FinCompare, a Berlin-based startup offering a comparison platform for SME financing, has closed a €10m Series A round.
The round was led by ING Ventures, the venture capital arm of ING, and included previous backers Speedinvest and UNIQA Ventures. It comes a year after it raised €3.6m in seed financing and brings FinCompare’s fundraising total to €13.6m.
The comparison site currently only operates in Germany and since entering the market in February 2017 it has attracted more than 2,500 customers and has processed more than €1bn.
Its platform enables corporate customers to find, compare and, in some cases, complete a full range of financing options, including lending, leasing, factoring and purchasing financing. The products on offer are from more than 200 banks, alternative financial service providers, and development banks online.
The company was founded by Stephan Heller, who previously founded the luxury watch trading platform Watchmaster.
Heller said: “We currently see the greatest potential for growth in SME financing and at the same time make a contribution to the digital transformation of the banking industry.
“Our focus is therefore on the perfect customer experience, networking at the point of sale and automation of processes. We are pleased to announce the entry of ING Ventures, one of the pioneers of digitization, as a new strategic investor.”
FinCompare, which started as a tendering platform, said it will focus on further market penetration in Germany and the expansion of core technology in the coming months.
ING said its investment in FinCompare is being positioned as part of the bank’s wider digitalization strategy:
Benoit Legrand, CEO of ING Ventures, added: “ING Ventures was founded with the aim of investing in fintechs that create a unique customer experience. The investment in FinCompare also enables us to expand our presence in the SME segment in Germany. Due to its size and dynamics, the SME segment in Germany is one of the most attractive in Europe.
Here, we can use FinCompare to give positive impulses and simplify the life of companies. This involvement helps ING to implement the Bank’s strategy of becoming the market-leading platform for financial needs. ”
In October last year, ING announced the launch of ING Ventures, a €300m fund aimed at investing in FinTech companies.
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