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In the recent past, we have heard increasingly about the buzzword ‘Fintech,’ used in today’s context for Financial Technology. The Fintech is described as a business that aims at contributing to the financial services by employing modern software and technology. This is already trending in numerous places around the world and has several emerging companies trying to transform the financial industry.
Fincompare raises €10 million in Series A round
One such emerging company is the German-based FinCompare that offers the comparison platform for SME financing (Small and Medium-sized Enterprises). Not long ago, Fincompare completed its Series A round of financing raising around €10 million led by ING Ventures, the venture capital fund of the Dutch bank ING.
Fincompare helps you find the right financing solution
Currently, Fincompare is operating exclusively in Germany with its headquarters based in Berlin. For uninitiated, the Fincompare helps the customers to find, compare and even close different financing options, including credit, leasing, and purchasing financing from more than 200 banks, other financial service providers, and developmental banks online.
In simple words, Fincompare helps the businesses to find the right financing solution, apply for it and gets the fund they need no matter the size of the fund, industry or the level of business.
Since its debut in February 2017, the company has processed around a humongous 2,500 customer inquiries with more than €1 billion in volumes. In addition to that, Fincompare also provides other companies with financing requirements with extensive analysis of providers and possible conditions in the market.
Expansion of core technology
According to FinCompare founder and CEO Stephan Heller, with the raised capital, Fincompare is planning to expand its platform initially to other German-speaking countries including Austria and Switzerland in upcoming months, followed by other European countries including Netherlands, Poland, and U.K.
Since the company focuses solely on technology and other prospects provided by the digitization process, the company sees the greatest potential for growth in SME financing.
Even after the investment by ING Ventures, Fincompare will function as an independent comparison platform for corporate financing. Meanwhile, this move not only helps ING in implementing new bank strategy to become the front-runner for financing needs but also helps in expanding its presence in SME segments in Germany as well.
In an attempt to redefine the SME banking in Europe Stephan Heller is backed by a capable team of business angels from fintech, banking, and finance in addition to institutional investors Area brought on board. Partners include Carlo Kölzer (Founder 360T), Stefan Wintels (Germany CEO Citi Bank), Marcus Börner (OptioPay, reBuy), André M. Bajorat (figo) and Alex Graubner-Müller (Kreditech).
Stay tuned to Silicon Canals for more updates in the tech startup world.