In this live‑recorded episode of the Connector Podcast at the DFS conference in Brussels, host Koen Vanderhoydonk interviews Rie, founder of Scoody (also branded Scudi). Rie explains that Scoody offers a subscription‑based software platform that lets employers give their staff instant access to earned wages through a mobile app – the money is transferred to the employee’s bank account within seconds, but only after the salary has been earned. The conversation explores why such earned‑wage‑access (EWA) solutions are common in the UK and many other countries yet absent in Belgium, the Benelux and the DAC region, attributing the gap to cultural saving habits and the impact of COVID‑19 on cash‑flow needs. Rie frames the product as a tool for financial inclusion, emphasizing that the app is gender‑neutral and supports DE&I. The discussion then moves to the minimal data required from employers (name, salary, pay date, DOB, nationality, work permit, IBAN) and the importance of KYC. Rie describes a lightweight AI component that flags potentially vulnerable users, automatically sending them links to governmental or charitable support services, and stresses the need for ethical, regulated AI use, especially for anti‑money‑laundering. The interview touches on broader fintech trends, including the growing role of AI in handling massive data streams and the need for stronger regulation, with a side note on crypto and central‑bank digital currencies. Rie offers candid advice to young entrepreneurs—particularly women—about perseverance, finding the right partners, and mastering the fundamentals of finance and regulation. She also warns about the rise of structured products for retail investors, noting both opportunity and risk. The episode concludes with Rie’s contact details (rie@scudi.me) and a plug for the Connector community.
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Welcome to the Connector Podcast, an ongoing conversation connecting fintechs, banks, and regulators worldwide. Join CEO and founder Koen Vanderhoydonk as you learn more about the latest available trends and solutions in the markets.
Welcome to another podcast from the Connector Fintech Belgium, live recorded at DFS here in Brussels. And today I've got Rie with me, and Rie is working at Scoody. Rie, could you tell us a little bit more about your company and about yourself?
Hi, Koen. Hi, everybody. Nice to speak to all of you. So, Koen, I'd rather have you have lots of Scoody than one Scudo. So here we go. Scoody is about money, and it's about money for people who work for you. We are a software solution which we sell to companies under a subscription by which they can give their staff, working people, access to their earned salary via mobile app. It's instant, so it's 2 clicks, 3 seconds, and money is in their bank account. But they have to have earned it. That's it, really. It's very simple.
Well, it's a very ambitious thing, I think.
What inspired you to start I came to Belgium during COVID or I landed in Belgium during COVID and I had seen a similar model in the UK. And it's very common in this Anglo-Saxon world to have access to your salary via mobile app, but it works on credit. And I came across quite a few people who were struggling, obviously during COVID more than other times, and I wondered why something like that didn't exist in Belgium. Then it just doesn't exist. And then I decided to make something for Belgium or for the Benelux and the DAC region, because these are the countries in Europe which do not have this facility. Similar thing is the concept is used in about 150 countries in the world and we don't have it. How bad is that?
That's strange, isn't it?
Yeah.
And what could be the reason why we don't have it?
Well, you can bring it back to the fact that we are good savers in general in Belgium, or we have been for many years, and the Germans as well, and the Dutch. We don't have to say that, they count their money all the time. So not in a bad way, but you know, these are countries which are savers. So normally people have a little bit extra, but COVID made this all go away. So people have need of money, plus the younger generations haven't had any time to get savings. The economy is pretty bad. So, if they have an unexpected cost, they don't have money aside. And that is when you need a little bit of advance from your salary without having to go for credit where you pay an interest rate. So, that's what we're trying to avoid.
So, in a way, it's 100% financial inclusion, isn't it?
Absolutely. The mobile app makes it so that everybody can use it, everybody in the company can use it, and HR doesn't really know who Is using it. Oh yeah, they can check that. But I would say the algorithm is not going to make any difference whether it's a man or a woman, whether it's inclusion and diversity. It's actually the DE&I are really supported by this system.
When you say algorithm, I think a larger question would be how important is data for you?
We need data. We need data from the employer. And it's basically linked to the salary of each employee. So, what you need is a name, family name, how much the person earns, when the pay date is, date of birth. Obviously, age is important. Nationality is important because we go outside of Europe. Do they have a working permit? So, KYC has to be in order.
Mm-hmm.
And that is basically the main information we need, plus an IBAN number, the IBAN number on which they get the salary paid. So, we can pay on that same IBAN number. And it's actually, we don't pay, it's the employer that pays. Data, we couldn't do this without the data, but it's a minimum amount of data. It's purely what it's linked to its function.
Let's go one step deeper in terms of technology. This was the data question. So, what about the AI question? Are you guys using AI too?
Obviously, there is a little bit of AI in our algorithm. And it's linked to the usage of the app. We want to identify vulnerable people. That's the only reason why we use it.
Mm-hmm.
So when a vulnerable person is identified by the AI, the AI will also automatically give an order to send a link to the email address of the user, which is a support link either from the government or any of the charity organizations which can help these people get their life together.
Wow, amazing, amazing. And talking about AI, I know that you have a personal passion about AI more in general, not only about your company, but I would imagine that you at least would implement AI in an ethical and sustainable way.
Absolutely, that is the idea. I think AI has got a lot of usage and specifically for those reasons like anti-money laundering. AI can be very useful for these things if used in the right way, of course.
And are you not afraid that one day your AI identifies somebody that is not really in this situation and that the person is offended?
If the person is offended, I guess we will find out. And the first thing we will do is apologize.
I think that's a very human thing to do.
It's obviously not the intention, and one would really hope that doesn't happen. I think the basis of the analysis is quite thorough. You need 3 alarm bells before the algorithm will react.
AI is used at Skoodi. That's great. But if we look at the larger scale in our financial landscape, how do you think that AI can be transformative, impactful?
It already is. I mean, there is so much data. We wouldn't be ready to have all these applications, all these usages of tech. Without AI, it goes through in an— I mean, the amount of data we are getting on a daily basis from everywhere, any payment system, any fintech basically, so vast that only AI would probably be dealing with this in a decent way, in the right way. Or the systems, I would say, 10 years ago wouldn't be able to deal with that. 5 years ago wouldn't be able to deal with it. 3 years ago it started. And now I think it's a question of regulating it. It needs to be more regulated.
And what do you mean by that? What would be your ambition to regulate?
I think the usage of the data needs to be regulated. I'm just worried that it isn't regulated enough, like crypto should have been more regulated. And then again, then you say, well, there's no more reason for crypto to be there if it's so regulated, because there was a good reason why people liked this crypto. On the other hand, we see now that with central banks issuing their own cryptocurrency, if you could call it digital currency, digital currency, uh, it makes sense, complete sense.
Ri, what is also very remarkable about you and your career, you have been in the finance industry for a long time. What advice would you give young entrepreneurs, maybe especially women?
Don't do it.
That was a straight answer.
So no, this is That was a bit of a joke. It's true that women have more problems in getting funding than men. It's a well-known fact. So that's why I said don't do it, but you can get funding. You just have to hang in there and be tough. Find the right partner, be sure that you have your product right, and be passionate about it. Be very patient as well.
So, Rie, you have a remarkable career. So I'm wondering what has been your secret sauce from the beginning, and are you willing to share it with us?
With pleasure, Koen. I think the main thing in this world, and certainly fintech, is getting to the basics of finance, understanding what it all is, where the movements of money come from. Because tech is one thing, but behind that sits a government which regulates the money mass. Interest rates, flow of money, and if you do understand that system, you will be able to find your way in fintech.
So it's getting the basics right.
Absolutely.
We're here at DFS. What has been the coolest discovery so far?
That's a difficult one, Scooty.
I thought you already knew that before you came.
Let's say I heard today. I heard. people talking about a pitch of an Italian team, which, uh, I— this is— I've heard it mentioned by several people, and that is bringing, um, structured products to the larger population. I like that, but it's frightening too, because people will think, oh yeah, this is new. Like many young people stepped into crypto, bought it, and kept buying more because it kept going up. and forgot that they at a certain point had to get out. And structured products are complicated, so they would step in without really realizing sometimes what they're doing. So I'm a bit afraid of it, but on the other hand, this is what fintech is about. And that's why I say, if you step into this world, get your basics right.
Good advice. We're almost at the end of our conversation here, and The most important question of all, how can they contact you?
That's very simple. It's rie, and that's R-I-E, @scudi, S-C-U-D-I. So one scudo, 2 scudi. So rie@scudi.me. Scudi.me means pay me.
Very nice, Rie. Nice to have you on the podcast. Thanks for sharing your insights. And thank you also to the audience for staying tuned and stay more tuned because more news will come. Thank you so much.
Thank you, Koen. Thank you, everybody.
Bye-bye.
Thanks for listening to another episode of The Connector Podcast. To connect and keep up to date with all the latest, head over to www.jointheconnector.com or hit subscribe via your podcast streaming platform.
