FinLeap gets EUR21m financing; plans to pump EUR50m into fintech ecosystem
13 June 2016 | 6361 views | 0
FinLeap, the startup platform behind Germany's SolarisBank, has secured EUR21 million in equity capital to support its fintech incubation programme.
Next to the founding shareholder Berlinbased HitFox-Group, new institutional investors from the insurance industry took a stake in the company including Hannover Re, the third largest worldwide reinsurer.
The company, which was created to found and build digital startups within the financial industry, says it plans to plough a further EUR50 million into the startup ecosystem within the next 12 months.
FinLeap co-founder and managing director Ramin Niroumand, says: “In the last 20 months, we built nine new companies and typically invested between 500,000 and 5 million euros. The first companies will become profitable this year and we are excited to be a key player in driving the digitalisation of the European financial market forward.”
The most recent startup to emerge from the FinLeap factory was Germany's SolarisBank, which was created to provide API-based banking services to fintech startups across Europe.
Other FinLeap portfolio companies include online-insurance broker Clark; Savedo, a marketplace for investment products; FinReach, a software-company that created an automated account switching kit; Valendo, an asset-based lender; Pair Finance, for online debt collection; and zinsbaustein.de, a digital platform for real estate investments.
Gerald Segler, Hannover Re’s chief investment officer comments: “In the next years, technology driven financial service providers will create billions of dollars in revenue. We looked at different companies within the industry and FinLeap convinced us. Pre-eminently because of its team and the speed they have in bringing innovations to life.”