FinTecSystems, specialist for digital credit assessments and banking API provider, completed its series B financing round with a transaction volume of 4.5 million euros.
The round is led by the Family Office Reimann Investors, entering as an anchor investor. The existing investors Ventech (France) and LITTLEROCK will increase their investment significantly. With its product suite accourate, FinTecSytems provides fully automatic transaction analyses on the basis of online banking data. These analyses are applied by banks, financial service providers and FinTechs, among others for real-time credit assessments for online loans. The fresh capital shall be used for strategic adjustments following the implementation of the second European Payment Services Directive (PSD2), for the provision of greater value-added depth of services as well as for further internationalisation.
“We are very happy with the result of the new financing round. With Reimann Investors, we have a forward-thinking and acting partner that stands for farsightedness and stability. Moreover, a long joint history connects us with Reimann Investors. Ventech and LITTLEROCK, who have accompanied us since the series A round, support this next step which is associated with a strong growth potential for FinTecSystems“, says Dirk Rudolf, founder and Managing Director of FinTecSystems.
With regard to its corporate investments, Reimann Investors focuses on the fields of e-commerce, digitisation, FinTech and financial services and was an early-stage investor and main shareholder at SOFORT GmbH, the provider of SOFORT Überweisung/ SOFORT banking. Starting in 2005, the founding team of FinTecSystems has made SOFORT Überweisung/SOFORT banking a leading payment provider in Europe.
Investors support further growth and development
„With FinTecSystems, we are investing in a FinTech company that proved they have a functioning B2B business model and implement the digital transformation as a partner of banks and financial service providers. We have been observing the development of FinTecSystems since its foundation and are pleased to continue together on the path ahead“, says Noel Zeh, Investment Manager at Reimann Investors.
“With its real-time credit assessment, FinTecSystems enables modern banking in the first place. Comparable to the electronic signature and video identification, it is providers such as FinTecSystems who supply elementary components for the complete digitisation of banking processes. We are happy to help support the further development of the company“, says Christian Claussen, Managing Partner at Ventech.
FinTecSystems seeks regulation as a payment initiation service pursuant to PSD2
The fresh capital is planned, among other things, to be used to strenghten equity and thereby prepare the regulation of the company as account information and payment initiation service by the Federal Financial Supervisory Authority (BaFin) pursuant to the requirements of PSD2.
"This process is highly complex, includes increased requirements in all fields and represents the highest level of regulation in our business segment. In this regulation we see new opportunities for our business model and already identified several growth potentials. The same applies to the extension of our product offer: We are pursuing a very cutomer-driven approach and have some new services in the pipeline“, explains Dirk Rudolf.
In the weeks and months to come FinTecSystems will further increase the added-value depth: In addition to the digital credit assessment via accourate, which is based on the analysis of online banking data, future offers shall also include predictions about the willingness and ability to pay. At the same time, internationalisation is pushed forward: FinTecSystems currently serves banks, financial service providers and FinTechs in Germany, Austria and Spain, in the near future France, Italy and Switzerland will follow.
“With our API we are currently already covering more than 100 million accounts at 5,000 banks. We will further expand this network and this represents an absolutely unique feature when compared to other banking API providers“, explains Martin Schmid, founder and CCO (Chief Customer Officer) of FinTecSystems. FinTecSystems‘ customers include DKB/SKG-Bank, Deutsche Handelsbank, solarisBank, FinReach, and Cashpresso.