FinTecSystems bags €4.5m Series B from Ventech, LITTLEROCK

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fintech insurtech wealthtech regtech ai cybertech esg news

Digital credit validation and banking API developer FinTecSystems has closed its €4.5m Series B financing round.

The round was led by the Reimann Investors and has entered the company as an anchor investor. Other participants to the round include previous backers Ventech and LITTLEROCK.

FinTecSystems delivers automatic transaction analyses based on online banking data, which are then used by banks, financial service providers and FinTechs to real-time credit checks for online loans. Founded in 2014, the solution is currently used in Germany, Austria and Spain.

Alongside credit checks, the technology can help with real-time lending, secure payments, online bank transfers, debt restructuring, receivables management and personal finance management.

This injection of capital will be used by the company for strategic adjustments due to the impending PSD2 regulation change. The company is also looking towards expanding its solution to operate within Italy, France and Switzerland.

Ventech managing partner Christian Claussen said, “FinTecSystems makes modern banking possible in real time with its real-time credit check. Similar to electronic signature or video identification, it is providers such as FinTecSystems who supply elementary components for the complete digitization of bank processes.”

With PSD2 launching in January, FinTecSystems is looking to strengthen its equity capital as the company prepares for regulation changes.

FinTecSystems founder and CEO Dirk Rudolf. “This process is very time-consuming, involves increased demands in all areas, and represents the highest level of regulation in our business. We see new opportunities in regulation for our business model and have already identified several growth opportunities. The same applies to the expansion of our product offering: We are taking a very customer-driven approach and have some new services in the pipeline.”

Last year the company received an undisclosed Series A investment from Ventech and LITTLEROCK leading the round, and participation also coming from MenschDanke Capital and Heilemann Ventures. The capital was used to support the company with expansion out of Germany and Austria.

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