FinCompare, the German fintech startup that gives a comparability platform for SME financing, has closed €10 million in Sequence A funding. The spherical is led by ING Ventures, the enterprise capital arm of dutch financial institution ING. The corporate’s earlier backers Speedinvest, and UNIQA Ventures additionally adopted on.
The comparability web site at the moment solely operates in Germany and since coming into the market in February 2017 says it has attracted greater than 2,500 prospects and has processed a couple of billion Euros. The brand new capital can be utilized by FinCompare to put money into its IT platform, together with increasing the workforce, and for additional European enlargement.
The FinCompare platform itself follows a fairly conventional value comparability mannequin, letting small to medium-sized companies discover, evaluate and even shut a wide range of financing choices equivalent to credit score, leasing, factoring and finetrading. The merchandise on supply are from greater than 200 banks, different monetary service suppliers, and improvement banks on-line.
The comparability platform claims to be impartial, even when — like most comparability websites — FinCompare receives a chill for any brokered mortgage or different financing answer within the type of fee from its financing companions. The fintech can be eager to speak up its independence in gentle of backing from ING Ventures, noting that remaining impartial by way of the merchandise it pushes is crucial for any comparability platform.
ING’s funding in FinCompare is being positioned as a part of the financial institution’s wider digitalization technique: “ING Ventures was based with the purpose to put money into fintechs who set up a singular buyer expertise. Additional, the funding in FinCompare allows us to broaden our presence within the SME-segment in Germany,” says Benoit Legrand, CEO of ING Ventures.
Legrand additionally says the German SME trade is among the many most engaging in Europe. “Right here we are able to set incentives along with FinCompare and make life simpler for companies. This funding helps ING within the implementation of the financial institution’s technique to turn into the market-leading platform for financing wants,” he provides.
In the meantime, I perceive FinCompare’s deliberate European enlargement will see it eye up the german talking markets of Austria and Switzerland in the course of the subsequent few months. Netherlands and Poland are additionally on the record, together with the U.Okay. “We’re planning to launch within the U.Okay. in 2019, even perhaps by means of an acquisition,” FinCompare founder and CEO Stephan Heller tells me. Rivals within the U.Okay. embrace Fundingoptions, and Capitalise.