German open banking firm Finleap Connect bags €22m Series A

Open banking platform Finleap Connect has secured €22m from a Series A funding round led by SBI Investment.

The round also saw participation from Ilavska Vuillermoz Capital as well as funding from existing investors such as European FinTech builder finleap.

Founded in 2019 following the merger of FinTech platforms Figo, Finreach Solutions and Infinitec Solutions, Finleap Connect’s full-stack platform allows its partners to connect to over 3,600 banks across Europe through a single API.

Finleap Connect currently processes over 65 million transactions per month, with its Account switch Kit enabling the switch of close to 6 million direct debits from one bank to another since its launch.

The company has locations in Berlin, Hamburg, Frankfurt, Paris, Madrid and Milan and employs over 150 people. Finleap Connect also claims to have a valuation in the ‘triple-digit million range’.

According to Finleap Connect, it intends to use the new funding to drive forward its vision of a pan-European open banking platform.

The business also noted that the focus of its future strategy is to enable a rapid roll-out of its entire product portfolio to other European markets, with a particular focus on Spain and Portugal.

Finleap Connect CEO Frank Kebsch said, “The consistent development of our market-leading product portfolio in the DACH region has created a strong foundation for us and our 360 customers. With the new funding, we are ideally positioned to expand across Europe.

“This funding round and the participation of the new high-caliber investors is a key milestone as we realize our vision to generate a pan-European banking platform.”

SBI Investment representative director and chairman Yoshitaka Kitao added, “The open banking revolution continues to reshape entire industries, reinventing the customer experience with enriched financial transaction data. We are thrilled to support finleap connect as the company builds on its leadership in DACH to expand across Europe with a differentiated “full stack” platform, enabling enterprises of all sizes to participate in the revolution”.

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