Finanzguru, a Frankfurt-based open banking financial advisor, has scored €13m in a funding round headed by SCOR Ventures and PayPal Ventures.
Also participating in the round was Deutsche Bank, VR Ventures, Venture Stars, Hannover Digital Investments, coparion and former Postbank CEO Frank Strauss.
Launched in 2018 as a multi-banking app, in recent years Finanzguru has expanded into an independent platform that allows its customers to manage all of their banking accounts and contracts.
Since mid-2021, the company has also offered its customers independent advice on insurance and financial products based on a digital analysis of their banking data, which can be accessed in a state-of-the-art setting by phone or video chat.
Finanzguru has grown to more than 1.5 million registered users and is Germany’s fastest growing financial startup in terms of downloads. More than 100,000 of the app’s users are already utilizing Finanzguru’s brokerage services and buying financial and insurance products.
The company will use the funding to speed up profitable growth in Germany, as well as to further expand its product platform. The firm will also seek to strengthen its current team of 70 employees.
Finanzguru co-CEO and co-founder Benjamin Michel said, “By adding personal financial advice as an offering in the Finanzguru app, we are meeting a real need in the German consumer market. This has allowed us to greatly expand our business over the past 18 months. We are pleased to be able to continue to drive growth with the support of two new high-profile investors”.
Alexander Michael – co-founder and co-CEO of Finanzguru – added, “We have broken new ground with our financial advice products, which are based on a digital analysis of each customer’s payment transactions and unique financial situation. Our already strong growth shows that our products are resonating with customers, and we are now focused on expanding our insurance and pension business.”
TerraPay, a global payments infrastructure business, has recently scored over $100m in its Series B equity financing round.
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