Finanzguru bags €13m in funding led by SCOR Ventures & PayPal

By Gloria Methri

Frankfurt-based FinTech Finanzguru, Germany’s open-banking enabled, holistic financial advisor, has raised €13 million led by new investors SCOR Ventures and PayPal Ventures. Existing investors including Deutsche Bank, coparion, VR Ventures, Hannover Digital Investments, Venture Stars, and former Postbank CEO Frank Strauss also participated in the funding round.

This raise brings Finanzguru’s cumulative funding to €27 million since its launch in 2018. The company is looking to accelerate profitable growth in Germany, as well as expand its product platform and strengthen its current team of 70 employees.

In 2022, Finanzguru tripled its revenues and is now generating annualized revenues of over €10 million. In addition, the company achieved operational break-even, excluding its growth marketing efforts.

Alexander Michel, co-founder, and co-CEO of Finanzguru, said, “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.”

Benjamin Michel, co-founder, and co-CEO of Finanzguru, said, “By adding personal financial advice as an offering in the Finanzguru app, we are meeting a real need in the German consumer market. This has allowed us to greatly expand our business over the past 18 months. We are pleased to be able to continue to drive growth with the support of two new high-profile investors”.

Finanzguru has grown to more than 1.5 million registered users and is Germany’s fastest-growing financial startup in terms of downloads. More than 100,000 of the app’s users are already utilizing Finanzguru’s brokerage services and buying financial and insurance products. Given that Finanzguru’s customers have already linked their bank accounts to the app, they are able to receive personalized financial advice based on an analysis of their bank data and can purchase insurance policies without any additional administrative effort.