Frankfurt-based fintech startup, Finanzguru, has raised €13 million in a funding round led by Yabeo, a German investment company. The startup enables users to manage their finances using a mobile app, which aggregates bank accounts from multiple banks into one place, displays insights on spending habits, and offers personalized financial advice.
According to reports, the new funds will be used to expand the company’s reach within Germany, which is currently home to over 200 financial institutions. Finanzguru will also use the new capital to develop new products and features to enhance its service.
The startup has been growing since its launch in 2018, amassing over 200,000 users in Germany. Last year, the company also launched a B2B offering, enabling banks and financial institutions to integrate its technology into their own platforms.
This funding round has also raised Finanzguru’s valuation to over €100 million, more than double its previous valuation of €45 million. The startup plans to use this momentum to continue its growth and solidify its position as a leader in the German fintech space.
The COVID-19 pandemic has accelerated the adoption of digital financial services, with consumers seeking more accessible solutions to manage their finances remotely. As such, fintechs like Finanzguru are well-positioned to capitalize on this trend and carve out a larger share of the market.
This investment round has demonstrated investor confidence in not only Finanzguru’s existing offering but also its future potential. With a solid user base and new capital to fuel its growth, Finanzguru is poised for further success in the German market and beyond.
