4 German FinTechs to keep an eye on in 2022
By Joy Dumasia
FinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency and Blockchain like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with AI and machine learning and will make FinTech products an integral part of our digitalized life.
Germany currently has around 700 active startups in the FinTech sector. Surprisingly, only 11% of these startups are located in Frankfurt, Germany’s financial hub, while 38% are in Berlin. The German FinTech sector is also a driver of digitalization and is heavily investing in future technologies. In particular, artificial intelligence and blockchain solutions are being used much more frequently in this sector. Germany’s FinTech sector is geared to become number one in Europe, and it is thus also an attractive destination for foreign founders seeking to capture the European market.
The following are 4 German FinTechs to keep an eye on in 2022:
Founders Max and Valentin started N26 in 2013 to set new standards in an industry that’s remained institutional and dysfunctional for many years. Their vision was to transform the way money is managed with the latest technology and the best minds from around the globe to change banking for the better. N26 has grown to over 1,500 people of 80 nationalities, with teams in Berlin, Barcelona, Madrid, Milan, Paris, Vienna, New York and São Paulo.
IBS Intelligence reported that N26 announced the launch of N26 Insurance in a bid to offer its customer the option to purchase coverage, manage plans and initiate claims for a range of insurance within the app. The mobile bank has partnered with Simplesurance, enabling customers to select plans straight from the app, with the option to purchase an annual cover or monthly plans with a flexible cancellation policy.
Mambu started with the ambition to bring banking and financial services technology into the digital-first world and to make it accessible for all. Mambu began servicing microfinance institutions and FinTech startups, and within two years, their engine was adopted by 100 microfinance organizations in 26 countries worldwide. Mambu aims to provide a platform for anyone who wants to create better financial experiences, working across various domains from personal lending, business lending, mortgages, trade finance, digital wallets, current accounts and many more.
Recently, IBS Intelligence reported that Mento, a Chilean digital lender providing credit, payments, and other financial services, has gone live on Mambu’s SaaS cloud banking platform, extending loans via cloud technology to overlooked population segments.
The Banking-as-a-Service platform was built from scratch to enable financial services to move into new, previously unimaginable contexts. A tech company with a full German banking license, Solaris Bank are optimally positioned to handle the regulatory and technological complexities. Solarisbank is a multidisciplinary team of engineers, entrepreneurs and seasoned banking experts from over 60 nations.
Recently, IBS Intelligence reported that Solarisbank AG, Europe’s leading Banking-as-a-Service platform and Feedzai, the world’s leading cloud-based financial risk management platform, announced a multi-year partnership at Money20/20 Europe. The pioneering companies have joined forces to reshape banking, combining the trailblazing transformation of Banking-as-a-Service with the risk management and security expected from financial institutions while preserving the customer experience.
Founded in 1973, Raisin Bank has decades of experience as a renowned German credit institution. The bank combines vision and expert advice with efficient solutions, especially in processing loan portfolios and accounts receivable from carefully selected borrowers. In 2005 the bank, then called MHB-Bank AG, became a subsidiary of the American investment firm Lone Star, focusing on managing loan portfolios. The bank has been wholly owned by Raisin DS GmbH since April 2019 and has operated under the name of Raisin Bank AG since August 2019.
Recently, IBS Intelligence reported that Raisin DS’s servicing bank, Raisin Bank AG, is teaming up with ComplyAdvantage, the leader in AI-driven financial crime risk detection, to scale its anti-money laundering (AML) program. On the heels of launching as a cloud bank, Raisin Bank needed a provider to keep pace with fast growth. The scalable solutions offered by ComplyAdvantage across customer screening and monitoring and transaction monitoring will support Raisin Bank’s Banking-as-a-Service offerings.
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