FinTecSystems, specialist in digital credit scoring and provider of banking APIs, closed its Series B funding round with a transaction volume of 4.5 million euros.
The round is led by Family Office Reimann Investors, entering as an anchor investor. Existing investors Ventech (France) and LITTLEROCK will significantly increase their investment. With its precise product suite, FinTecSytems provides fully automatic transaction analysis based on online banking data. These analyzes are applied by banks, financial service providers and FinTechs, among others for real-time credit scores for online loans. The new capital will be used for strategic adjustments following the implementation of the Second European Payment Services Directive (PSD2), for the provision of a greater depth of value-added services as well as for greater internationalization. .
“We are very happy with the result of the new round of financing. With Reimann Investors, we have a forward-thinking and active partner who stands for foresight and stability. In addition, a long common history connects us to Reimann Investors. Ventech and LITTLEROCK, who have been with us since the A-Series round, are supporting this next step which is associated with strong growth potential for FinTecSystems ”, says Dirk Rudolf, Founder and Managing Director of FinTecSystems.
Regarding its corporate investments, Reimann Investors focuses on the areas of e-commerce, digitization, FinTech and financial services and has been a start-up investor and major shareholder of SOFORT GmbH, the supplier of SOFORT Überweisung / SOFORT banking. Since 2005, the founding team of FinTecSystems has made SOFORT Überweisung / SOFORT banking one of the leading payment providers in Europe.
Investors support growth and development
“With FinTecSystems, we are investing in a FinTech company that has proven to have a working B2B business model and is implementing digital transformation as a partner of banks and financial service providers. We have watched the development of FinTecSystems since its founding and are delighted to continue together on the way forward, ”says Noel Zeh, Investment Manager at Reimann Investors.
“With its real-time credit assessment, FinTecSystems first and foremost enables a modern bank. Similar to electronic signature and video identification, it is suppliers such as FinTecSystems that provide basic components for the complete digitization of banking processes. We are happy to support the future development of the company ”, says Christian Claussen, Managing Partner at Ventech.
FinTecSystems seeks regulation as a payment initiation service in accordance with PSD2
The new capital is intended, among other things, to be used to strengthen equity and thus prepare the regulation of the company as an account information and payment initiation service by the Federal Financial Supervisory Authority ( BaFin) in accordance with the requirements of PSD2.
“This process is very complex, includes increased demands in all areas and represents the highest level of regulation in our industry. In this regulation, we see new opportunities for our business model and have already identified several growth potentials. The same goes for the expansion of our product offering: we are pursuing a very customer-oriented approach and have new services in the pipeline ”, explains Dirk Rudolf.
In the coming weeks and months, FinTecSystems will further increase the depth of added value: in addition to the digital credit assessment via accourate, which is based on the analysis of online banking data, future offerings will also include predictions about the willingness and ability to Pay. At the same time, internationalization is being pushed: 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 already cover over 100 million accounts in 5,000 banks. We will further expand this network and this is an absolutely unique feature 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.