—or actually build the solution? I realised I couldn’t just sit there and complain anymore.

I wanted to build a sustainable business that helps companies—especially European companies- build the future.

At first, I told Siduri I could help as an advisor. But going back to my “real job” didn’t feel as attractive anymore. That was the tipping point.” ​

0TO9 stands out because it has already solved many foundational pain points for new startups. It operates under European financial services licences, allowing its portfolio companies to launch regulated financial products immediately.

According to Sparrfeldt, this proved “extremely” compelling:

“Building a regulated financial product from scratch takes years—compliance, licenses, tech stacks. You might not even reach your first customer for one to three years. 0TO9 removes that friction entirely. It allowed me to step out of a corporate role and start executing immediately.”

Poli contends:

“We always say we want to inspire people to quit their day jobs—not in a reckless way, but to actually pursue their dreams. The leap into entrepreneurship is often too big, especially for someone like Jessica with a strong career. So we create a platform that makes that leap safer.”

How to get corporate leaders to make the jump

Getting experienced executives to leave the security of a corporate career for a startup is no small ask. Poli says there are usually three main barriers: financial risk, because people cannot afford to walk away from a stable income; identity, because not everyone sees themselves as an entrepreneur; and practical life concerns, such as family, time, and lifestyle.

The solution, she argues, is to understand what is holding people back and address it directly.

"That might mean creating transition paths: part-time roles, reduced financial risk, structured onboarding."

Sparrfeldt admits that it's initially scary to start from scratch and take on all the responsibility. But that fear also becomes a driver.

“You face it, and you grow.”

Further, she notes that when  you reduce that risk through initiatives like 0TO9,  "the decision becomes much easier, especially later in your career.”

I was curious what was most surprising about startup life. For Sparrfeldt, it was “ How fun it is.”

“In a large organisation, there’s distance. Now I sit next to colleagues, look at their screens, and understand everything in detail. There’s no legacy, no bureaucracy. Everyone is focused on growth and customers. That level of engagement is incredibly energising.”

Flow & Partners currently operates in Sweden, Norway, Poland and Germany, with Spain and Italy planned for later this year, and a further 21 European markets on the roadmap. Clients include Norwegian rail infrastructure company Onrail, which replaces 100,000 truck journeys by shifting cargo from road to rail each year, generating approximately €34 million in annual revenue, with additional customers in the pipeline across the infrastructure, industry and city development sectors.

Sparrfeldt shared:

“Europe’s fastest-growing companies need a partner that understands their sector, sits close to their owners, and can move quickly when opportunities arise, whether that’s an acquisition, a new market, or a major contract win.

Companies have come to expect flexible financing to support their growth and boost liquidity, and that’s the role we’re here to play.”

Long term, Sparrfeldt asserts that Flow & Partner is not just building another financing or factoring company.

“We’re building a unified European liquidity layer, a single partner that can support companies operating across multiple countries. We want to solve financing across jurisdictions, so companies can come to one place and get everything they need.”

And in terms of 0TO9’s aim of 1,000 fintechs by 2045, according to Poli:

“We’re on track. We’re launching 7 to 10 companies in the near term. But it’s not just about numbers, it’s about creating a blueprint for Europe. With a nod to EU-Inc, she asserts:

“We want companies to scale across Europe as one market, not 27 separate ones."