German financial management app Finanzguru has secured €13 million in funding, led by new investors Scor Ventures and PayPal Ventures, with additional contributions from existing investors including Deutsche Bank, coparion, VR Ventures, Hannover Digital Investments, Venture Stars, and former Postbank CEO Frank Strauss.
This latest funding round brings Finanzguru’s total financing to €27 million since its inception in 2018. Originally launched as a multibanking account aggregation app, Finanzguru has evolved into a comprehensive personal financial management platform that enables users to manage all their banking accounts and contracts. Since mid-2021, the company has also provided subscribers with independent advice on insurance and financial products, utilizing digital analysis of their banking data via phone or video chat.
Alexander Michel, co-founder and co-CEO of Finanzguru, stated, “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.”
Finanzguru currently boasts over 1.5 million registered users, with 100,000 clients actively utilizing its brokerage services to purchase financial and insurance products. The company generated €10 million in revenue in 2022 and achieved operational break-even, excluding marketing expenses.
Benjamin Michel, co-founder and co-CEO, added, “By incorporating personal financial advice into the Finanzguru app, we are addressing a genuine need in the German consumer market. This has allowed us to significantly expand our business over the past 18 months, and we are excited to continue driving growth with the support of our new high-profile investors.”
The company plans to utilize the new funding to promote profitable growth in Germany and expand its product offerings. Additionally, it aims to strengthen its team of 70 employees.