4. Juni 2018
- ING joins as new lead investor via its venture capital unit ING Ventures
- Existing investors Speedinvest and UNIQA Ventures increase their previous investment
- Funding will be used towards team growth, investment in IT as well as further expansion
FinCompare, the leading comparison platform for SME financing, has successfully completed its Series A financing round and raises € 10 million. Hence, total funds raised as of today are €14 Million. The financing platform is operating actively since almost a year on the market. New lead investor is ING Ventures, the venture capital unit of the dutch ING bank. FinCompare’s existing investors Speedinvest and UNIQA Ventures increase their previous shares as part of the Series A financing round. The freshly raised funding will be used to accelerate its IT-platform as well as growth of the team and further expansion.
Since entering the market in February 2017, FinCompare was able to attract more than 2,500 customers and process requests of more than one billion Euros. The Berlin-based fintech company currently employs around 40 people. Business customers can find, compare and even close a variety of financing options such as credit, leasing, factoring and finetrading from more than 200 banks, alternative financial service providers and development banks online on www.fincompare.de. Businesses with financing needs receive with FinCompare a fast and independent overview of provider and conditions on the market. At beginning of the year 2018, FinCompare has successfully extended its platform for vendors as well by offering a fully-automated leasing comparison in real-time (absatzfinanzierung24.de).
FinCompare sees great potential for growth in SME-financing
“At the moment we see the greatest growth potential in SME-financing and are at the same time confident that we can add a contribution in the digital transformation of the banking industry. Our focus lies therefore heavily on the perfect customer experience, interconnectedness at the point-of-sale and automatization of processes. We are pleased to welcome ING, one of the pioneers of digitization in the banking sector, as a new strategic investor. Together with ING Ventures, UNIQA Ventures and Speedinvest we have an experienced and internationally acting investor team at our side“, explains Stephan Heller, founder and CEO of FinCompare.
Even after the entry of ING Ventures FinCompare remains independent, which is an essential asset as a neutral comparison platform for corporate financing. ING sees its investor role at FinCompare as a further step towards digitalization strategy: “ING Ventures was founded with the aim to invest in Fintechs who establish a unique customer experience. Further, the investment in FinCompare enables us to expand our presence in the SME-segment in Germany. Thanks to its size and dynamics, the German SME-industry is among the most attractive ones in Europe. Here we can set incentives together with FinCompare and make life easier for businesses. This investment helps ING in the implementation of the bank’s strategy to become the market-leading platform for financing needs”, says Benoit Legrand, CEO of ING Ventures.
Further investments in core technology and automatization
FinCompare, who originally started as a call for tender platform, will focus in the upcoming months on further market penetration in Germany and the expansion of its core technology. “Fast capital access strengthens Germany as a business location. With FinCompare businesses can now already close their financing fully digital, also thanks to the integrations with our partners solarisBank, Postbank and iWoca. In the upcoming months we will extend our portfolio in this scope”, explains Stephan Heller.
„FinCompare consistently focuses on technology and the possibilities offered by the digitization of processes. Exactly this orientation allows scaling into international markets. With its technologically leading solution, FinCompare is one of the most exciting B2B FinTechs in Europe“, says Stefan Klestil, Partner at Speedinvest.
„We have accompanied the great development of FinCompare since its market entry and see even further great growth potential, especially through full-integrations at the point-of-sale, online banking and other interfaces with the customer. Since the revenue and business model is also promising, we take the next step together with the team and are looking forward to the further journey“, says Andreas Nemeth, Managing Director at UNIQA Ventures.
For the vision of redefining the market for SME banking in Europe, Stephan Heller, who previously founded the watch trading platform Watchmaster, has appointed a competent team of business angels from FinTech, Banking and Finance in addition to its institutional investors. Next to to Carlo Kölzer (Founder 360T), Stefan Wintels (Managing Director Citi Bank Germany), the partners also include Marcus Börner (OptioPay, reBuy), Andre M. Bajorat (figo) and Alex Graubner-Müller (Kreditech).