Berlin-based FinCompare has closed a Series A extension round, bagging a further €12m.
The FinTech has now raised €22m in its Series A, which was led by Speedinvest, ING Ventures and UNIQA Ventures. Other contributions came from RBI Ventures and other unnamed investors.
This investment comes after a strong year of growth which saw FinCompare more than double its growth.
Following the close of the round, the startup is looking to invest into its team and technology development. To further its growth efforts, the company will boost the development of its matching technology, predictive scoring and CRM systems.
Launched in 2017, the company provides small to medium-sized businesses access to tailored financing solutions from 250 banks. Financial advisors use the platform for daily brokerage processes.
Financing solutions available on the platform include corporate loan, factoring, company leasing, hire purchase, warehouse financing, finetrading and purchase financing.
Speedinvest partner Stefan Klestil said, “FinCompare already offers the best customer experience in financial advisory and brokerage for small- to medium-sized companies. We are convinced that in the future, horizontal FinTech marketplaces will dominate the market for SME lending.
“Among all players in the German market, FinCompare is best positioned to succeed. We are very happy to be a part of this success story and are committed to digitising the German SME financing market together with FinCompare.”
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