Having reached profitability in 2022, Frankfurt am Main-based Finanzguru has raised €13 million in a new financing round that will see the company continue to drive profitable growth in tandem with further product development and geographic reach.
The round was led by new investors SCOR Ventures and PayPal Ventures, with existing investors including Deutsche Bank, coparion, VR Ventures, Hannover Digital Investments, Venture Stars, and former Postbank CEO Frank Strauss participating.
Initially launched in 2018 as a pure multi-banking app, Finanzguru has evolved into an independent platform of its own that allows its customers to manage all of their banking accounts and contracts in one place, including advice on insurance and financial products based on an AI-powered analysis of their banking data.
"By adding personal financial advice as an offering in the Finanzguru app, we are meeting a real need in the German consumer market,” said Finanzguru co-CEO and co-founder. “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.”
The company claims to have 1.5 million registered users and is Germany's fastest-growing financial startup in terms of downloads. But lest we forget, bots can do a lot these days.
On the investment, PayPal Ventures’ Alexandros Bottenbruch commented, “Finanzguru has pioneered a data-driven, open banking solution that democratises access to financial well-being by removing complexity from personal financial management. We're excited to support Finanzguru on the next stage of their journey as they work to ensure that everyone, regardless of background or economic standing, can take control of their financial lives.”