Berlin-based FinTech Banxware secures €4 mn in seed funding round
By Megha Bhattacharya
Berlin-based FinTech Banxware has secured €4 million in a seed funding round led by Force over Mass and VR Ventures. The round also saw the participation of FinTechs and VCs including HTGF, a public-private venture capital investment firm based in Bonn, Jan Kaniess and Carl Frederic Zitscher, the founders of Payone, Alex Urdea, Principal at Upper90, a New York City based debt and equity fund, CJ Lanktree, Partner at Solus Alternative Asset Management, a New York City-based investment advisor, as well as Paula Blazquez Solano, Principal at Innocells, the venture arm of Banco Sabadell in Spain.
Jens Roehrborn, Founder and CEO at Banxware said, “We are super proud that investors with such a deep experience in our core field of business are sharing our vision of how banking will look like in the future. We look forward to working closely with them on building the leading embedded financial services platform in Europe, maximizing all opportunities that modern technology and Open Banking are offering.”
According to Banxware, it will use the funding to develop and expand its white-label financial services offering and its team, as well as expand sales to digital platforms across Europe. The company is also expected to roll out card-based products and other financial services.
Miriam Wohlfarth, Founder at Banxware said, “While traditional bank loans take up to three months and even the most innovative product-based finance up to five days, we were able to drastically reduce this time thanks to newest technologies and artificial intelligence. With us, platforms can offer loans, and within 15 minutes the customer has the money in the bank. This is a new record time which does not exist in the market so far.”
Founded in 2020, Berlin-based Banxware is a software-as-a-service provider for Embedded Financial Services that enables digital platforms such as marketplaces, payments providers, and other aggregators to offer white label financial products, especially loans, to merchants.
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