FinTech Finanzguru has raised an €8M Series A funding round
The Frankfurt-based FinTech Finanzguru receives fresh capital at the beginning of 2022. In this Series A funding round, VR Ventures together with Coparion, seed+speed, HDI, Deutsche Bank, and Venture Stars have provided the FinTech startup with 8 million euros.
Finanzguru, the largest independent AI financial app in Germany
Finanzguru is a digital and individual financial assistance based on artificial intelligence, providing users complete control and a comprehensive overview of their finances. Users can keep track of their income, expenses, and contracts. Thanks to Finanzguru’s financial advice, users can save and invest money easier as well as choose suitable rates for electricity, gas, and insurance policies. For this purpose, Finanzguru can be connected by users to any online account of a bank in Germany. Since the end of 2020, the young company has also enabled payment from all of the user’s connected accounts via a virtual bank card.
Moreover, the young company has fully implemented the PSD2 (Payment Services Directive 2) regulation in 2020 and reaches strict security requirements for processing electronic payments. The AI-based platform is already used by more than 500,000 customers. In addition to this, in 2021, Finanzguru has entered the bancassurance market by purchasing the insurance broker Volders and has established a personal consulting service for financial and insurance topics. In this business area, the FinTech startup now serves more than 15,000 customers and it is to be further expanded rapidly.
Accelerate growth and become the central consumer financial platform in Germany and the Western European market
“We have become the hub of all money topics and insurance for our customers in 2021. The number of our insurance customers is growing rapidly. The trust of our investors now gives us a leg up for the next stage of our growth,” states Alexander Michel, founder and CEO of Finanzguru.
With the fresh capital, Finanzguru intends to significantly expand its existing advisory offering starting with insurance and energy management. Their next step is to accelerate growth and become the central consumer financial platform in Germany and the Western European market.
We are happy to welcome Finanzguru to our Redstone portfolio!