Austrian fintech startup Finnest raises €1 million, opening Slovakia office

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Austria fintech startup Finnest has announced a funding round of €1 million led by Maxfield Capital along with existing investors Speedinvest and a number of angels.

Vienna-based Finnest is a loan platform for SMEs and is currently active in the DACH region with plans to launch in its first non-Germany speaking market in the coming months. It will open an office in Slovakia later in February.

“[The investors’] know-how and networks will be valuable assets in our plans to launch a completely new product while expanding into further international markets,” said Finnest CEO Joerg Bartussek.

Finnest is addressing a segment that has been underserved so far, according to Maxfield Capital general partner Alexander Turkot: SMEs with annual turnover of at least €10 million that are trying to attract additional investment.

“Our model addresses a highly attractive, big and growing segment: medium-sized enterprises that have a long track record of success, that grow profitably and still lack alternatives to old-school bank loans,” said Joerg Bartussek.

“In an environment of low interest rates, Finnest provides a win-win solution for the entire ecosystem: investors looking for higher yield are offered attractive investment opportunities. And SMEs get a perfect add-on to their financing base, together with valuable marketing effects in their crowd – their customers and partners,” added Oliver Holle, CEO of Speedinvest, which previously invested an undisclosed amount in Finnest.

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