Berlin-based SME financing specialist FinCompare has topped up its Series A funding round with an additional EUR12 million from, among others, ING Ventures.
Speedinvest, Uniqa Ventures, Elevator Ventures of Raiffeisen Bank International and private investors joined the funding, which brings FinCompare's Series A up to EUR22 million.
Launched in 2017, FinCompare acts as a gateway for SMEs to get tailor-made financing from more than 250 banks, both directly and indirectly. More than 25000 registered SMEs use the platform to find credit, as leasing, factoring, and purchase financing. In addition, over 1000 financial advisors use the platform for their daily brokerage business.
After a strong 2019, which saw growth double, the startup plans to use the new funding to invest in matching technology, predictive scoring, and CRM systems, as well as in new talent, specifically software engineers.
Timm Wege, chief commercial officer, FinCompare, says: “The banking sector is ready for a radical shift. We now have the opportunity to integrate all German SME lending products into our platform and to transform into the single largest independent relationship bank for SMEs - without having to be a bank ourselves."