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The rapid growth in technology and digitisation have transformed many factors of the marketplace totally upside down. Having said that, the financial sector is no exception!
Lately, fintech – ‘businesses that use technologies to provide financial services’ tried to initiate the financial revolution. Indeed, the fintech industry is a very dynamic and briskly moving, where more and more companies are entering the market with innovative business models.
In this regard, Germany‘s financial sector is experiencing unprecedented change. In fact, the country is swiftly emerging as a fintech powerhouse, with Berlin and Hamburg witnessing some prolific fintech communities. With this in view, here are the eleven of Germany’s most funded fintech startups.
FinLeap (Funding – €102M)
Based out of Berlin, Finleap provides access to seed capital, a network of investors and experienced entrepreneurs as well as customers and top talents.
Founded in 2014 by HitFox Group and Ramin Niroumand, the company employs around 700 people from over 60 countries. Until now, Finleap has secured 20 investments. Their most recent investment was on Jul 23, 2018, when they invested $2.4M in Beesy.
Deposit Solutions (Funding – €131 M)
Founded by Tim Sievers in 2011, Deposit Solutions is the provider of the Open Banking platform for deposits connecting banks and depositors across Europe.
The company mission is to establish Open Banking as the new industry standard for the deposits business. For the uninitiated, Open Banking platform allows banks to offer attractive third party deposit products to their own customers through their existing accounts.
The company is already connecting more than 60 banks from 16 countries and reaches 30 million savers. Deposit Solutions has raised a total of $143.6M in funding over 5 rounds. Their latest funding was raised on Aug 15, 2018, from a Private Equity round.
Smava (Funding – €113M)
Smava is Germany’s loan portal and makes personal loans transparent, fair and affordable for consumers. Founded by Alexander Artopé in 2007, smava provides a market overview of 70 loan offers from 25 banks, ranging in value from €1,000 to €120,000.
To date, highly renowned investors such as Vitruvian, Verdane Capital, Runa Capital and Earlybird have invested a total of $135 million in this firm. At present, smava employs 300 staff with 36 nationalities.
Simplesurance (Funding – €64.3M)
For the starters, simplesurance provides a platform for simple access to insurance. It operates in all 28 EU countries, Norway, Switzerland, the US & Canada and develops innovative cross-selling solutions for eCommerce shops to combine traditional insurance industries with fast-paced digital business. Simplesurance has raised a total of $59.9M in funding over 8 rounds.
Their latest funding was raised on Oct 2, 2018, from a Corporate Round round. Founded by Felix Jankowski, Ismail Asci, Patrick Frey, and Robin von Hein in 2011, it works with renowned companies such as OnePlus, Huawei Technologies, Rakuten, Revolut and many more.
Solaris Bank (Funding – €95.1M)
Founded by Andreas Bittner and Marko Wenthin, SolarisBank offers a platform that enables digital companies to create custom solutions for their unique financial needs. Based out of Berlin, SolarisBank has raised a total of €95.1M in funding over 3 rounds. Their latest funding was raised on Mar 8, 2018, from a Series B round.
Raisin (Funding – €79.6M )
Raisin operates an online marketplace/banking system for term deposits worldwide. Frank Freud, Michael Stephan, and Tamaz Georgadze founded SavingGlobal in 2013 that later became Raisin, with its headquarters in Berlin in Germany.
It is available in English across Europe and operates country-dedicated platforms in Germany, France, Spain, the United Kingdom, the Netherlands and Austria. Raisin has raised a total of €57.5M in funding over 4 rounds.
Perfect Commerce (Funding – €85.6M)
This company provides SaaS-based spend management solutions and an open supplier network to aid procurement operations. Perfect Commerce serves chemicals, retail, energy, financial services, health/medical, hospitality, food products, education, manufacturing, technology and transportation industries. Perfect Commerce has raised a total of $104.1M in funding over 9 rounds.
Number26 (Funding – €466M)
Maximilian Tayenthal and Valentin Stalf founded Papayer in February 2013, which later became N26, with its headquarters in Berlin in Germany. N26 offers mobile banking solutions to customers in the European Union through its subsidiary.
It provides international money transfer, investment, overdraft, and cash withdrawal and deposits at stores. N26 has raised a total of $512.8M in funding over 6 rounds. Their latest funding was raised on Jan 9, 2019, from a Series D round.
Spotcap (Funding — €100M)
Spotcap operates as a direct lender to SMEs in the United Kingdom, the Netherlands, Spain, Australia and New Zealand where the fintech offers promising businesses access to flexible finance. It currently employs over 130 people, 20 of which are based in the Netherlands. The fintech scale-up has raised around 100 million in all the investment rounds so far.
Clark (Funding – € 42.2M)
Clark is an insurance platform providing transparent, cheap and comprehensive insurance cover. The Berlin-based company was founded in June 2015 by Dr Christopher Oster and Steffen Glomb. Clark is supported by FinTech incubator FinLeap. Clark has raised a total of € 42.2 million in funding over 4 rounds. Their latest funding was raised on Apr 25, 2018, from a Series B round.
Kreditech Holding (Funding – € 256M)
Kreditech Group’s mission is to improve financial freedom for the underbanked with the use of technology. Combining non-traditional data sources and machine learning, the company is aiming to provide access to better credit and a higher convenience for digital banking services.
Kreditech also offers “Lending as a Service” model, allowing partners to integrate Kreditech’s credit products via an API into their own platform and services. Founded in 2012 and headquartered in Hamburg, Kreditech covers more than 5 markets worldwide, amongst others Russia, Mexico, Spain and Poland. Kreditech Holding has raised a total of € 256 million in funding over 14 rounds.
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