German financial management app Finanzguru has raised €13 million led by new investors Scor Ventures and PayPal Ventures, with participation from existing backers including Deutsche Bank, coparion, VR Ventures, Hannover Digital Investments, Venture Stars and former Postbank CEO Frank Strauss.
This raise brings Finanzguru's cumulative funding to €27 million since its launch in 2018.
Initially conceived as a pure multibanking account aggregation app, in recent years Finanzguru has expanded into a personal financial management platform that allows its customers to manage all of their banking accounts and contracts. Since mid-2021, the company has also offered subscribers independent advice on insurance and financial products based on a digital analysis of their banking data, which can be accessed by phone or video chat.
Alexander Michel, co-founder and co-CEO of Finanzguru, says: "We have broken new ground with our financial advice products, which are based on a digital analysis of each customer's payment transactions and unique financial situation. Our already strong growth shows that our products are resonating with customers, and we are now focused on expanding our insurance and pension business."
The company now counts more than 1.5 million registered users, with 100,000 clients utilising its brokerage services and buying financial and insurance products. The company notched up €10 million in revenue in 2022 and achieved operational break-even, excluding marketing costs.
Benjamin Michel, co-founder and co-CEO , says: "By adding personal financial advice as an offering in the Finanzguru app, we are meeting a real need in the German consumer market. This has allowed us to greatly expand our business over the past 18 months. We are pleased to be able to continue to drive growth with the support of two new high-profile investors".
He says the company will use the funding to drive profitable growth in Germany, as well as to further expand its product platform. The company will also strengthen its current team of 70 employees.